Transferring funds is an essential process for many. Whether you are sending money to a friend or paying for a service rendered, it is important to know how long it takes for your transfer to be processed. In this blog post, we discuss how long it takes for transfers to be completed after lodgement, and what factors affect the time it takes.
Types of Transfers
In the finance industry, there are different types of transfers. The time it takes for transfers to be processed after lodgement depends on the type of transfer. The most common types include:
- Electronic Fund Transfer (EFT)
- Wire Transfer
- International Money Transfer (IMT)
Electronic Fund Transfer (EFT)
An Electronic Fund Transfer (EFT) is a transaction that involves the transfer of funds from one bank account to another. This transfer is initiated by the sender and received by the recipient’s bank. After lodgement, EFT transfers usually take between 1 and 2 business days to be processed.
Wire Transfer
A wire transfer is a type of EFT that involves the transfer of funds from one bank to another through a network of banks or other financial institutions. Wire transfers require the sender to provide the recipient’s bank account number and routing number.
After lodgement, wire transfers can take anywhere from a few hours to several days to be processed. The time it takes for a wire transfer to be completed depends on the country the sender is in, the country the recipient is in, and the currency used.
International Money Transfer (IMT)
International Money Transfers (IMTs) are transfers that involve the transfer of funds from one country to another. After lodgement, IMTs can take between 1 and 5 business days to be processed.
The time it takes for an IMT to be processed depends on several factors, including the country the sender is in, the country the recipient is in, the amount being sent, and the currency used.
Factors That Affect Transfer Time
There are several factors that affect the time it takes for transfers to be completed after lodgement. Some of these factors include:
- The type of transfer
- The country the sender is in
- The country the recipient is in
- The amount being sent
- The currency used
- The time the transfer was lodged
- The cut-off time for the sender’s bank
- The cut-off time for the recipient’s bank
Conclusion
In conclusion, the time it takes for a transfer to be completed after lodgement depends on several factors. To ensure that your transfer is completed within the desired timeframe, it is important to consider these factors and plan accordingly. Whether you are making a domestic or international transfer, understanding the factors that affect transfer time can help ensure a smooth and timely transfer experience.
