The Possible Reasons of Delayed Bank Transfers
We hope that once we hit the ‘transfer’ button, the process will get done instantly, and for the most cases, it will. But sometimes, we have to wait for a couple minutes. Even worse, a couple of hours could be really frustrating.
But before you are losing your mind about your delayed transaction and worried about the money you already sent, take a breather and calm down because there are a few reasons why this thing is happening. These are the possible reasons for delayed bank transfers.
Bank Holidays
Banks only work on business days and close for holidays because they work under the legal definition of business days. So if you need to send money quickly, do it on business days, and prepare to wait if you do it on weekends or public holidays.
This could also apply especially if you are sending money to another country because different countries have different kinds of public holidays. For example, the Golden Week which is celebrated in China and Japan within a week period. So if you are doing transactions or sending money to China or Japan during the Golden week, be prepared for delayed transactions.
Global Events
Situations like natural disasters in or global pandemic just like the COVID-19 pandemic not a long time ago, can disrupt transactions between banks all over the globe and can cause delays in transactions like transfers or payments.
When it is a global event or a natural disaster, there is nothing you can do but wait. Because the banks could be having limited staff, the connection is broken temporarily, or even the building itself is damaged or even destroyed.
Different Weekends
This might surprise you but one of the possible reasons for delayed bank transfers is the different weekends in certain countries. As you know, if you’re transferring money on the weekend, the process will only get started on Monday.
But there are countries that don’t have the same period of weekends like most countries. The United Arab Emirates for example, have Sunday through Thursday as their weekdays or business days and their weekend will start on Friday through Saturday.
Something Just Missing
When a transaction is delayed, sometimes you just don’t know what is happening on the other end. Maybe there is missing paperwork like tax rules or any additional documents that need to be filled out in order to finish the transaction.
This could happen especially when you are doing transactions with foreign countries because there’s going to be more documents. And since this paperwork is being done by humans, you can always expect a human error.
Something missing in the documentation is not something usual and you should not expect that, but this could happen. Missing documentation can make your transactions delayed for significant time, maybe days.
Different Time Zones
Another issue that can happen when you are transferring money or making transactions internationally, is the difference of time zones. If you start an international transfer at the end of the working day, it usually will be sent on the next business day.
For countries in the same regions like between Asian countries, this usually will not be an issue. But if it is between countries in the different continents like between Asian countries and Europe or the USA, this could be a bigger issue.
So there you go, a couple of the possible reasons for delayed bank transfers or transactions. To make sure your transactions or transfers are being handled immediately, please make sure to do it during the business days.
Post a Comment for "The Possible Reasons of Delayed Bank Transfers"