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International money transfers get delayed for many reasons, and it’s a common occurrence. Here’s why your transfer might be taking so long:
Mistakes in the recipient information
This error is commonly seen in international wire transfers, as they require a lot of data such as intermediary banks, SWIFT or BIC codes, the beneficiary’s name, and account numbers. Any missed word or number in any of these data could delay or bounce your transfer. Before confirming your transfer, make sure you double-check all your data in order to avoid your money from not arriving.
Fraud prevention and Anti-money laundering
Banks operate under a series of international regulations that apply to transfers in order to avoid fraud and illicit financial flows. These set of rules require transfers to be reviewed a few times throughout the process. This is out of the hands of your bank or service company, and in this case, there is not much they can do.
Holidays
When banks go on vacation, they shut down their system, meaning that no transfers are made until they reopen. To avoid vacation delays, plan your transfers around both yours and your recipient’s bank’s holidays.
Country of destination
Some countries will take longer to process your transfer because of their banking structure and may have stricter rules for reviewing transfers in an attempt to reduce theft or fraud.
Working days and weekends
Weekends are periods when transfers are not processed. Whenever you want to send money, it is best to send it at the beginning of the workweek to make sure it gets to your recipient account as soon as possible.
Given that money transfers abroad involve many factors and parties to make them happen, it is important to consider each so that your money arrives by the day you need it.
