Monday, August 7, 2023, 10:25
The bizum and bank transfers have saved our lives. At a time when in a matter of seconds it is possible to send money to someone or pay a bill in an establishment, the presence of banknotes in the wallet plummets. A reality that was further strengthened with the arrival of Covid-19, when it was recommended to avoid any exchange of currencies to reduce contact.
Now that opening the bank application is a very common gesture, the question that raises the most doubts is the time it takes for the money to reach its destination. With bizum it arrives at the moment, but what happens with the transfers? As a general rule, those made within SEPA countries (in Spanish, Single Euro Payment Zone) must appear in the account at the latest on the next business day after the beneficiary’s bank receives the amount. Even so, it is possible to know precisely the date on which it will arrive.
Each bank has what is called ‘cut-off time’. It is neither more nor less than the moment in which they stop carrying out these operations. For this reason, clients must inquire in advance about the schedules of their own entities so that the transfers arrive within the desired period.
Most banks set 5:00 p.m. as the limit to carry out the transaction, although some, to give their users greater flexibility, extend the hours to 8:00 or 9:00 p.m. Although there is no public list with the hours of each box, it is advisable to call to make sure.
Following the previous model, if an entity offers the service until five in the afternoon, all those that are executed before that time will arrive that same day at the destination bank and, the following day, at the latest, at the recipient.
Can a transfer be cancelled?
The speed when carrying out the operation, the confusion when typing the long numerical series of the IBAN or an error in any of the steps can cause a client to want to cancel a transfer. However, the order cannot usually be revoked, since once the order is confirmed, the funds leave the issuer’s account.
In these cases, it is necessary to know how to differentiate what type of transfer has been made. If it is an immediate or a transfer (between accounts of the same bank), the funds are received in a very short time. For this reason, if a mistake has been made, you could only talk to the person who received the money to try to solve it. When the person refuses to collaborate, the affected party may only appeal through the courts.
For the rest of the transfers, those in which the cut-off time comes into play, there could be a solution, although this occurs exceptionally, since it depends on the bank. Some entities offer their customers the possibility of undoing the shipping order from the application or by contacting their personal manager. In this way, if it has been made after the time limit and the bank is not going to process it until the next day, there could be the possibility that it can be cancelled.
Sometimes it is also possible to cancel it when it is done before crossing the deadline. The requirement in this case is that the issuing bank has not yet contacted the recipient. It must be borne in mind that when requesting the revocation the entity could charge you a commission for the service.
#bank #transfer #arrives #cancel #case #error