A transfer is a banking operation in which an account owner instructs the bank to send money from that account to another person’s account in the same or different entity. Banks differentiate SEPA and international transfers. The first is that of the European Union countries and nine other countries (Iceland, Liechtenstein, Norway, Monaco, San Marino, Switzerland, Andorra, United Kingdom and Vatican City State).

Outside of these countries, international transfers will be considered. This difference, among other things, affects the terms of remittance. Thus, the general rule that applies to transfers within SEPA countries is money must arrive no later than the next business day to the bank where the receiving bank received the funds.

What time do banks stop making transfers?

However, to know exactly when the money will be received, the cut-off time must be taken into account. This is the time when banks stopped issuing and ordering transfers. “If it is done before that time, the transfer will reach the destination account the next day, but if you enter the transfer after that time limit, the transfer will no longer arrive at the destination bank on that day and will not be transferred to the destination bank. not credited on the same day.” next”, explained the Bank of Spain (BdE).

For example, the cut-off time is at 17.00 and we make a transfer on Monday at 14.00, then the transfer will arrive at the destination bank on the same day and to the recipient the next day, that is, Tuesday. However, if done at 19.00, the recipient will arrive in two working days (Wednesday). BdE indicates that, as a general rule, the deadline is usually set at 17.00.although there are banks that, for the convenience of their customers, extend it until 20.00 or 21.00.

Can transfers be cancelled?

One feature of transfers is the existence of irrevocable payments. That is, the general rule is no, it cannot be undone. “Once we hit the button, the funds are out, so it’s best to double check everything before doing it,” warns the BdE. If an error occurs, indicate a second alternative corrective transfer or ask the recipient to return the amount they have received and agree to it. If refused, the owner must go to court to fix the money transfer.

However, for this type of transfer which by its nature is carried out some time after it is ordered -according to the time limit-, there are several entities that, “remarkableempower clients to cancel these operations either directly from the online banking application or by contacting their personal manager.”

How much commission does the bank charge for the transfer?

However, an entity may charge a commission for this cancellation service and the BdE warns that “the bank may collect it, even if the bank’s efforts are in vain.” That is, even if the money is finally sent. In this case, an additional fee will be charged for the transfer. The commission charged by the entity is free, unless restricted by law and must always be included in the opening contract. In fact, in order for entities to collect these commissions, they must inform you in advance of the conditions and You must accept it emphatically or silently.

In the case of making a transfer, the entity may charge the holder a commission for this service, which is usually a percentage of the transfer amount, with a minimum per operation. If you’re in a hurry, you can make one instant or immediate transfer, where funds are received in a credited account within a maximum of 20 seconds and can be done 24 hours a day and every day of the year. In these cases, the entity charges a commission for providing this service, which is usually a fixed amount.