The duration of a transfer is particularly important when it comes to meeting a deadline. In the event of a delay, additional costs may apply. Read here how long a domestic transfer takes and what it depends on. For international transfers, it can take up to 14 days for the money to actually arrive.
What does the transfer time depend on?
In the case of monthly rent or outstanding bills after receipt of the goods, compliance with a payment deadline is extremely important. It depends on when the money arrives in the recipient’s account.
Tip: It makes sense to set up a standing order or issue a SEPA direct debit mandate, especially for regular transfers. This saves you trouble and you will no longer miss deadlines.
The speed of a transfer is influenced by various factors:
In principle, the duration of the transfer can vary depending on the bank. A domestic transfer is booked to the recipient’s account faster than an international transfer. A paperless online transfer is usually faster than a paper transfer. For example:
- Online transfer
- standing orders
- direct debits
The day of the transfer is also crucial. Banks only carry them out on bank working days, so no payments are processed on Saturdays, Sundays and public holidays. Business days are only Monday through Friday. An exception is the real-time transfer. It is also important to note the acceptance deadline of a bank, which should not be confused with the opening hours of the branch, more on that later.
How long does the transfer take before the money is credited to the other bank account?
Duration for online transfers
As a rule, the money is credited after one working day or bank working day, if you authorize the transfer online, i.e. paperless. This is regulated by law according to the German Civil Code. This time frame applies not only to transfers within Germany, but also to the entire European payment area. But it may take a little longer. This is the case, for example, if the money sender and recipient are two different banks.
Duration of the paper transfer
If you make the transfer on paper, i.e. with a form, the bank has until it is credited to the recipient’s account two working days time. This is due to the fact that the transfer slip has to be scanned and the administrative effort is therefore significantly higher. A bank employee enters the transfers into the system.
Note the acceptance deadline!
Every bank must grant customers a cut-off time of at least 2 p.m. on bank working days. If you make your transfer before 2 p.m., it will be booked. Please note, however, that the acceptance deadline may vary between the different banks. In large cities and with direct banks, it is often 6 p.m. If you miss it, the transfer will be processed the following day. If in doubt, check with your bank to accurately calculate the transfer time and avoid delays.
Is there a way to speed up the transfer time?
For urgent transfers, there are two ways to speed them up:
- Lightning Transfer
- real-time transfer
real-time transfer
The real-time transfer (instant payment), for example PayPal, is the fastest way to transfer the money. The name gives it away: unlike with standard transfers, the money is in real time on the other account. The recipient has it available within seconds. You can carry out the real-time transfer online 24 hours a day, every day of the year, regardless of whether it is a weekend, a working day or a public holiday. However, there are often additional fees for the service. You can find possible costs on the website of your bank. The prerequisite is also that your bank and the recipient’s bank support the real-time transfer.
Lightning Transfer
Some banks, such as the Sparkasse, also offer instant transfers in order to shorten the transfer time. Here, too, the money is posted to the recipient’s account on the same day, usually after a few hours. The exact duration of a “Blitz” transfer varies depending on the bank. You can use this service online and at the counter. The costs are different. The fees are usually between 5 and 25 euros. Please also note the acceptance period here.
How long does an international transfer take?
Within the European Economic Area, which includes not only the EU member states but also Liechtenstein, Iceland and Norway, the execution period is according to the law Legislators with a maximum of four bank working days. In contrast to the SEPA transfer, the duration of the transfer is longer if you send money to a non-European country. The bank must first convert the currency. The effort is higher. The exact duration can vary greatly depending on the recipient’s country and bank. It can take a few days for the money to be booked, for example with a transfer to Canada, but also 14 days or even longer, if the money is to arrive in Africa, for example. There are no fixed deadlines for worldwide transfers. Fees can also be very high. Good tip: In this case, consider whether alternatives make sense, such as PayPal.
Pay attention to public holidays when making transfers!
Holidays, such as Good Friday or New Year, are not counted as bank working days, just like weekends. The money is therefore not always booked the next day. Note the extended duration of the transfer for important transactions.
2023-06-08 11:22:23
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