In this article, we’ll be answering “how long does a bank transfer take between different banks?”
In particular, we’re going to be looking at the UK, though most of the information will apply to other jurisdictions as well.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How Long Does a Bank Transfer Take Between Different Banks?
- Bank Transfer vs Wire Transfer
- Frequently Asked Questions
- Ready to Explore Your Options?
How Long Does a Bank Transfer Take Between Different Banks?
The amount of time it takes for a bank transfer to be sent and received between different banks depends on the institutions involved, and the country. In certain cases, the client sending the transfer can also impact the timing. That said, in most cases, transfers are sent and processed within three to five days. However, this does depend on how many banks are involved.
For example, if someone is sending money to a small bank in one country from a small bank in another country, it’s likely that four banks will be involved. First, there are the sending and receiving banks, and second, would be each of these bank’s correspondent (or intermediary) banks.
The more financial institutions that are involved, the slower you should expect the transfer to be. The reason for this is that each bank processes transactions at certain times. So, simply by involving more banks, you can additional waits between the transaction progressing.
Importantly, if you are sending money before a weekend or a public holiday, you should expect additional delays to account for bank closures.
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Bank Transfer vs Wire Transfer
The main difference between a bank transfer and a wire transfer is that a bank transfer involves sending money between two accounts at the same bank while a wire transfer involves sending money to an account at another bank.
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into how long does a transfer take. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Does a Bank Transfer Go Through Immediately?
No, bank transfers do not go through immediately. However, if a transfer is being sent between two accounts at the same institution, then it will be completed during the same business day.
Do Bank Transfers Always Take 3 Days?
No, transfers do not always take three days. In fact, when funds are being transferred between two accounts within the same institution, they can be received on the same day. That said, even when funds are being transferred between two different institutions, they can be received the next day.
Why Does It Take So Long to Transfer Money Between Banks?
There are a few reasons why it can take so long to send money between banks. The main reason is that everything has to be processed twice. First by the sending bank and again by the receiving bank. Additionally, transfers are only sent and processed at certain times of the day. This can result in a twelve-hour delay when transfers are certain outside of these times.
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