How long does a bank transfer take? 

How long does a bank transfer take

Monday, 20 December 2021, 2 minute read

 In the UK, 98% of the total population has a debit card that they use daily. A cashless society is becoming more apparent, and the need to pay for goods or services via a point of sale (POS) terminal or bank transfer is becoming increasingly popular. We all know that POS terminals instantly receive funds from our debit cards, but how long does a bank transfer take?  

Bank transfers from one UK bank account to another should be instant, if not within a few hours. Faster Payments powers mostly all bank transfers in the UK. The company itself was developed to reduce the bank transfer times for in-country payments. Although the times mentioned seem fantastic, some transactions can take significantly more time (around one day).  

Notably, Faster Payments is only used when transfers are below £1,000,000. For more considerable sums of money, you’ll want to use either CHAPS or BACS payments. Both of these options were developed with larger transfers in mind. Generally speaking, CHAPS is similar to Faster Payments as they provide their users a same-day bank transfer time. With BACS, this timeframe is increased by a few days. However, you’ll pay a substantial amount more fees with CHAPS than BACS.  

What if my bank transfer is longer than a day?  

We mentioned above that some bank transfer times, which could be instant, can occasionally take a day to clear. But why is this? Banks have various automatic indicators that can detect suspicious activity. Therefore, they’re just trying to protect you. Usually, when you transfer larger funds than usual, this occurs. When this happens, the bank themselves will most likely contact you to verify the transfer.  

How long does an international bank transfer take?  

With this new age of banking technology, we can transfer funds to all corners of the map. Many people make international bank transfers for various reasons, such as buying goods, services, family, and much more. But how long does an international bank transfer take?  

When making international transfers, you should expect the bank transfer time to be much longer than traditional in-country processes. Typically, this can take anywhere between one to five working days (excluding bank holidays and weekends). Unlike UK transfers which are powered by Faster Payments, internal bank transfers are processed by either SWIFT or SEPA.  

The reason international transfers take longer is that there’s more administrative work involved. With these transfers, funds need to be converted to different currencies (following current market demand) and undergo strictly vetted procedures to prevent fraud.  

Crezco can help

We process account-to-account payments for free and settle them instantly. They’re more secure than card payments and we can process higher amounts, up to £1,000,000 per transaction. Find out about how Crezco works, why we’re free, and how we can help you by getting in touch.

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Final words  

After becoming knowledgeable on the above, you should understand the following:  

  • Faster Payments power UK bank transfers below £1,000,000, and the bank transfer time is instant 

  • For UK transfers larger than £1,000,000, CHAPS or BACS payment options are available. Depending on which you opt into, this can take anywhere between the same or a few business days 

  • When it comes to international transfers, they’re processed by either SWIFT or SEPA, which can take one to five business days (excluding weekends and bank holidays) 

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