Throughout our life we will make countless bank transfers. Those of us who have done them will have noticed that sometimes it takes little time, while others have taken a while. Have you ever wondered what are the factors that determine that a fast bank transfer is generated? Do you want to know why sometimes they take longer than we imagine, and the operation is beyond our control? Below we provide you with the information you need, so that you do not have problems when executing your next bank transfer, since you will know how long a transfer takes to arrive.
When this type of banking procedure is carried out between accounts of the same bank, bureaucracy is usually eliminated, and also current technology allows the transaction to be carried out in real time, or at least in a couple of minutes.
Since it is an internal transfer, this type of transaction is a simple accounting entry for the bank. Therefore, the operation is instantaneous in nature.
However, we must pay special attention to the day and time we want to carry out the transfer. All banks have a “cut-off time”. If we carry out the operation after the “cut-off time” our order will be executed during the next business day. For this reason, take into account how long a bank transfer takes, since if you make it later at the "cut-off time" it will take a day.
The business days decreed by the European Central Bank correspond to all Saturdays and Sundays, and include public holidays (New Year, Good Friday, Easter Monday, May 1, and December 25 and 26).
For immediate bank transfers, approved on November 21, 2017, there are no hour or day limits. Thus, this service guarantees bank transfers with a maximum duration of ten seconds. This type of operation can be carried out any day of the week and at any time. These instant transfers allow the beneficiary to receive the money in their account in real time. The service is available in the countries of the European Union. Each bank decides the rate or commission that it wishes to apply to its clients. Some banks offer them for free, while others have a cost for the client, which can be a fixed amount, or a percentage of the total to be transferred. In this case you should know that not all banks have this service enabled, so you should inform yourself.
To get an idea of how long a bank transfer takes between two different financial entities, you should know that at the end of the day all banks must send their records of operations to the intermediary (Central Bank of the nation).
This governmental body is in charge of comparing the different financial transactions of the banks. For this reason, once you make a transfer, your money is instantly discounted. However, such transfer does not reach the beneficiary until after one business day, as a minimum period.
As with transfers within the same bank, you must take into account the day and the "cut-off time", since they may vary from one financial institution to another. Normally the "cut-off time" is usually between four and seven in the afternoon.
An example of how long a transfer takes from one bank to another is the following: if you carry out the operation at eleven o'clock on a Monday, the transfer will arrive on Wednesday morning. A transfer could take much longer: four or five days, when it comes to holidays.
To reduce these waiting periods, and especially when the beneficiary of the transfer needs the amount urgently, you can go to the banking agency where the beneficiary has his account. Thus, you can make the deposit directly to your account. The only downside, aside from relocation, is that you may have to pay a commission. Another alternative is to carry out a “funds movement order”, which is usually more expeditious, but has a higher cost.
To know how long an international transfer takes, it is important that you know that there are two different types.
If you want to know how long a transfer takes through this method used in the European Union, with the addition of countries such as Switzerland, Norway, Iceland, San Marino, Monaco and Liechtenstein, we inform you that thanks to this agreement it is possible that they receive the same treatment as any national transfer.
In this way, the SEPA system guarantees the effectiveness of transactions carried out between financial institutions and clients from different countries, provided that they belong to this group. Likewise, this method makes this type of operation comfortable, fast and of zero or low cost. Therefore, transfers arrive like any other that is made from one bank to another, that is, one business day at least.
How long does it take for a transfer to arrive when countries with different currencies are involved? In this case, it is useful to know what the SWIFT interbank network is about.
SWIFT was established during the 70s, and today around eleven thousand financial institutions around the world use it to send money from the country where the transaction originates, to the destination bank.
This type of transfer can employ one or more intermediary banks, and in the process the banks involved can set their own fees. Thus, the cost is usually a bit high. This type of banking operation usually takes two to five business days.
As for the rest of the transfers, you will have to take into consideration the “cut-off time” of your bank, and the day on which you carry out the transaction. Ideally, make the transfer early in the week and in the morning. In this way, the safest thing is that it arrives before the weekend.