When you are waiting for your salary or other credit transfer, the days never seem to pass. Yet, the time that elapses between the authorization of the transfer of funds and the provision of the sum on the recipient’s current account is the result of precise calculations that depend on several factors. In short, we are talking about how many days it takes to credit a wire transfer.
What is a wire transfer?
It starts from the basics. A bank transfer is a very simple banking operation, thanks to which funds are transferred from a current account to:
- A current account of which you own;
- A current account held by a third party.
To proceed with the operation, all you need is the IBAN code of the current account where the money will be paid (and the BIC or SWIFT code in the case of transfers made or received in a country outside the SEPA system).
Execution and accreditation
At this point, it is necessary to clarify a difference:
- By execution we mean the date on which the bank transfer is in effect implemented. For example, you can decide that a wire transfer will be executed the day after the date on which it was set up.
- The credit, however, is the day when the sum is actually credited to the account of the beneficiary.
The time between these two steps is calculated in days of currency.
What are currency days
Currency days means the number of working days required for a sum of money handled through banking transactions to be recorded (active or passive) on the payer and payer account statement. The value date, in addition to indicating the availability on a current account of a sum subject to a transfer of funds, also indicates from which day this sum starts producing interest.
When is a transfer credited?
The answer to this frequent question depends on the type of bank transfer you are talking about.
- SEPA transfer. In the SEPA bank transfer, for example, the bank of the payer and of the payee must obligatorily make the sum set within 24 working hours following the transfer (if made online).
- Bank transfer. The currency days become two maximum if the provision is made by paper at the bank counter. This if the transfer arrangement by the sender takes place within the time limit for processing the operation in the day, said cut-off time.