How long does a money order take

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Transfer - information and duration

Most people use the name "transfer" for the (new) term "money order" - simply because it is shorter, has been in use for a long time and means the same as "money order".

A transfer is made by transferring money from one account to another. This can be done either with a payment instruction in paper form (here the terms "payment slip" or "payment slip" are still used very often) or (almost standard today) via online transfer via online banking.

If you receive a payment order (e.g. by means of an invoice for rent, electricity, gas, water, basic fees, purchases, etc.), you do not have to go to the bank with it, but can also transfer it via online banking.

Incidentally, the name "SEPA transfer" or "SEPA payment order" is often used for payment orders. This results from the fact that with the introduction of the IBAN a uniform euro payments area (EU member states plus Iceland, Norway, Liechtenstein, Monaco, San Marino and Switzerland) was created and with such a transfer - only with the indication of the IBAN - also into Abroad can be transferred quickly and free of charge.

Fill in the transfer or payment order correctly

Carrying out a transfer is not a trick either via online banking or in paper form:

First and foremost, you need to know the name and IBAN of the recipient of the transfer. Of course, the invoice amount ("transfer amount") is also relevant.

If the recipient is to be able to easily assign your transfer, you must also state a purpose - often (for companies) this is also a so-called "payment reference" (usually a number with which the company can easily assign the payment).

If you fill out a paper transfer, the name of the account holder / client or their IBAN is of course also required - otherwise the bank will not know who to debit the transfer from the current account.

Please fill out this information legibly - and make sure that the long IBAN is correct. To be on the safe side, check again - an incorrect IBAN is a frequent source of errors ...

The only thing missing for a successful transfer is the signature and the following task: In larger banks there is often a self-service zone (a machine) for transfers, in smaller banks you still give the transfers at the bank counter or throw them (outside of opening hours) where a.

In online banking you only need the recipient name, the IBAN, the amount and any intended purpose (payment reference!) - the name of the account holder and his IBAN are already known to online banking. The signature is then normally made with a code that is sent to the mobile phone.

How long does a transfer take?

Despite the harmonization and significant improvement in European payments, the question is still frequently asked: "How long does a normal transfer take?"

The correct answer to this question is 1 business day. That is how long a transfer in the EEA (European Economic Area) can take.

However, there can be many reasons why transfers often take longer - which are usually not caused by the banks.

If you only enter (or drop off) the transfer in the afternoon or in the evening, it will normally no longer be processed on the same day. So it is not surprising if an "evening transfer" only arrives on the recipient's account on the next but one working day.

If you enter the transfer in the morning, it should be processed on the same day and credited to the recipient on the next working day. If you transfer online to the same bank in the morning, the transfer is usually visible on the recipient's account on the same day.

In any case, an online transfer is usually always faster than a paper payment order.

Another reason why one often waits a long time for transfers and is maybe angry with the bank: The client of the transfer says that he has just commissioned the transfer (e.g. an insurance company, an authority, a company, etc.) - This does not mean, however, that this transfer has already been approved within this company. Often the clerk only approves the business case, but the (collected) company transfers are only approved later. Then of course the wait can take longer ...

Another -common- reason for transfers that are a long time coming: The "transferor" has simply been given a wrong IBAN or he has entered / entered this IBAN (or his own IBAN for paper transfers) incorrectly. In such cases, the (non-allocable) money is then transferred back to the client's account - but a few days can pass ...

Finally, there is also a - not unlikely - reason for a delayed transfer: The client of the transfer has forwarded the transfer to the bank, but the order is not carried out or is only carried out with a delay (due to insufficient funds in the account). Even if you are sent an "order confirmation": That doesn't mean that this order was actually carried out ...