Delayed bank transfers are extremely inconvenient and waste a lot of time.
In such circumstances, all you can do is try to understand why your bank transfer is delayed instead of continuously attempting to make the payment or transaction again, which can cause further delay.
How long is a bank transfer supposed to take?
Most bank transfers should be processed immediately.
However, some bank transfers can take up to two hours, overnight or even the next business day.
The duration of a bank transfer to be successfully made often depends on a number of factors, due to which your transaction can be delayed.
This includes the timing of the transfer, where the transfer is being made, the currencies involved, security checks, bank holidays, and the reasons for the transaction.
1. Global events and natural disasters
Global events and natural disasters such as the Covid-19 pandemic, floods, and earthquakes can lead to delays in international bank transfers.
The delays are usually due to limited staff and changing working arrangements, including other unforeseen circumstances which disrupt the transfer process.
Here, the best thing you can do is continue to ask your bank for updates on your transaction.
2. Bank holidays
It is common knowledge that banks are closed on public holidays and are only open on business days.
It would be best to keep in mind that bank transfer times only include business days and exclude all public holidays.
Additionally, it would help if you also kept in mind the public holidays in the country that you are transferring money to.
For example, most banks will be closed if you transfer money from Hong Kong to Pakistan during the Eid Festival or transfer money to China during Golden Week.
3. Time differences
Time zones can play a crucial role in the time it takes for an international bank transfer to be completely processed.
If you are sending money to a country with a significant time difference, your bank transfer will take much longer.
On the other hand, even if it is a local bank transfer, timing is important.
If you process payment at the end of the working day, it will typically be sent on the next business day.
4. Weekend delays
The time it takes to process both international and local bank transfers can be delayed if you process the payment on a weekend.
Most bank transfers made over the weekend will usually not be processed until the next business day.
When making international bank transfers, you should consider what is considered a weekend in the country you plan on sending money to.
For example, the United States, Brazil, and Japan have their working week start on a Sunday, whereas the working week in most European countries starts on a Monday.
5. Missing paperwork
If you are making an international bank transfer, you need to keep track of the documents that need to be submitted to process your transfer.
Each country has its own requirements, which can get complicated.
If you end up failing to submit the required paperwork, your bank transfer can be severely delayed.
6. Different currencies
When making international bank transfers, converting currencies can cause a delay.
Depending on which country you are sending money to and the currency, the bank transfer processing time can be longer.
7. Incorrect payment details
When it comes to both local and international bank transfers, entering incorrect payment details can cause a huge delay in the transfer time.
In most cases, if incorrect payment details are entered, the payment is sent back.
To avoid this delay, you should always make sure to double-check the name and details of the recipient’s account number before processing any payments.
8. Fraud prevention procedures
If you are making an international wire transfer, there are extensive fraud prevention processes that banks have to follow.
For example, the SWIFT network requires every transfer to provide details of up to three correspondent banks before reaching the desired destination.
Following this, once the funds have reached the destination, the recipient’s bank could have their fraud prevention procedures, delaying the payment even further.
Delayed bank transfers can cause a great deal of inconvenience, which is why you should always keep these factors in mind to ensure your money is sent safely and securely.
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