International money transfers in earlier times took weeks and months to reach the hands of the friend or family member or business partner in the other country. Now a significant change has occurred in terms of the speed at which international money transfer gets processed. However, there are many factors that cause delays in overseas transactions. A clear idea about these factors can give you a rough idea of when your recipient can expect to receive money.
- Incorrect Details: If the sender details or recipient information are found incorrect, your payment can be sent back, which can cause unnecessary delays in the transfer speed. To avoid these silly mistakes, double-check all the information entered carefully.
- Time-lapse at the banks: Not all banks initiate the transfer process immediately, some process them faster and others are slower. Again the transfer speed is also dependent on the number of intermediary banks it must go through to reach its final destination. Some service providers may be able to communicate directly with the recipient’s bank, or may need one intermediary bank. There are some transactions that need up to three intermediary banks to move the money along which will cause further delays.
- Country of destination: Depending on the destination country the transfer speed varies. Why? Because the speed of bank processing is different from one country to another due to slower infrastructures, more rules & regulations, compliance services or fraud prevention processes.
- Weekends and holidays: Yes, keep note of the weekends and holidays of the recipient country one wishes to send money. Banks could be closed on weekends and holidays, causing delays. For example, in India, Saturday and Sunday are weekends, in Arab countries, Friday and Saturday are weekends. Thus, to avoid any delays, you have to look up the weekends and holidays, and request the transfer at the beginning of a workweek to have enough processing time before the weekend.
- Country time zones: Well, different countries have different time zones. Although it may be business hours in Australia, your recipient’s bank in Pakistan may be closed for the night. Thus, always try to send your money during the business hours in the country of destination to avoid delays.
- Currency Conversions: Yes, exchanging one currency for the other is an additional step in international money transfer, which will add extra processing time. In this case, there is no other way around it, the process has to wait.
So, these are some of the common factors that significantly affect the transfer speed of overseas transactions. The best online money transfer in Australia does everything on their part to make the money transfer as fast as possible, but some things are beyond control.