Possible reasons why your bank transfer is delayed
You finalized a project, your client sent payment, and you are still waiting for your payment. We’ve all been there, and it’s frustrating to say the least. Sometimes; however, there is a simple explanation as to why your payment is behind schedule. Check out the 5 most common reasons we come across:
During holidays, most banks either close entirely or they are open for just a few hours. When working with international companies, you’ll need to consider the holidays in the sending country as well as holidays in your own country.
Payoneer Users: Payoneer processes USD transfers from our US banks, so you will need to keep in mind holidays that take place in the United States. If you are receiving funds in EUR, you will need to keep in mind holidays in Germany, and if receiving funds in GBP, keep in mind holidays in the United Kingdom.
2. No Regulated Time Frame
Most banks transfer funds within an average of 3-5 business days. You may want to look into the regulatory time frames for any country you will be receiving money from.
3. Time Zone
This is relevant for international transfers between destinations where there is a significant gap between the time zones. For instance, processing a transfer request from a US bank while located in Australia means that your request will be pending processing until the US bank opens and vice versa.
Weekends are great for relaxing, not for receiving payment. If a transfer is made on a Friday afternoon, in most cases you will need to wait until after the weekend for the funds to be deposited in your account. You should also take note of what is considered the “weekend” in the sender’s country. For instance, in Bangladesh, people typically work Sunday through Thursday.
5. Time of Transfer
Initiating a transfer at the end of a business day can add to the total time it takes to receive a transfer. Transfer requests processed at the end of the business day will not be sent out until the next business day. Considering that most banks close in the afternoon, and through the weekend, this could be a possible reason for delay.
If after 3-5 business days you haven’t received the transfer, it is recommended to contact your bank provider and the payer. If you’re a Payoneer customer that is experiencing a payment delay, please contact our Customer Care team for further assistance.