Since their inception, bank transfers have been a traditional way of making international money transfers. Several overseas Filipino workers (OFWs) trust banks to send money to Philippines from overseas to ensure financial support to their families. Customers become very curious about the time bank transfers take for their money to reach their desired destination. Fortunately, obtaining information on United Kingdom bank transfer periods is pretty simple. So, how long does it take for a bank transfer to clear?
This blog post contains everything you need to know about making a bank transfer to and from local and overseas accounts in the UK.
Things You Need for Bank Transfer
Making a bank transfer requires much more information than just sending money online. It is necessary to check that the customer provides a few essential items for information. These are some examples:
- The date on which you wish payment to be made is the name of the company/organisation/individual to whom you are making payment
- The sort code is six digits.
- The account number has eight digits.
- A payment citation (so that the recipient knows what the payment is for)
Once all the information has been gathered, customers can proceed to send money from the UK to any part of the world.
Clearance Time in the UK
Faster Payments facilitates financial remittances in the United Kingdom. As the name suggests, faster Payments were created to increase the speed of standard bank transactions. Consequently, most bank transactions are quick; however, the payment might take up to two hours in rare situations. While Faster Payments strives to give you these sorts of bank transfer timings, there is no assurance that your payment will be completed on the same day.
Keep in mind that the Faster Payments transaction maximum is roughly £250,000. If you are sending a more considerable sum, use the services of ACE Money Transfer instead of a bank-to-bank payment method designed for high-value transactions. ACE Money Transfer provides same-day payment if the money is received before the daily cut-off point.
But Aren’t Bank Transfers More Efficient?
Indeed, in most circumstances, bank transfers are immediate. But on the other hand, banks will occasionally keep your cash for several days. This might happen for various reasons, but it’s most likely to occur with anomalous or massive transactions. So, if you’ve made a considerably bigger transfer than the sums you regularly move, don’t worry. Most of the time, the bank is merely carrying out its due diligence. Give the bank a call to find out what’s going on with your money, and they should be able to clarify what’s happening.
International Money Transfer
International bank transfers take a little longer than usual. This is because foreign transactions are handled through SWIFT or SEPA, unlike in the United Kingdom. So, how long does it take for an overseas bank transfer to complete? Your precise bank transfer time will vary based on several factors, including fraud protection, different currencies, time zones, and bank holidays/weekends. On average, bank transfers usually take one to five working days.
But Does It Take 3 Days Through Bank Transfers?
Not necessarily! Sending money through banks varies depending on your service provider and their policies as well. Most banks take a more extended period as they are processed through SWIFT or SEPA. Generally, transfers take a week to safely reach the desired destination through banking services, but other alternatives may do the job more effectively. What are they? Remittance service providing companies such as ACE Money Transfer.
What is ACE Money Transfer?
ACE Money Transfer is a trustworthy company. The firm ensures that the funds arrive securely at their destination. Customers can follow the transaction to stay up to date on its progress. ACE openly declares that its mission is to provide excellent customer service. ACE gives its customers the most outstanding services to guarantee that they receive the best. Put your trust in ACE to transfer money to the Philippines from the UK, and you won’t be disappointed.
ACE Money Transfer provides remittance services from 28 sending to more than 100 receiving countries worldwide. ACE, which has been functioning in Europe since 2002, is a well-known and well-established corporation that cherishes its clients’ trust. They have been designated as an Authorised Payment Institution (API) by the Financial Conduct Authority (FCA).
How Long Does ACE Take to Transfer Money?
Most transactions are processed in minutes when you make an online money transfer to the Philippines from the United Kingdom. When utilising the Online Bank Transfer option, transactions are processed within 1-2 banking days. When you wish to send money through an internet banking service, the transaction is completed within 1-2 business days.
- It should be noted that the following factors may also have an impact on delivery times:
- Information precision (both your personal data and beneficiary details)
- Time zone difference
- Keeping regular business hours (bank unavailability on weekends and local holidays)
- Additional information is required to ensure the security of your transaction.
- Unpredictable events, such as the rare occurrence of an outage impacting one of our business partners
Why Choose ACE?
ACE provides quick, safe, and highly dependable remittance services that allow you to accomplish transactions in just a few steps. You may avoid lengthy and time-consuming procedures and needless formalities when utilising ACE Money Transfer. ACE charges the lowest transfer price to our consumers compared to competing providers. Customers may get the most bang for their buck and be worry-free while transferring money home from the UK this way. What more can you ask of a remittance service provider?
So, what are you waiting for? Avail of ACE Money Transfers exceptional services now!