How long does a bank transfer take

How long a bank transfer takes depends upon the kind of bank transfer which is being used and it also depends upon where the money is being transferred. Some bank transfers are instantly carried out and therefore money can be sent and received on the same day. In contrast to this, International bank transfers take a longer period of time; this is mainly due to the transfer time and the legislation in certain countries.

Transfers between two UK bank accounts which is carried out using an instant transfer such as BACS will occur instantly. Such transfers are usually carried out by using an online banking platform; a UK bank customer can therefore carry this out themselves. The only details which the sender will require is the recipients name, their bank account number and their bank account sort code.

A transfer between two bank accounts at the same bank which are held by the same individual will also occur instantly, this means a bank customer can move their money between their accounts at their leisure. Certain restriction are in place over some bank accounts such as savings accounts including tax free ISAs.

International bank transfers will not occur instantly and these may require the bank to create the transfer on a customers behalf. How long the transfer will take depends on the recipient. The average time for international money transfer is between five and seven days, although this could be longer depending on the location the money is being sent.