It is the million dollar question and the truth is that we will never know for sure. If we make transfers of the same amount on different business days, they may be credited to the destination account at different times. However, we can know for sure the maximum subscription period.
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What types of transfers exist?
- Ordinary transfers: are those traditional transfers that we frequently use for certain payments. This type of shipment does not usually carry a commission and is subject to the traditional payment terms (which will depend on the cut-off time of each entity).
- Urgent transfers: these types of transfers, also called OMF or immediate, are made through the Bank of Spain and are paid immediately. In any case, this type of transfer can be very expensive depending on the entity you work with.
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Transfers between the same entities
All banks have free transfers between users of the same bank. In addition, they have the advantage that they are immediate. In other words, if you are from Santander and you make a transfer to a Santander account, the recipient will receive it instantly.
This is because the money does not leave the company and, therefore, the accounting entry is simple, fast and, above all, does not depend on third parties or entities for confirmation. The same happens in the case of periodic transfers.
In this case, it would not make sense to make an urgent transfer, since it may be the case that we are charged for a service that we have at our disposal for free.
Transfers between different entities
These types of transfers are more complicated for entities and require an execution or processing period that may vary depending on their geographical destination and will depend directly on their cut-off time.
The Bank of Spain intervenes in this type of operation and will supervise and guard the money until it is paid.
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What is the cutoff time?
It is a fundamental factor when making a transfer at our bank and it is the time at which the banking entities make the transfer entry in their books.
Suppose that the cut-off time of our bank is 16:00. In the event that we make the transfer before that time on a Monday, the bank will write it down that same day at 4:00 p.m. and, in the event that it is a national transfer, it will arrive on Tuesday (normally in the morning).
However, in the event that we make the transfer after 4:00 p.m., the bank will not record the transfer until the next day at 4:00 p.m. and therefore it would arrive on Wednesday morning.
You can easily find the cut-off time of your entity on its website.
international bank transfer
International bank transfers are those that are made to accounts located outside the borders of a country. In this case, as France belongs to the EU, it shares certain banking aspects with the rest of the Eurozone countries. In this sense, we share an interbank system that differs little or not at all from national transfers.
Therefore, all those countries belonging to the SEPA area will have the same conditions as a national transfer. In other words, the transfer will be paid within 24 working hours.
In any case, if we want to pay money into accounts in other countries outside the SEPA area, the shipment may be delayed depending on the country in question. Without going any further, a shipment to the United States could incur currency conversion costs, international shipping costs and, in addition, it could be delayed up to 48 business hours.
On the other hand, in the event that we want to operate with countries with unreliable financial reputations, it is best to consult our bank in relation to the terms that they handle in this regard. But, normally, all transfers outside the SEPA area will be subject to considerably higher costs.
Alternatives for immediate transfers
There may be a situation in which we want to make an immediate transfer, but our bank does not support it (as is the case with Bankinter). In that sense, we will have to look for alternative solutions where the following stand out:
- Bizum: although they are not transfers as such, it is a way that we have to send money to Spain immediately. It has some limitations that will depend on the entity.
- Transferwise – ideal for transfers abroad. They are usually immediate transfers in most countries and have very few commissions (both sending and currency conversion)
- Revolut: is a fintech that acts like a bank. You can obtain your IBAN in a matter of seconds, they have very few currency commissions and, in addition, you have free immediate transfers to the SEPA area.
In conclusion, we cannot know with certainty how long a transfer takes to be paid. This will depend on different factors such as the destination bank or the receiving country. In any case, the maximum term for national transfers and transfers from the SEPA zone is 24 working hours.