APACS - the UK payments association

Cross-border Payments

The money I asked my bank to transfer from my account in the UK is taking several days to arrive at the selected account destination. How long should it take?

Your bank may or may not have a correspondent bank in the receiving country. If they do, then your request to transfer funds from your bank to another will be sent via SWIFT (the electronic messaging service) directly to that correspondent bank. How long it will take before the funds are credited very much depends on the payment system in the country where the funds have been sent. It is always best to ask your bank how long they envisage the transfer will take.

If your bank doesn't have a correspondent bank in the receiving country, then they will send the funds to another UK bank which does. Unless you request your bank to use CHAPS (the same-day value system) for this domestic transfer, they will transfer the funds via BACS. This process will take three days, after which the funds will be transferred out of the UK.



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Related site link

Cross-border payments More information on cross- border payments.

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