To know how long does a bank transfer take it is useful in many situations. In some cases, because the provision of a service or the shipment of a product will not take place until it arrives. In others, simply because you need to know when the money will be available in the destination account.
What is a transfer?
A transfer is a banking operation by which a person (the payer) instructs his bank to send a certain amount of money from his account to the account of another person (the beneficiary), which may be in the same entity or in another.
How long does a bank transfer take?
The time it takes for a bank transfer it depends on several main factors:
|The day and time it is performed|
|If it is done in person or online|
|The location of the sending and receiving branch|
|If it is a transfer between accounts of the same entity or of different banks|
|The country of origin and destination|
How long does a transfer from one bank to another take?
Since January 2012, the regulations require that electronic transfers in euros and within the SEPA (Single Euro Payments Area) must be made effective at most at the end of the business day following the order.
This single euro payment area constitutes the territory in which euro payments can be made and received in Europe, with common conditions, rights and obligations. SEPA comprises all the Member States of the European Union plus Switzerland, San Marino, Monaco, Iceland, Norway and Liechtenstein.
How long does a transfer from the same bank take?
Normally, when it comes to a transfer between accounts of the same bank, the order can be effective the same day it was ordered. In addition, generally, it does not generate the payment of a commission.
Business days to make transfers
Business days are considered to be those on which the TARGET system (European payment system) is open: every day of the year except Saturdays, Sundays and a few holidays, (New Year, Good Friday, Easter Monday, Labor Day, Christmas and December 26).
A key factor in the time it takes for a transfer to take effect is the so-called cut-off time. This time usually varies from one bank to another, although it is normally set between 4 p.m. and 7 p.m. Any transfer made after the cut-off time will be understood as made the next business day for banking purposes.
That is why, depending on the time and day on which the transfer is made, the term may vary up to a maximum of 5 calendar days.
Bank transfers and local holidays
The location of the entity from which the transfer is made and that of the recipient of this can also affect the time of the operation, as it must be taken into account the local holidays of both branches. This is applicable whether it is a telematic or face-to-face transfer.
In transfers made from branches or from ATMs, the business days correspond to the location where the origin and destination accounts of the money have been opened. On the other hand, if they are made through digital bank accounts, the business days will be those of the town where the entity’s head office is located.
How long does an international transfer take?
For transfers in currencies other than the euro but within the EU, the term may not exceed four business days from the receipt of the order by the bank.
In the case of the rest of the world, it depends on the issuing and receiving entities.
How much does a transfer cost?
Each entity charges some transfer fees different, which must appear in the Fees of Commissions and Expenses.
Some entities charge commissions for all transfers, while others only for those made in person at the branches. However, this is a less frequent commission when the client has direct debit payroll or recurring income.
Alternatives to bank transfers
An alternative to bank transfers to send small amounts of money between friends is Bizum. With this system, money can be sent and received instantly; You only need the other person’s phone number and that this person is registered on the platform.
Bizum is ideal to settle accounts after dinner or during a trip. In addition, the money goes directly to the recipient’s account, without the need to add or remove an app balance.
In Orange | Bizum arrives at ING