There are often situations where you need a transfer to arrive as quickly as possible. This raises the question of what happens when you make a transfer on a Friday, Saturday, or Sunday. Do these transfers wait until Monday, or can they arrive earlier? Understanding this is also useful if you’re expecting a transfer from someone and eagerly awaiting its arrival.
Over the years, the process of sending money through bank transfers has improved significantly. As long as the banks are open, transfers within the SEPA zone between different banks, including both Spanish and European banks in the system, typically take a maximum of one business day to arrive. However, the situation changes when these bank transactions occur on Fridays, Saturdays, or Sundays.
Transfer deadlines
As you may have noticed, the timing of your transfer plays a significant role in determining when it will arrive, especially when it comes to Fridays and weekends. The crucial factor here is the bank’s cut-off time, which varies depending on the institution. Understanding this cut-off time is essential in determining whether your transfer will reach its destination on Monday or if it will have to wait until Tuesday. It’s common for many banks to have a cut-off time around 1:30 p.m.
If you initiate the transfer before or around 1:30 p.m. on a Friday, you can expect it to arrive at its destination on Monday, adhering to the one-business-day timeframe. However, if you make the transfer after the cut-off time, say around 2:00 p.m. or 5:00 p.m., the money will likely reach its destination on Tuesday, as it falls outside the one-business-day window. These timeframes apply to transfers between different banks and represent the maximum duration.
Regarding transfers sent on weekends, they follow the same guidelines as those sent on Fridays after the cut-off time. In such cases, the transfers should arrive no later than Tuesday. It’s worth noting that certain circumstances might enable you to receive the transfer earlier, potentially on Monday. However, it’s always advisable to be aware of the maximum timeframe and make the necessary calculations accordingly.
There are exceptions
It’s important to be aware of exceptions to the one-business-day waiting period for transfers. One notable exception is when the transfer occurs between two accounts within the same bank. In this case, the money is typically received almost instantly. The reason for this difference is that the same level of security checks is not required compared to transfers between different banks. The bank only needs to record and report the movement between accounts for regulatory purposes, particularly in relation to anti-money laundering measures.
Another exception is when using express transfer services offered by many banks today. These services allow for faster transfers, sometimes even instantaneously, but they come with a cost for the sender. The fee associated with express transfers can vary, ranging from less than 1 euro in some cases to a percentage of the transaction amount, with certain banks and payment services like PayPal imposing a maximum limit (usually around 10 euros).
It’s important to note that these exceptions apply specifically to national transfers. International transfers have different waiting periods. Transfers to accounts outside the European Union may take up to five business days, while transfers within the European Union but not in euros can take up to four business days to complete.