When will a transfer arrive? Can I cancel it? What are the cut-off times?
15/06/2023
Ordinary transfers, instant credit transfers, instant payments, urgent transfers, international transfers... the truth is that we transfer money every day astonishingly easily and quickly. Do you know when the transfer will arrive? Of course you do. The general rule applicable to transfers between SEPA countries is that the money should arrive, at the latest, on the next business day after the recipient bank received the funds. Remember that business days are all days other than Saturdays, Sundays and public holidays. If that’s too late, you could arrange an urgent transfer (via the Banco de España) or an instant credit transfer, but the latter may entail an additional cost.
Do you want to know exactly when it’s going to arrive? To do so, you need to be aware of the cut-off time, which is when the bank stops issuing and processing transfers. If you make the transfer before the cut-off time, it will reach the payee’s account the next day. But if you make it after the cut-off time, it will not arrive at the destination bank and will not be credited until the following day.
For example, if the cut-off time is 17:00 and you make a transfer on a Monday at 14:00, it will reach the destination bank the same day and the payee will receive it the following day (Tuesday). But if you make it at 19:00, it will reach the payee in two business days (Wednesday).
Do you know what your bank’s cut-off time for transfers is? It’s generally set at 17:00, although for their customers’ convenience some banks extend it until 20:00 or 21:00. This will depend on each bank as it is an internal and operational policy decision.
The Banco de España does not have a list of banks and their cut-off times since banks are not required to disclose this information, but if you contact your bank, they will be able to tell you.
Another frequently asked question is can I cancel or reverse a transfer? To err is human and we can make a mistake with the amount or even the payee. However, the general rule is that no, they can’t be cancelled: transfers are irrevocable payment orders. Once we’ve hit the button, the funds are gone, so it’s best to check everything carefully beforehand.
As you know, instant credit transfers and transfers between accounts at the same bank are instantaneous and the payee receives the funds immediately. In these cases, the only option is to make a second transfer correcting the first one (if, for example, instead of sending €100 you only sent €10) or to ask the payee to return the amount received. If they refuse to do so, you will have to take legal action.
Cut-off times are also applicable to transfers that are not executed immediately. Some banks may, very exceptionally, allow customers to reverse these transfers, either directly via the online banking application or by contacting their personal account manager. For instance, if you make the transfer after the cut-off time and the bank isn’t going to process it until the next day; or if you make it before the cut-off time, in which case you will have until that time to cancel it, provided that your bank has not already contacted the payee’s bank. Can the bank charge you for cancelling a transfer? Yes, there are banks that charge a fee for this service and they can do so, even if they have tried but failed to cancel the transfer.
