There is no regulated time frame in which a bank transfer should occur.
Most banks transfer funds within an average of 2-5 business days.
You may want to look into the regulatory time frames for any country you will be receiving money from.
Differences in the time frame make the bank transfer delay worse.
When making a bank transfer, the varied times are often at the mercy of any number of human factors including the difference in time zones.
If you make transfers at the end of the working day, it will add time to your transfer, as it’s usually sent the next business day.
The bank transfer is actually made via the SWIFT network, but the point is that this network doesn’t transfer your money, it transfers your information.
The information of your transaction is transferred in the form of a payment order, from bank to bank, until it arrives at its desired account.
These payments usually pass through a number of different intermediary banks before arriving at your destination, which is a major cause of delayed payment.
For sure, you may not be informed of what’s happening on the other end of your transfer because of missing documents.
Different countries have different money transfer regulations, tax rules, and additional documentation that needs to be filled out.
This paperwork will be done by a human, which means it’s at the mercy of human problems.
So your transfer documentation might be all okay on your end, but in the intervening process there’s a form that is filled out incorrectly, or just missed.
Missing documentation can lead to significant delays in your payments, but this is not a stable occur, thus, anything can happen in the working process. Collect&Pay is designed for the speed and flexibility required in the modern business world.
You can make international payments in multiple currencies, in one business day or less.
Our technology makes your payments faster and reduces your fees at the same time.