The transfer is a banking operation that is carried out most frequently by users who own a bank account in any institution. They facilitate and enable the sending of monetary amounts between two designated accounts with the simple fact of knowing the IBAN code. It is impossible for the user who orders the transfer to control the moment at which his transfer will reach the beneficiary.
Bank transfers are operations in which a bank is asked to send a certain amount of cash to the account of a third person who may or may not be in the same bank. It is not possible for the user to accelerate the transfer process, but it is possible for him to know important factors that will make possible the reduction in the time of the transaction by choosing the day, time, location and route by which he will decide to carry out the operation.
What types of transfers are there?
Transfers can be classified under different criteria, all depending on your lead time
- Ordinary
- Urgent.
Other more specific bank transfers are those that use the accounts of the entities in the Bank of Spain which are known as Orders of Movements of Funds (OMF).
Although this type of banking or interbank operations are very frequent and generalized by the majority of users with bank accounts, it is possible that it can cause confusion since the day of execution of the same or the time is not completely clear. that it will take to reach the destination account.
We can find the following classifications of transfers By taking into account geographical criteria, the means by which the transfer order is issued or the type that we request to transfer money from one account to another.
Geographical classification
This group deals with the country of destination of the funds according to the residence of the destination checking account. Within this classification you can find:
- Transfers national: The one who sends as the beneficiary who receives are in Spain.
- Foreign transfers: Those in which the beneficiary is in another country.
In addition to this classification, there are also transfers between the same square which are the national transfers between the same locality and transfers in a different place: between two cities.
Transfers made personally from the branch office.
Classification of transfers according to the way in which they are ordered:
- Transfers through ATMs.
- Transfers made by phone o fax.
- Transfers by Internet.
For the time it takes for the funds to be credited to the destination account:
- Transfers ordinary: Between one and two business days, everything depends on current regulations.
- Urgent transfers: They are credited to the destination account on the same day.
Urgent transfers are characterized by being OMF (funds movement orders).
How long does a transfer take to arrive?
The possibility of duration of the transfers varies a lot in its term since it goes from the same day in which the operation is carried out until days later.
Generally, and this from the entry into force of the Single Zone of Payments in Euros known as SEPA, national transfers made in euros and international transfers that are directed to countries belonging to the European area, have a maximum period of one business day.
Before, the maximum term for bank transfers was 3 business days for transfers outside of Spain and a maximum of 2 business days for those originated and received in properly Spanish accounts.
How long does a transfer from one bank to another take?
If they are from the same bank, one business day; but if it is different, it may take up to 3 days, unless it is urgent in which case it would take 1-2 days maximum. In any case, if it takes more than 3 business days, you should contact the person who gave the order to transfer that money.
When does a transfer arrive made on a Friday?
It will depend on whether the destination account belongs to the same bank or to a different one: in the first case it would arrive that same day, but otherwise it would be Monday or Wednesday at the latest. In any case, you have to know that in some banks transfers in previous days are not usually made effective until 10 in the morning.
Business days
Well, they can be understood as those days of commercial opening in which the European payment system (target).
To know the business days, you must count the days of commercial opening in which the system is not closed TARGET you have to take into account: Every day except Saturday and Sunday and holidays: New Year, Good Friday, Easter Monday, May 1, and December 25 and 26.
Taking those days into account, we can deduce in a very fast and simple way what many people already know: Friday is the least suitable day to carry out a banking operation of this type if you want it to be reflected with speed.
In any case, it can be said that there are exceptions, as would be the case of the instant ordinary transfers since they are all those operations that are carried out between two accounts of the same bank, these operations can be said to be instantaneous since being a internal transfer it is only a simple accounting entry for the entity.
All entities have a hour that is denominated like "hour of cut" and if you make the transfer moments after that time, it will be considered received on the next business day.
Given this, it is very important to take this time into account, since, if you make the transfer before or after that time, it will take 1 business day more or less.
After all this that has been mentioned, it is likely that you think if there is any possibility of making a transfer to another bank but that it executes the order on the same day or instantly and the only possible option for that is the OMF transfer.
Instant transfers via Bank of Spain
Despite the fact that with the latest Payment Services Law, ordinary transfers are paid in a maximum of 24 business hours, it is very likely that you may have the need to make a urgent transfer from one account to another with the requirement that the monetary amount be paid on the same day.
Type transfers Order of Funds Movements They can also be called a transfer via Bank of Spain, they have their main difference and advantage in that they are paid on the same date that the operation was carried out.
To issue this type of transfers, it is necessary for the entity to have an account in the bank of Spain since it is through it that they are made (In the same way, the bank of Spain is the one that gives the name to the operations).
They are fast but among their possible drawbacks I would highlight the difficulty to cancel them, in the same way the high cost of them, or that they are only possible to do during the working hours of the bank of Spain, therefore, it is advisable to inquire and consult all the conditions necessary to perform these operations.
There are 4 main factors that are responsible for defining the delay time of an operation: the day, the time, the route (electronic or face-to-face) and the location. As of January 2012, the law dictates that compulsory electronic transfers must be made effective no later than the end of the business day following the order.
You should also investigate the time your bank has placed your "Cut-off time" for your transfers through digital or telephone means since this refers to the moment from which your banking institution considers any order received on the next business day.
Usually the cut-off hours according to the OCU for electronic transfers:
- La Caixa 11.00 a.m. Barcelona
- Evo Bank 14.00:XNUMX p.m. A Coruña
- Unoe 15.00:XNUMX pm Madrid
- OpenBank 16.30 pm Madrid
- ActivoBank 17.00:XNUMX p.m. Sabadell
- iBanesto 18.00:XNUMX p.m. Madrid
- Bankinter 18.30pm Madrid
- ING Direct 19.30pm Madrid
- Pastor Bank 20.00:XNUMX p.m. A Coruña
These and other schedules are what you have to take into account when making the transfer since in your local time you may still have time before the cut-off but in another region, the day is over and you have a full day lost.
To make the transfers, the location from which we make the transfer and also to which we send the money can affect the time of the operation since you must take into account local holidays, find out if it is a business day or not. This applies whether you have made an online transfer or if we have given the order from an office.
In the end, the best thing you can do is avoid holidays and eve as well as ask for the transfer to the bank in the morning. And to round off the operation, it will also be best to work with banks that do not charge transfer fees:
- EVO Smart Account. It does not charge a transfer fee and offers profitability. It allows you to withdraw free cash from any ATM in the world.
- Current Account Triodes. Leading banking in Europe gives five free transfers per month to your account. From the sixth, the cost of each one will be 1 euro.
- Open Payroll Account. Santander's online banking does not charge commissions either.
- Banc Sabadell Expansion Account. By directing the payroll in the Sabadell, the client is exempt from paying commissions for national transfers and in the European Union for a total amount of up to 50.000 euros.
Hello good, if on Thursday 5 they made me a transfer, because it is Friday that it is a holiday, it would arrive on Monday