9 Reasons Why Your Bank Transfers Take So Long

If you’ve ever found yourself waiting for a bank transfer to go through, only to feel frustrated as hours—or even days—pass by, you’re not alone. Delays can occur in both personal and business transactions, disrupting your plans and leaving you searching for answers. 

However, instead of repeatedly trying to push the transfer through, it may help to understand what’s causing the holdup. In this article, we will explore some of the most common reasons why your bank transfers are delayed, share some industry insights from Statrys, and provide an alternative solution.

Although most banks process transfers immediately, some bank transfers can take up to two hours, overnight, or even the next business day to arrive. While domestic transfers typically take place on the same day or by the next day, international transfers are generally not instant. For example:

• Telegraphic transfers: 1-5 business days
• ACH transfers: 1-3 business days
• SWIFT payments: 18 hours on average

If transfers take longer than expected, delays can result from factors such as the timing of the transfer, destination, currencies involved, security checks, or bank holidays. Common causes include:

1. Bank Cut-off Times and Time Zone Difference
2. Bank Holidays 
3. Weekend Delays
4. Different Currencies
5. Intermediary Banks
6. Missing Documents
7. Incorrect Payment Details
8. Fraud Prevention Procedures
9. Global Events and Natural Disasters

Banks have daily cut-off times, which mark the latest time you can initiate a transaction for it to be processed the same day. Transfers made after this time are usually processed on the next business day. Cut-off times vary between banks and may also depend on the type of transfer, such as domestic or international, but they are generally at the end of the working day, around 5 pm.  

Here's an example of how cut-off times can vary between banks and types of transfers:

• Bank of America: Deposits must be submitted before 10.45 pm ET.* 
• US Bank: For same-day transfers to external bank accounts, submissions are required by 8 pm CT. Wire transfers must be submitted by 10 pm CT. Internal transfers through digital banking are due by 12 am local time, and payments to all other accounts must be made before 6 pm local time. * * *

It's helpful to check the bank’s cut-off time on their website or by contacting their customer service team.

With that said, if you are making international payments, the time zone difference will play a role, as the recipient bank may operate in a different local business hour. Even if you send a payment before your bank’s cut-off time, the recipient’s bank may already be closed if their cut-off time has passed due to the time difference. This can delay the transaction until the next business day in their time zone.

Banks are typically closed on public holidays and operate only on business days, meaning transactions won’t be processed during these holidays.

While this might seem straightforward, it’s worth keeping in mind when sending funds across borders. International transfers may involve not only your bank and the recipient's bank but also intermediary banks in other countries. If any of these countries have holidays during the process, it could delay the transfer. 

To minimise delays, be aware of the public holidays in both the sending and receiving countries, as well as any third-party countries that might be involved in the transaction.

Most banks close on Sundays and weekends to observe customs, give staff a break, reduce costs, and align with broader financial systems like the stock market and payment processing networks, which only operate on weekdays.

While this might seem straightforward, it’s worth noting that the concept of weekends and weekdays varies across countries, which can impact international transfers. In some regions, weekends are even adjusted around holidays. For example, during Ramadan, some banks in the UAE operate from Saturday to Thursday.*

Additionally, even if a bank is open on weekends for in-branch services, it doesn’t guarantee that your payment will be processed. The underlying payment systems may still be inactive, and transactions are typically processed on the next business day.

When making international bank transfers, converting currencies can cause a delay. This is because there are extra steps involved in the conversion process, and not all currencies are equally liquid. Some currencies may have limited trading volumes, meaning they are harder to exchange and can lead to even more delays in the conversion process.

Depending on which country you are sending money to and the currency, the bank transfer processing time can be longer. 

As we found in the analysis by Statrys, the type of currency can significantly influence the processing time. For instance,  US dollar transactions had an average processing time of 23 hours, 35 minutes, and 25 seconds. GBP transactions were quicker, averaging 4 hours and 27 minutes, while payments in Euros demonstrated a longer average duration of 12 hours, 9 minutes, and 10 seconds.

When sending one currency to another, cross-currency transfers involving EUR to GBP (5 hours, 41 minutes) and USD to GBP (6 hours, 50 minutes) process faster compared to USD to EUR, which takes 1 day, 8 hours, 35 minutes. 

Intermediary banks are financial institutions that help facilitate international bank transfers when the sending and receiving banks don’t have a direct relationship. 

They can add significant delays because each bank involved must process the payment, conduct compliance checks, and apply their exchange rates if currencies differ, all at varying speeds. Additionally, different banks may have different cut-off times, holiday schedules, weekend closures, and time zones.

These third-party banks also increase the overall cost of the transfer, as each charges fees to process the transaction.

Intermediary banks are quite common when making transfers through the SWIFT network, especially when you’re transferring money to less common countries, countries with less connected banking systems, or when the transaction involves a currency that’s not widely traded.

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 specific requirements for processing international transactions, which can vary based on factors like the transfer amount, destination, and purpose. 

These requirements may include identification documents or business-related records for corporate transfers. Failure to submit the required paperwork can result in significant delays or even the rejection of the transaction.

Whether local or 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. Otherwise, banks need extra time to identify and correct the error. This often involves contacting the sender or recipient for clarification or verification, which can stretch out the overall process and delay the transfer significantly.

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. If you are in the United States, a common error is entering incorrect routing numbers. To avoid this, you should find your bank's routing number and ensure the information is accurate before making a transfer.

Banks operate under strict regulations, including anti-money laundering (AML) and fraud prevention measures, to safeguard both the sender and recipient. If you are making an international wire transfer, these procedures become even more comprehensive, involving multiple layers of scrutiny to ensure the transaction’s legitimacy.

From the moment you initiate the transfer, your bank will conduct a series of checks. Once the funds have reached the destination, the recipient's bank also conducts its own fraud prevention procedures once again, delaying the payment even further.

If a third-party bank is involved in facilitating the payment, processes and checks are also done by all of those banks, further extending the timeline.

Global events and natural disasters such as the pandemic, floods, and earthquakes can lead to delays in international bank transfers.

The delays are usually due to limited staff and changing working arrangements. In addition, unforeseen circumstances can disrupt or damage infrastructure, including communication networks and transportation systems, further complicating the movement of funds. 

Despite your best efforts to follow all the correct procedures, delays in bank transfers can still occur. If this happens, here are some steps you can take to manage the issue.

• Track Your Transfer: Check your bank’s online portal or mobile app to monitor the status of your transfer. Some banks provide email or SMS updates. For SWIFT transfers, you can request an MT103 document as proof of payment, though this may incur additional fees. Tracking helps confirm whether the payment is in progress or if an issue has occurred, such as the transfer being held or not being initiated at all.
• Verify Your Transaction Details: Review your transfer details. Ensure the recipient’s account number, name, and bank information are correct. Likewise, confirm that all necessary forms and identification have been submitted. If there are errors, the bank may need to reverse and reinitiate the transaction.
• Check the Time: Check if your transfer was submitted before the bank’s cut-off time for same-day processing. If it was not, this may mean you need to wait another business day.
• Contact Your Bank: Once you've tracked your transfer and verified the details, contact your bank for further assistance. If issues arise, ask about the estimated resolution time and whether further steps are needed. 
• Document the Issue: It’s a good idea to document all interactions and steps you take. Make a note of dates, times, and the names of any customer service representatives you speak to. Keep copies of emails, receipts, and any related correspondence well-organised. Having these records can make it easier for the bank to assist you, both now and in the future.

Delays happen, but the goal is to make sure they don’t happen again—or at least happen as few times as possible. Below are a few tips to help minimise delays.

Use Digital Banking Features or Alternative Payment Methods

Many banks now offer tools through mobile or internet banking to help speed up transfers and improve tracking. Check with your bank to see what options are available.

If the transfer is time-sensitive, consider opting for a faster payment method, which may come at an additional cost. Many banks and third-party platforms now offer electronic transfers and instant transfers.

If your bank doesn’t provide the options you need, consider alternatives like digital wallets (e.g., PayPal), cash apps (e.g., Venmo), international money transfer services, dedicated payment platforms, or local agents for cash deposits and pickups (e.g., Western Union)

Try a Foreign Currency or Multi-Currency Account

Currency conversion can add time to your transaction, especially with less frequently traded currencies.

A foreign currency account allows you to hold and manage a specific foreign currency. Similarly, a multi-currency account lets you hold several currencies in one account. This is particularly useful if you're frequently dealing with international transfers and need to convert between currencies regularly. 

With these types of accounts, you can bypass the usual conversion process that happens during international transfers because you can hold and send money in the same currency. This reduces the number of steps, making your transfers more efficient.

Delayed bank transfers can cause a great deal of inconvenience, which is why you should always have a backup plan.

If you're looking for a business account that can help you stay on track during unexpected delays, consider Statrys. 

Statrys is not a bank but a licensed payment service provider offering a multi-currency business account that allows you to send and receive payments internationally via SWIFT or local payment systems, hold and convert 11 major currencies when exchange rates are favourable, all at competitive FX rates and FX options.

You can also request a free MT103 for every SWIFT transaction, and track your payments in real-time through Statrys app. Additionally, Statrys provides dedicated account managers to assist with any support you may need.

Explore the features of Statrys below.