We know things aren’t always as they seem, and money transfers occasionally get held up. It can be stressful to wait for money to transmit. Although annoying, money transfer delay is a common business issue. In addition to causing frustration, a money transfer delay may have real-world repercussions. Delays can occur when you send money to foreign countries. For example, some countries shut down their banking systems for significant holidays, making it difficult for your money to reach its destination. In these cases, you should avoid sending your money during these times. Also, be sure to avoid sending your money on weekends. In the US, most banks are closed on Sunday, while most banks in the Middle East have the weekend on Friday and Saturday.
Make Use Of Instant Money Transfers
It should be no surprise that COVID-19 is slowing down international bank-to-bank transfers. Although your bank will probably provide regular updates as things develop, most banks have told their customers to anticipate delays. These may result from a lack of staff, employees working under different conditions, or unanticipated staffing disruptions. While this is not a typical cause for your foreign bank payment to be delayed, it is something to consider in an abnormal situation. You could avoid delays using instant money transfer services like Ria Money Transfer. It is one of the largest money transfers company in the world, with over 500,000 locations in over 160 countries. Most of their customers are immigrants or those sending money internationally. When using an immediate money transfer service like Ria, you cannot get your money back once it has been sent. These money transfer services urge you to double-check all transaction information before sending the money to prevent issues or delays.
Consider Time Zone Differences
When sending money internationally, you must consider the time zone differences. The time difference can result in delays. You have to wait a day or two before the transaction is processed. If you send the money on holiday, the bank might be closed or partially closed, which would delay the transaction. For example, Europe is six hours ahead of the United States, so you should avoid sending cash in the evening. European banks may also be closed during the holidays, which could lead to delays in processing your money.
Send During Weekdays
The best time to send money internationally is during the week. This will allow enough time for processing before the weekend. Another reason is the need to convert the currency. Some money transfer services can convert currencies quickly. Currency fluctuations affect the rate your money is worth in the country you are sending it to. Therefore, it is best to avoid sending cash during major holidays or weekends. For example, some countries, such as the United States, work from Sundays to Thursdays. While this might not sound like a problem, sending money on the weekend is risky. Bank holidays and weekends can cause delays in international payments. Ideally, you should send money during the recipient’s business hours. Otherwise, it will be delayed or lost.
Using A Service That Offers Competitive Exchange Rates
A competitive exchange rate service is the best way to avoid delays when sending money internationally. This means you can get the best exchange rate and avoid hidden charges. There are several ways to compare the rates offered by different providers. For example, forward contracts are the best choice if you want to lock in current rates for a future transfer. You can also opt for limit orders, which allow you to nominate the exchange rate you would like to use. However, these methods have high minimum transactions.
Canceling A Wire Transfer
When sending money internationally, there are several ways to avoid delays. One way is to cancel the wire transfer before the transfer has even been initiated. Depending on your bank, you may need to call or visit their website to cancel. The process is often free, but you must act quickly.
Many factors can cause wire transfer delays. One common reason is the time of day. Most banks have strict cutoff times, so making an international wire transfer after these hours may delay the transfer. In addition, it’s essential to ensure all the information you’re providing is accurate. If there’s an error, it could cause the wire transfer to be rejected.
Checking Payment Details
Before completing an international payment, checking payment details carefully to avoid delays is essential. Incorrect payment details can delay the transfer process and cause a return. Banks use sophisticated fraud prevention processes to prevent this from happening. For example, SWIFT/BIC codes must be complete and correct for a transaction to proceed. In addition, you should check the recipient’s account number and bank details before submitting the payment.