Understanding the different types of transfer
When you make an online or in-person bank transfer, they usually fall into two basic categories:
Occasional transfers are one-off payments. You might use an occasional transfer to pay your friend back for a concert ticket, or to chip in for a colleague’s birthday gift.
Periodic transfers are sent monthly, weekly or at other regular intervals. Paying rent or electricity bills are examples of periodic transfers.
Within these categories you can
normally decide whether to transfer money immediately or schedule it in advance.
Scheduled transfers are payments set for a certain date. The bank will transfer money on the date requested unless the money transfer is cancelled.
Immediate transfers are not scheduled in advance. Some people prefer to send money transfers online or in-person at a specific time. This can ensure they have sufficient funds for the transfer.
Delay of a bank transfer: what to
expect depending on the type of transfer
Several factors can impact 2024 Saudi Arabia Telegram Users Library how long your bank transfer takes. Here’s what to expect when you transfer money
Internal transfers
Internal transfers refer to money transfers within the same bank (intrabank).
This could involve moving money between:
Two accounts under your name – such as a savings and current account.
Two people who hold an account with the same bank or financial institution.
Either way, the money should transfer instantly.
External transfers
External transfers go between accounts held with different banks (interbank).
They could be two different banks within France, or overseas. Certain processing checks may slow these money transfers down. Depending on the bank, you could wait between one and three working days.
Instant transfers Instant transfer schemes
like the European Payments Council (EPC) operate on both an intra and interbank basis, domestically or internationally. They facilitate payments between accounts within 10 seconds. However, not all banks participate.
Occasional vs. periodical transfers
Occasional and periodic bank transfer times can vary depending on the bank. For an internal transfer, the money could arrive straight away. If it’s an external or international transfer, it may take longer.
Immediate vs scheduled transfers
Similarly, immediate and scheduled transfer times will vary depending on the banks and locations where the accounts are held.
SEPA vs. international transfers
The Single Euro Payments Area (SEPA) includes 36 countries and 529 million people. It covers all countries in the European Union, as well as the wider European Economic Area (EEA). It provides consistent rules and straightforward transfers between all participating countries.
Intrabank transfers within SEPA are instant
Interbank transfers can take between one to three working days.
EEA country transfers can take of maximum of four days.
To international countries outside the SEPA zone, delays might be longer. You could wait up to five working days when converting to a different currency or bank internationally.
Specific details that affect the delay of a bank transfer
Sometimes, even an internal bank transfer can take longer than you expect. Aside from the type of money transfer, various other issues might affect how quickly your money arrives.
Bank transfers on Fridays, weekends and bank holidays
Most banks are closed on Saturdays, Sundays and bank holidays. This could delay your bank transfer by up to two or three business days.
You can often arrange a bank Taiwan Phone Data transfer at the weekend, but your bank might not process it until the next business day. If you arrange a bank transfer on a Saturday, for example, it won’t be processed until the following Monday (assuming Monday isn’t a bank holiday).
Similarly, if you arrange a bank transfer on a Friday evening, it may not be processed until the following Monday. This can differ from country to country, so it’s always worth checking beforehand.
Extra controls and validations
Whichever method you choose, you may find that OVF (Flow Validation Tool) checks can affect your bank transfer time. These slow B To B Database down your money transfer by several days – even if you choose an instant transfer option.
