An immediate operation, or almost. Unlike cashing a cheque, a bank transfer – while not always instantaneous – takes very little time. When you transfer money from one of your accounts to another, the sum is credited instantly, but this is not always the case when it comes to an external beneficiary, unless you have checked the option (paid) of instant transfer. As the Public Service website explains, there are certain rules to know so as not to be fooled by delays that you would not have anticipated.
The first concerns the transaction date, “on which a debit or credit transaction is recorded by your bank”. “If the transfer order is placed at a time close to the end of the working day, it will be considered received the following working day”, specifies the site. If the time of receipt is not a working day, if you make the request from the internet or your banking application, for example, then “the transfer order is considered to have been received the following working day”, adds the Public Service.
The second rule to keep in mind concerns the deadline for receipt of the transfer, on the beneficiary’s account. It is generally 24 to 48 hours after the transfer has been recorded by the bank. As you know, if your transfer of funds must be effective on a specific date, it is necessary – in some cases – to do it in advance. Avoid Saturday evening for a transfer on Monday morning or the day before a public holiday. In the coming weeks, three dates are also to be avoided if you do not want to have any unpleasant surprises. We will explain everything to you.
The one-day period mentioned by the Public Service website does not apply to weekends and public holidays… But not all. As Planet explained to you, the interbank system operates on certain holidays and not on others. According to the calendar communicated by the Banking Federation, here are the days to avoid in the next 4 weeks.
Next week, if you don’t want any unpleasant surprises, anticipate your transfers and make the request as of Wednesday April 5, so that it can be processed on Thursday April 6. If you miss the mark, your request will not be processed until Tuesday, April 11, which can be very long. Will a similar situation occur in May, with the different public holidays? Not really, because the interbank system will work on some days, but not on others. Here are the other dates to remember.
Transfers will not go through on May 1, 2023, Labor Day. What about other non-working days? According to the dates communicated by the Banking Federation, classic SEPA transfers will pass these 3 days in May:
So don’t worry for the month of May, public holidays will have no impact on your classic transfer requests. You can therefore make your requests from Monday to Friday without fear of additional delay, apart from the two days of the weekend.
