Did you send a bank transfer and find out that the money didn’t come through? That happens more often than you might think. This blog post will go over five reasons why your bank transfer got delayed so that you can avoid it happening again in the future. First, let’s talk about what a bank transfer is.
What is a Bank Transfer?
A bank transfer is when you send money from one bank account to another. This is different from sending cash through the mail, which can take several days before it’s delivered. With a bank transfer, your money should arrive within 24 hours if done during business hours and 48 hours if completed outside of them. This excludes weekends and holidays. One of the most convenient ways to complete a money transfer is through reputable companies like Western Union as they have years of experience in this field.
So why would your transfer be delayed? Let’s go over the five reasons why your bank transfer got delayed.
1. Time of the Transfer
If you send a bank transfer outside of business hours, your money will take longer to arrive. This is because it will be received the next day by someone who isn’t in the office during that time. This reason alone can cause a delay for an incoming or outgoing transfer if done too late or too early compared to when banks are open.
2. Holidays
During holidays, banks close earlier and some stop processing transfers. If you send a bank transfer during this time, there’s a good chance it will get delayed until the next business day or after that if they’re closed for several days in a row.
So make sure to schedule your transfer accordingly so that it doesn’t get delayed from avoiding sending it during holidays.
3. Different Time Zones
Money transfer to India or other countries in a different time zone or with locations on the other side of the planet will take longer to get there. While one hour may not seem like much, it can make all of the difference for your bank transfer getting delayed if you send it on Saturday night when banks are closed and then again Sunday morning before they reopen.
The latter is because India is located in the UTC+05:30 time zone. This means that India’s local times are five and a half hours ahead of Coordinated Universal Time (UTC). So if you send your transfer to someone living there, make sure it gets sent or received during business hours when banks are open.
4. Missing Paperwork
While it’s rare, some banks will delay transfers if they’re missing the proper paperwork. For example, think of when you go on vacation and use online banking to transfer while away. You send money from your regular bank account to another one near where you are staying for convenience while out of town.
Missing paperwork can cause a delay in when your transfer comes through, depending on how much time passes before getting this documentation from you. Thus, be sure to include any needed information about what’s going on with transfers sent to other people no matter where they’re located.
5. Systems Delay
Finally, there’s always a chance that your bank transfer will get delayed because of problems with the system. This can happen whether you’re sending or receiving money, but it’s rare.
Therefore, if your transfer doesn’t come through, consider contacting the bank to find out what might be going on because of their system issues.
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