According to its term, there are two types of bank transfers, ordinary and urgent, although since last November there are so-called ordinary instant transfers. Bank transfers are one of the most common operations carried out by users who have an account with any bank.
However, sometimes the ordering person needs the money to reach the beneficiary as soon as possible, but he knows that he cannot control the time it will take.
So the question arises why, sometimes, bank transfers arrive at the destination account almost instantaneously, and yet, on other occasions, it can even take days for the money to be reflected.
How Long Does Bank Transfers Take?
In general, and since the entry into force of the Single Euro Payments Area, also known as SEPA.
Both national transfers made in euros and international transfers – also in euros – addressed to countries belonging to the European area, have a term maximum of one business day.
Business days include those marked by the European Central Bank (ECB) as operating for the euro (those days of commercial opening when the European payment system is not closed).
In this way, they will be considered working every day except Saturdays, Sundays and some holidays (December 25 and 26, New Year, Good Friday, Easter Monday, May 1).
However, there are exceptions, as would be the case with instant ordinary transfers.
All those that are made between two accounts of the same bank, for example, will be instantaneous since, as it is an internal transfer, it is only a mere accounting entry for the entity, so in case of delay, you should ask your entity.
All entities have a cut-off time, and if you make the transfer moments after that time, the order will be considered received the next business day.
Therefore, it is very important to take this time into account, since, to make the transfer before or after that time, it will take 1 business day more or less.
Immediate bank transfers
It should be remembered that since last November 21, 2017, the new immediate bank transfer system started, a service that establishes that transfers between banks in the European Union can be done practically in real-time.
They will take place in 10 seconds, when before the money took at least 24 hours to reach its destination and could even take up to four days.
Thus, it is already possible to make instant bank transfers between countries of the European Union at any time of the day, 7 days a week.
The ECB has approved the new TIPS System (TARGET instant payment settlement) which consists of making instant money transfers through a bank where, in 10 seconds, the recipient can have it in their account. The beneficiary will receive the funds in their account immediately.
Depending on the commissions that each bank applies to its clients, it can be free or a small commission can be applied.
It is probable that some banks will not charge for making these bank transfers since the cost for them will be reduced (0.20 euros per transfer the first two years the system is operational and 0.50 euros thereafter).
On the other hand, currently, the cost of making a transfer to another entity is the percentage (0.20%, for example).
The requirement to issue instant transfers is that our bank has enabled them and that the shipment is made to one of the entities that have also included these services.
Shipments cannot be made between all entities. Only immediate bank transfers between entities that have the service enabled will be allowed and, at the moment, not all banks have wanted to include it.
What Should Be Taken Into Account Regarding International bank Transfers?
International, foreign or cross-border bank transfer is one in which funds are sent from an account in one country to the account in another country.
If the countries in which the payer and the transfer beneficiary are located in the SEPA zone, they must have the same costs as national payments.
If a correspondent bank intervenes, the entity of the payer must inform its client of the possibility that the latter may bear its own expenses.
If the IBAN and the BIC are used, they are considered STP (Straight Through Processing) transfers that are performed automatically and are faster and cheaper.
In the case of cross-border bank transfers, the arrival times of the funds to the destination account may be increased (especially if the origin or destination is outside the European Union).