How long do international wires take?

reclusive46

I'm expecting money from Bank of America and was wondering how long it'll take for the money to arrive in my Santander bank account. They used IBAN and Swift.

What is the average?

I'd appreciate no anti-santander posts aswell. Just constructive facts please (=

97trophy

reclusive46 wrote: »

to arrive in my Santander bank account. ..........................

You already know the answer

:rotfl::rotfl::rotfl::rotfl::rotfl:

pcombo

can take up to 10 days.

erdd2

In theory, wire transfers are instantaneous. In practice they usually take at a day or more. In cases where somebody screws up they can disappear for days. Wire transfers involve at least two checking accounts (with long account numbers) and two long routing numbers. Anybody in that long chain makes a typo on any of those numbers at any step along the way delays the process.

reclusive46

Ah well...I know the IBAN and SWIFT was correct we x10 checked it. Hopefully its in by the end of this week. They sent it last Friday.

opinions4u

Last time I sent money from UK to Germany it made it there for the following morning.

Any large transactions that involve the USA somewhere along the way are likely to have Homeland Security crawling all over them before the funds get released!

Naf

reclusive46 wrote: »

Ah well...I know the IBAN and SWIFT was correct we x10 checked it. Hopefully its in by the end of this week. They sent it last Friday.

You can get it as right as you like; but any one of the people typing it in along the way could easily get a figure wrong. Its also not unusual for there to be four or five intermediary accounts (which can also cause issues with the actual amount received compared to what was sent), and any of these could make an error, or hold it longer than supposed to so who knows.
Usually they're completed same day, or next working day but it really can vary.
In theory it couldn't be an issue with Santander; as receiving should just drop straight into the account. But I wouldn't hold my breath about that one either - and I worked there.

reclusive46

opinions4u wrote: »

Last time I sent money from UK to Germany it made it there for the following morning.

Any large transactions that involve the USA somewhere along the way are likely to have Homeland Security crawling all over them before the funds get released!

Does £2000 count as a large amount?

reclusive46

Naf wrote: »

You can get it as right as you like; but any one of the people typing it in along the way could easily get a figure wrong. Its also not unusual for there to be four or five intermediary accounts (which can also cause issues with the actual amount received compared to what was sent), and any of these could make an error, or hold it longer than supposed to so who knows.
Usually they're completed same day, or next working day but it really can vary.
In theory it couldn't be an issue with Santander; as receiving should just drop straight into the account. But I wouldn't hold my breath about that one either - and I worked there.

This makes me laugh then. Shows how rubbish the UK system is it it takes 2 or 3 days to transfer something in the UK to another bank in the UK but can be same day or next day from somewhere like the USA.

Naf

reclusive46 wrote: »

This makes me laugh then. Shows how rubbish the UK system is it it takes 2 or 3 days to transfer something in the UK to another bank in the UK but can be same day or next day from somewhere like the USA.

Its because the foreign payment system uses CHAPS, just the same as the UK same day transfers do. But you pay for this service. It is just another example of the banks greedy charges as, realistically, it doesn't cost them any more to use CHAPS than it does BACS.

opinions4u

Naf wrote: »

Its because the foreign payment system uses CHAPS, just the same as the UK same day transfers do. But you pay for this service. It is just another example of the banks greedy charges as, realistically, it doesn't cost them any more to use CHAPS than it does BACS.

Yes it does.