A bank transfer is a method of sending money from one account to another, either at the same bank or at different banks. It is used to move funds in a secure and controlled manner, and is currently one of the most widespread financial operations.
Credit transfers, in their present form, have their origins in the 19th century and were carried out through the use of the telegraph between banks. Thanks to today’s technology, transfers take place more quickly and efficiently, but there are still waiting times to be taken into account.
- Day and time: Transfers made on weekends or outside the bank’s opening hours (which vary considerably from bank to bank, in Spain varying between 11:00 and 20:00 depending on the bank) are processed on the next working day.
- Type of transfer: Immediate ones are quicker, but may have a fee associated with them in some cases.
- Geographical area: National or intra-SEPA credit transfers are quicker than international credit transfers.
In Spain, bank transfers usually take between 1 and 2 working days, depending on the factors explained above or whether the banks are the same or different.
- Transfers between the same bank: These are usually immediate, as there is no need to move money between branches.
- Standard SEPA transfers (euro area): When the transfer is made to a different bank, the standard time is one working day if it is made before the cut-off time. If done later, it may take 2 days.
If you need the money to arrive instantly, immediate transfers are available in the SEPA area (European Union). These allow funds to be sent in seconds, although they may incur an additional cost.
When it comes to transfers outside Spain or the euro area, the times vary considerably.
- European Union: In SEPA countries, such as France and Germany, the deadlines are the same as in Spain: 1 business day for standard transfers and seconds for immediate transfers.
- United States and Canada: International transfers to these countries usually take between 2 and 5 working days, depending on the bank and the intermediaries.
- Latin America: For most countries, transfer times can range from 2 to 5 working days. Although some, such as Venezuela, may require up to 7 due to local regulations and sanctions imposed on the territory.
It is important to note that international transfers may incur additional fees and require additional information, such as the SWIFT code or the IBAN of the account.
- Plan your transfers: If you need the money to arrive on a specific date, make the transaction in good time.
- Use immediate transfers: For emergencies, this service may be of interest, provided it is available in both entities.
- Check the data: Make sure you enter the IBAN and other necessary information correctly to avoid delays.
In summary, the answer to how long a transfer takes depends on a number of factors, but, in general, standard transfers within the euro area in Spain are fast and secure. It is always advisable to consult with your bank to fully resolve any doubts. If it’s an emergency and you’re in a hurry, immediate alternatives are a good option. However, possible additional costs must always be taken into account.
