How long does an international transfer take?

The answer to how long does an international bank transfer take?

Count on about 4 working days for an international credit transfer to be executed. It therefore takes longer than a SEPA credit transfer, which has an execution time of a maximum of 1 day.

What is an international bank transfer?

A credit transfer involves instructing your bank to transfer funds from your account to a beneficiary account. the beneficiary account is located outside the SEPA zone. In other words, funds are sent outside the SEPA zone, usually in a foreign currency.

On distingue international credit transfer from the SEPA credit transfer. A SEPA credit transfer involves the transfer of funds between two accounts, one of which is not located in France. However, this type of funds transfer is not necessarily a domestic transfer. in euros .

An international credit transfer, on the other hand, is made in a currency other than the euro and via the SWIFT system. In this case, the transfer is made in euros, but the receiving bank converts it into the relevant currency. Such an operation entails exchange costs In addition, there are higher management fees than for a conventional transfer.

Two conditions must be met to qualify as an international credit transfer:

• The two accounts involved in the transfer belong to different people ;

• One of the two accounts is domiciled outside the SEPA zone ).

How long does an international bank transfer take?

The execution time for an international transfer takes longer than for a conventional transfer, regardless of the type of transfer.

The different types of transfer

There are different types of transfers:

• Punctual transfer when the transfer order is for a single transaction. The transfer order is therefore made on a specific date. There is no recurrence of the transaction.

• Standing or automatic transfers . This is an order that is repeated at regular intervals. It is generally used to pay recurring expenses such as subscriptions, bills or rent. You need to define the transfer date, amount and duration.

SEPA credit transfers

As we've seen, a SEPA credit transfer is still an international transfer of funds, since one of the banks is not domiciled in France. It therefore concerns a transfer between 36 countries in Europe. The recipient's account is generally credited in 1 to 2 days.

Transfer outside the SEPA zone

In principle, the average execution time for an international credit transfer is 4 working days.

If you want to know whether your international transfer is in progress, there are two ways to do so:

• View your account online professional banking ;

• Take contact your bank .

What about a weekend transfer?

If the international transfer is initiated at a weekend or on a public holiday, the execution time will be may take longer as it starts running on the next working day. .

So, for example, an international transfer initiated on Saturday will not be initiated until the following Monday. If the execution time is 4 days, the funds will not arrive in the recipient's account until Friday at the earliest.

Why does an international bank transfer take so long?

It may take some time for your international transfer to be completed. longer than expected . It may have been blocked by the bank. In this case, contact your advisor.

In any case, here are the main reasons why an international transfer may be blocked:

• You have not filled in the transfer order correctly . Essential data are missing :

  • Name of beneficiary ;

  • Address;

  • The reason for the transfer ;

  • Bank details ;

  • Etc.

The bank may then ask you to provide the missing information.

• You have failed to provide the necessary supporting documents to justify the reason for the transfer ;

• You launched the operation on a public holiday, Friday evening or even a weekend . In this case, the turnaround time is longer, as the operation is not launched until the next working day.

• The amount of the transfer exceeds the limit authorized by the issuing bank.

It can also happen that an intermediary entity blocks the execution of your international transfer. In this case too, the best solution is to contact your bank. Your bank will do its best to resolve the situation.

How do I know if my international bank transfer has arrived?

The holders of both the credited and debited accounts are notified when the transaction is executed. You can even choose the frequency and means of notification (depending on your accounting department's processes):

• Account statements ;

• SMS ;

• Mails ;

• Etc.

This is also where the issue of proof of transfer comes into play. This is a paper or virtual document used to prove that the transfer has been carried out. The term proof or certificate of transfer . These may include a confirmation e-mail, a transfer receipt that can be downloaded from the bank's application, a bank statement or an execution notice that can be collected from the bank's physical branch.

How much does an international transfer cost?

There are two types of charges for international transfers:

• A fixed or variable commission based on the amount of the transfer . These are issuing charges debited to the account of the sender of the transfer. Depending on the bank, receipt fees may also apply, charged to the recipient of the transfer.

• Exchange fees . Since the transfer is made in a foreign currency, it is preceded by a foreign exchange transaction. Foreign exchange fees or commissions are used to remunerate the bank for this foreign exchange transaction.

The amount of these charges is freely determined by the banks. There may also be a difference between online and in-branch transfers.

On average, an international transfer costs 6% of the amount transferred according to World Bank figures. It's a substantial sum, and one that prompts those concerned to find alternative solutions in order to pay less. If you send 1,000 euros to Senegal, for example, it will cost you around 60 euros.

Fees for international transfers, however, have tended to fall in recent years, particularly since 2015. According to a study by Wise, the decline would be -0.23 points each year.

Fees vary from one bank to another. HSBC charges 12.50 euros, while BForBank charges 25 euros.

It's also worth noting that, although traditionally less expensive than traditional banks, online banks don't stand out in terms of international transfers.

Who pays for international transfers?

Banks generally leave three options for determining which of the sender and receiver should pay the costs of the transaction:

• BEN or costs borne by the beneficiary ;

• SHA or share when costs are shared between sender and receiver;

• OUR when fees are paid by the issuer alone.

The choice of one of these three options is up to the issuer. However, you need to pay close attention to the issuing bank's terms and conditions, as some institutions apply additional charges for certain options.

At Société Générale, for example, you have to pay an extra 36 euros for the OUR option.

Hero: a practical and cost-effective alternative for your international transfers

If your company makes international transfers and you're looking for an alternative that's both faster and cheaper than an international bank transfer, Hero is the solution for you. It's a payment solution that is particularly aimed at SMEs and VSEs in the B2B sector.

Hero offers your customers two payment options deferred payment (after 30 or 60 months) and payment in instalments (The solution makes it fast and easy to send and receive international transfers. Simply validate your invoices, and the funds will be transferred within 24 hours.

International transfers are a useful means of payment for businesses. However, its cost can be an obstacle for smaller companies, making Hero an ideal alternative. international transfers is perfectly adapted to the needs of small and medium-sized businesses.