How long does it take for bank transfers to go through
Tips / 06.07.2020
If you’re a business owner who receives payments frequently, you may have found yourself in the situation of waiting for funds to clear from the issuing bank to your bank.
Despite these delays, which can sometimes take days, it’s necessary for banks to take time to go through a deposit and check it for fraud or other illicit reasons.
If you’re wondering how long transfers should normally take or what the standard time period for wire transfers are, keep reading below.
How long do international bank transfers take?
Let’s start with international transfers, which are transfers made from an account in one country to an account that is held in another country.
In short, these international transfers – which can include SWIFT or SEPA transfers – can take between one and four days to process. For SWIFT transfers, you’re looking at up to 3 days, while for SEPA transfers, the time frame is around 1 day.
The factors that need to be taken into account with these types of transfers include the time zone and the currencies which are being sent.
If a currency conversion needs to take place, there is a high likelihood that you’ll also be charged currency conversion fees, too.
How long does a wire transfer take?
We now come to the time frame for receiving wire transfers.
But what is a wire transfer?
In short, it is an electronic transfer of money “via a network that is administered by hundreds of banks and transfer service agencies around the world.”
Through wire transfers, people across the globe can safely transfer money to other geographical locations around the world – whether this be in the form of cash or electronically.
Different sources indicate different answers to the question of how long a wire transfer takes.
Some say that a wire transfer can take only a couple of hours to reach the intended recipient, while others indicate that this may take 24 hours or even several days.
Some of the factors that will come into play in this regard will be the issuing bank, the acquiring bank, the geographical location, the amount of funds being transferred, the currencies involved and others.
How long does it take to transfer money from one bank to another?
Moving closer to home, it’s now time to look at the question: how long does it take to transfer money from one bank to another?
Domestic transfers also have a 2-4 day waiting period with the purpose of preventing fraudulent transactions. That’s why you may have to wait several business days to receive your funds even if the transfer is being made to your benefit within your own country.
On the other hand, intra-bank payments can take anywhere between a few hours to 24 hours for funds to clear.
Standard time frames for bank transfers
Based on what was mentioned above, it’s safe to wait a couple of days before expecting to receive a payment – whether the payment is coming from an overseas account or another domestic bank in your country.
Remember that banks follow stringent anti-fraud policies and regulations, and that they also need to have sufficient cash in reserve in order to process transfers.
This is one of the main reasons why it can take several days for you to receive your payment.
Disclaimer: Please be aware that the contents of this article and the myPOS Blog, in general, should not be interpreted as legal, monetary, tax, or any other kind of professional advice. You should always seek to consult with a professional before taking action, since the particulars of your situation may materially differ from other cases.