Banks aren’t only designed to help keep our money safe. They also provide the necessary means for us to either withdraw our money or transfer it to an intended individual or organization. There are several money transfer methods, and one of them is online bank transfer. If you have been using other transfer methods like cash deposits, ACH, checks, or direct deposit and want to consider online money transfer, you need to know how long does it take.
Provided there is no issue with the transfer; an online bank transfer should take between a few hours to 5 days to appear at the other end. However, this time depends on a few factors, such as the particular bank and sometimes the transfer time.
If you are familiar with your bank’s website or privileged to have the mobile bank application, I see no reason why you wouldn’t want to leverage the platform when the need to transfer money arises. However, like other money transfer methods, you may be eager to know how long it’ll take for the funds to hit the recipient’s account. How long does a bank transfer take? If this has been your primary concern regarding this transfer method, this article will put those worries to rest. Pay attention and continue reading to find out more.
How Long Does It Take to Transfer Money Between Banks?
How Long Does an Online Bank Transfer Take?
When we need money for urgent expenses, we often withdraw the money from our bank account. We can do this in several ways. Some of us prefer visiting the bank, while others prefer using an ATM. On the other hand, if you want to transfer money to an individual, probably your spouse, mother, or some random person, you’d proceed to initiate a bank transfer.
What Is a Bank Transfer?
A bank transfer is when funds are sent between banks. Transferring funds from your bank to the bank of another individual is fast, free (depending on the method used), and safer than withdrawing and paying in cash.
There are many money transfer methods, such as:
- Checks
- Cash deposits
- Wire transfer
- Online transfer
- ACH
The transfer methods mentioned above are some of the methods people embrace when transferring money. Of course, they all have their fair share of advantages and disadvantages, and each method is ideal for different situations. For instance, if you want to transfer a huge amount of money, you could leverage wire or checks transfer methods. However, if you want the transfer to be done quickly, you may want to consider wire or online transfer.
A wire transfer is an electronic transfer from one bank or credit union to another. This money transfer method is prevalent, thanks to its effectiveness and speed. In addition, the wire transfer time is fast, unlike checks which can take as long as five days or even a week. So if you intend on sending an individual a huge amount of money for urgent expenses, a wire transfer remains your best bet.
What Is an Online Transfer?
Online transfers are where the archaic method of sending money intertwines with the modern technology of electronic funds transfer (ETF). This type of transfer method allows individuals to send money by transferring it (or the data representing that money) to another individual.
An online transfer can be initiated through any computer with internet access or even your mobile device, which is why it is regarded as an online transfer. You’ll need to log into your online account to make the transfer which can be done either via your bank’s website or their mobile application.
What Do You Need to Make an Online Transfer Between Banks?
To make an online transfer between banks, you’ll need the following:
- Name of the recipient or business you are paying into
- Six-digit sort code of the account you are paying
- Eight-digit account number of the recipient’s account
- A payment reference (often your name or customer number) ensures they know that the money came from you.
- The date you want the payment to be initiated.
- Sometimes you’ll require the name and address of the bank you are transferring the money to. This makes it possible for them to confirm the sort code.
What Is the Timeframe of an Online Transfer?
Online transfers aren’t as slow as checks. They can take as little as 24 hours (or less than) to around five business days. The timeframe of an online transfer depends on a few factors, such as your bank, the time the transfer was made, and the recipient’s bank.
Online transfers work like a direct deposit. Most likely, the recipient will see his or her funds in their account at midnight the next business day or sometime early the following morning. If you made an online transfer that seems to be taking too long to deliver, ensure you contact your bank so that they can track the transfer.
The Critical Thing to Note About Online Transfers:
Before you consider to transfer funds online, you must note that you can only adopt this transfer method if you requested or applied for online banking. After applying, you will be provided with a unique username, including a password that’ll be used to access your online account. As soon as you access your account, you can choose the account you would like to use to initiate the transfer and input the recipient’s details.
Why Is Your Bank Transfer Taking so Long?
When it comes to withdrawing our money from an ATM or the bank, or sending money to an individual, there is often a lorry load of unanswered questions. One of those questions, which I deem very common, is “how long does it take to transfer money between banks?” in addition, people are also eager to know why their bank transfer is taking too long.
Bank transfers (some of them) may take too long as a precaution against fraud. It is also said that banks delay these transfers to make some money off yours. A bank transfer may take too long in some situations because the bank is slow in processing transfers.
If a bank transfer is taking too long and you are very concerned, ensure you contact your bank’s representative to determine the transfer status.
