How hold times and processing periods affect the status of your transfer (2024)

FAQs

How hold times and processing periods affect the status of your transfer? ›

The hold period is the temporary hold Fidelity places on your funds to help reduce the risk of fraud. Hold times often vary based on the amount you are transferring. After the hold time is complete, your funds will be fully available to transfer or withdraw.

The time it takes for a bank transfer to be successful depends on a number of factors, and some of these factors could cause a delay. These factors include the timing of the transfer, where the transfer is being made, the currencies involved, security checks, bank holidays, and the reasons for the transaction.

A transfer is typically put on hold because we need more information from you before the transfer is sent. This could mean: You need to verify your bank account. You need to update a phone number or address.

Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes.

One of the main reasons for delays to international wire transfers are the fraud prevention processes and procedures put in place by banks. The SWIFT network requires transfers to pass through up to three correspondent banks before arriving at their destination.

The receiving bank is still processing the money

But some banks are slower than others — they might take up to 1 working day for them to release the money. So your money's safely on its way, but the recipient bank is still processing it. Your recipient can ask their bank to speed this up.

Your specific bank transfer time will vary depending on a range of factors, including fraud prevention, different currencies, different time zones, and bank holidays/weekends. In general, the bank transfer time will be around one to five working days.

This period is often less than 24 hours if transfers are placed before 4 p.m. ET on a business day. Once your transfer processes, you can use your money to trade,¹ but you won't be able to withdraw or transfer funds to other accounts until after the hold period, if one applies.

When you deposit money into your account, the bank needs to verify that the money is in fact real. This process takes time, and is often referred to as a “hold period.” To ensure your funds are valid, a hold is put in place to prevent you from spending money you may not actually have.

If the bank initiated the transfer, notify the bank immediately so that it can investigate your claim. If you first contact the bank by phone, it is a good practice to follow up in writing. If you wired the funds through a third party (e.g., Western Union), contact that party to find out what their procedures are.

How long will my transfer be pending? ›

Pending transactions generally take between one and five business days to clear. That time can vary based on the type of transaction, the payment network, and the bank or credit card issuer.

For regular ACH payments, ODFIs generally settle at 8:30 AM the following business day for debit requests, and 8:30 AM the second business day for credits.

Bank to bank transfer times can vary across financial institutions depending on the type of transfer you make. If you're making a traditional inter-bank transfer it will take 1-3 business days. If you use NPP Faster Payments or a PayID it can be near real-time.

And that's why, in part, once you send an international wire transfer, it can take up to 5 business days, or in some cases even longer, for the funds to be available in the recipient's account. Once an international wire transfer is initiated, funds are deducted from the sender's account.

There can be many reasons why international money transfers take time to be processed such as bank holidays, weekend delays, currency conversion delays, fraud detection & prevention measures, slow international bank networks, global events, and natural disasters among many other reasons.

Contact your bank or payment service provider: Reach out to your bank's customer service or visit the nearest branch (if they have any). Provide them with the transaction details and ask for assistance in tracking the wire transfer. They will have access to the necessary systems and information to help you.

One of the most common reasons an e-Transfer takes longer than normal is simply due to a poor internet connection. Interac e-Transfers leverage internet connectivity. This means if either the sender or the recipient of the transfer has a weak Wi-Fi signal, it could cause delays.

One of the fastest ways to transfer money between bank accounts is with an ACH debit, provided both accounts are linked. To link accounts and set up a transfer, you'll need to know basic details including your routing number and account number.

The online banking industry has a “three-day good funds model” policy; where transfers will typically take between two and four days. The banks want to be sure the money is really there and available before it lets the receiver use the money – this is why they don't make the funds available immediately.