There is a problem nowadays with the time for payment arriving to your client or partner that is waiting for the money for the provided services.  When you are going to the bank they will not tell you exactly why the transfer is taking so much time. There are a lot of reasons why your bank transfer is delayed. In this article, we will tell you about all of the reasons for delaying your bank transfer. 

There is no set period of time within which a bank transfer must take place. The majority of banks transmit money in between two and five working days. 

You might want to research the regulatory timelines for any country from which you will be receiving funds. The bank transfer delay is exacerbated by differences in the time frame

When making a bank transfer, the various times are often at the mercy of any number of human factors including the difference in time zones. Transfers made at the end of the business day will take longer to process because they are typically dispatched the following business day.

The bank transfer is actually made via the SWIFT network, but the point is that this network doesn’t transfer your money, it transfers your information. The information of your transaction is transferred in the form of a payment order, from bank to bank, until it arrives at its desired account. These payments usually pass through a number of different intermediary banks before arriving at your destination, which is a major cause of delayed payment.

For sure, you may not be informed of what’s happening on the other end of your transfer because of missing documents. Different countries have different money transfer regulations, tax rules, and additional documentation that needs to be filled out. This paperwork will be done by a human, which means it’s at the mercy of human problems. So your transfer documentation might be all okay on your end, but in the intervening process, there’s a form that is filled out incorrectly or just missed. Missing documentation can lead to significant delays in your payments, but this is not a stable occurrence, thus, anything can happen in the working process. 

Collect & Pay is designed for the speed and flexibility required in the modern business world.  You can make international payments in multiple currencies, in one business day or less. Our technology makes your payments faster and reduces your fees simultaneously.