Bank customers wait days for wire transfers
Several users are frustrated with the lengthy processing times for wire transfers, noting delays of up to several days and questioning differing institution cut-off times. Some users confirm same-day transfer if initiated by noon.
SOURCES (15)
“I've been doing the Bank SUB churn lately. My trasnfer to Cap1 is taking more than 3 days! It's scary to see large sums disappear over night - not to show up for 3 days. So yeah I understand large sums get scrutinized. But man…”
“For the route timing, I'd use a range based on recent transfers, not a countdown. Once it runs over, 'slower than usual' makes more sense than 'stuck' unless you have an actual failure signal. [re: When your bridge transfer says "pending", what do you actually want to see?]”
“And will they ever get faster ? Yes I know there's apps like Zellle that offer instant transfers, I was just wondering why is it so slow between banks? The other day I just transferred $20 from Citibank to chase. I know I could have used another app to send it faster , but I just wanted to see how long it will take. It's been 4 days and still nothing yes 4 business days. It still says pending in progress 😆 . I was just in Mexico City last month and my cousin showed me that over there Ba”
“thank you so much! do you have an idea on how long it would take for the funds to be credited to my account? [re: Bankers of Reddit, how would a bank handle a SWIFT transfer with an invalid BIC branch code?]”
“Most banks will require the funds to be in your account business days before allowing you to wire funds. Policies may differ, this has been the instance I've seen at the past 3 banks I've worked at. [re: How do you get cash into online banks?]”
“This sounds right. International wires can take time. Your 5 business days in maybe less depending on time difference.”
you received the money after 12 days? Or did it just went back to sender?
“Incoming bank can’t see anything until the funds land in the account. International wires can take time and be delayed for days or even weeks. Only the sending bank can do anything, with a trace request, to see where it is.”
“normally i initiate a money transfer in the morning after 6 am (european time), where it updates and the outstanding funds get released. then etsy sends it at 12 pm and it arrives in my bank account at 3:30 pm. today i did the same thing in both of my shops. it said it would be transferred today october 1st, but it didnt actually get send in either one of them. its still in my etsy account, it hasnt been taken out of my balance yet and instead of october 1st it now just says "transfer in pr”
“ACH is not a wire, so funds don't usually land the same day. Typical 'rule' is 1-3 business days, though in practice it's typically 1.”
“Personally I haven’t seen a true ACH post same-day, even with large banks. Usually it’s one business day to process. And funds are usually available right away once the ACH posts. There’s a chance it may not arrive until Monday or later.”
“Not always. Again, the news doesn't cover everything it really should. But a journalist has interviewed my friend and her brother. She's finishing up with editing.”
“That's what I hear. I haven't done a wire transfer is years, but that was like 2,000. So I feel like it's the large size... Or does my bank have an anti fraud system it has to pass through as well? I called and got the number for the fraud department. They're busy right now so I'll wait until they don't have a 45 minute wait time. Hopefully we can get the trace number soon and just use that to figure things out.”