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When Your Bank tells you 72 business hours for the money to reach the payee.

Discussion in 'Business & Tax Advice' started by Iconoclast, Apr 18, 2014.

  1. Iconoclast

    Iconoclast Regular Member

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    My bank told me that the money i sent will reach the payee in 72 business hours. Is it always 72 hours or can it reach earlier? (asia to usa)

    Regards
     
  2. Alpha.

    Alpha. Power Member

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    72 hours is actually quite "fast" when it comes to international transfer.
     
  3. Duffers5000

    Duffers5000 Elite Member

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    Not sure where you are sending it from and to where. Obviously a business account can transfer faster but 72 hours is not unreasonable. In the UK most banks will offer a swift clearing option which is usually £25-£30 for next day clearance but again depends on the country you are sending to. I would have thought the bank where you made the transfer would be the best place to ask this question.
     
  4. Iconoclast

    Iconoclast Regular Member

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    Thanks for your comments, its just that i wanted to get it sent soon as possible. (just anxious). My bank said 72 hours so it will be 72 biz hours. The thing is that tomorrow starts weekend so it will take 48 more hours.
     
  5. BuildMoreLinks

    BuildMoreLinks Jr. VIP Jr. VIP Premium Member

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    yes mostly it is 72 hrs and sometimes it goes early in 48 hrs also.
     
  6. Anna577

    Anna577 Newbie

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    Depends on the country you are transferring to. And usually it does take this long
     
  7. kypso

    kypso Junior Member

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    Biz hours doesn't mean regular hours. It means the time a bank is working. So if the bank is open Monday to Friday - then it counts in that time frame. Also there is another chance that they mean the time they are open - if they are open 8 hours a day then divide 72/8 and you would have a better time frame. Also - I am sure that the bank meant 72 biz hours inside you country. Sent it outside and it will take longer.

    K.
     
  8. Iconoclast

    Iconoclast Regular Member

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    guys, payment reach in 36 hours. That was super-fast.

    thanks for replying.

    Mods if its possible then close the thread

    regards
     
  9. tony_d

    tony_d Elite Member

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    It depends on two things;
    a) How long the sending bank takes to enter the SWIFT instructions
    b) How long the receiving bank takes to process the SWIFT instructions

    The method that banks use to actually 'send' the transfer is just an electronic message saying 'hey, credit $x to this account, we'll pay you later', and the receiving bank doesn't actually wait to receive the cold hard cash before crediting the account - they credit the account upon receiving the instruction, which takes literally only a few moments from being entered by the sending bank.
     
  10. infoasian

    infoasian Supreme Member

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    It depends on the bank. A large bank in the US will receive funds wired from Singapore within minutes. A transfer from a small US branch to the Ukraine may take 3 weeks.
     
  11. AKAprofitable

    AKAprofitable Registered Member

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    It depends on it's working days. Anyway, why don't you try PayPal? :)
     
  12. Iconoclast

    Iconoclast Regular Member

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    I do not trust paypal when we are talking about $50+. Just to play it safe :)
    Further I am in a paypal-not-supported-country.
    i have to admit that me avoiding paypal as a payment and receiving medium is causing me lots of issues.