Why is my bank transfer delayed?

CEX.IO supports a range of payment options so you can choose the most suitable depending on your goals, location, and account limits. To make a deposit to your CEX.IO account or withdraw funds from CEX.IO to your bank account, you can use:

  • SWIFT (USD/EUR/GBP)
  • SEPA (EUR, available in SEPA zone)
  • ACH (USD, available in the US)
  • Faster Payments (GBP, available in the UK)

Bank transfer processing times depend on the bank. SWIFT payments are generally completed within three banking days while domestic transfers (ACH, SEPA, Faster Payments) can take even less than one working day. However, sometimes there is a delay in the processing of bank transfers. These are the most common reasons why your deposit or withdrawal operation via bank transfer may take more time than expected. 

  • Incorrect recipient details

One issue that can slow down a transfer is incorrect beneficiary bank details or an incorrect recipient name. When filling out those details, make sure they are correct and up to date. Otherwise, your transfer might not reach the recipient. Check out our detailed guides on how to create bank transfer deposit and withdrawal requests to be sure you fill out everything correctly.

  • Bank holidays and weekends

Domestic and international wire transfers are not processed on weekends and public holidays. Keep in mind that weekends differ around the world. For instance, in the US, banks are closed on Saturday and Sunday, while in many Middle Eastern countries including the UAE and Egypt, the weekend falls on Friday and Saturday.

Likewise, if you initiate a bank transfer on a public holiday, it will be processed on the next business day.

As long as you make your transfer request on a business day before your bank’s cutoff time, it should be confirmed that same day. Otherwise, it will likely be processed the following business day.

  • Anti-money laundering and anti-fraud regulations

Banks and other financial institutions have to follow strict Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations set by local and international governing bodies. Some payments may need to go through a few extra checks before being confirmed. 

Each bank has its own AML/KYC policy, and the time needed for confirming transactions may vary. Generally, after receiving a new transfer bank keep funds for some time before crediting to your account to do verifications.

As a rule, every new customer and transfer should go through a detailed verification. Depending on a bank’s policy, it can take more than five days before a transaction reaches its destination. For this reason, it’s best to use the same bank with familiar rules to make wire transfers.

  • The number of intermediary (correspondent) banks

AT CEX.IO, you can make deposits and withdrawals using your bank account in almost any country via international SWIFT transfers. The SWIFT payment system enables banking institutions to securely send and receive funds in a standardized way. This allows money to be sent from one bank to another, virtually anywhere in the world and in many different currencies.

If you send funds using SWIFT transfer, keep in mind that sometimes SWIFT transfers have to go through intermediary banks. It’s important to note that your money isn’t actually being sent via SWIFT. What’s being sent are just the instructions to deduct funds from your bank account and add them to the recipient’s bank account. 

  • The destination country

The processing time of bank transfers may also vary depending on the country to which you send funds. Some countries have slower banking infrastructures than others. It can take varying amounts of time for banks to communicate with each other and send money to its final destination. Some countries may also have stricter regulations that cause payments to go through verification methods that may further slow them down. 

CEX.IO has several bank partners all over the world so as to process your wire transfers fast and through reliable banking systems. Years of robust relationships have helped us establish quick and cheap payments using SEPA, ACH, and Faster Payments as well as SWIFT. Check the availability of all these payment methods with your bank.

  • Currencies involved

When you’re sending money overseas, in many cases you’ll need to convert the funds you send into another currency. For example, if you request a USD deposit to your CEX.IO account but send funds in your local currency (which is not USD), it will take some time for this currency to be converted into USD. We recommend checking your bank’s policy regarding currency conversion as well as the associated fees.

Pay attention to the commission

CEX.IO has transparent commissions for all supported payment methods. You can check them on our Limits and Commissions page. However, some banks may also charge fees for incoming and outgoing transfers. We recommend clarifying this information directly with your bank.

There are generally fees associated with SWIFT transfers. There will likely be an outgoing international transfer fee levied by your bank and each intermediary bank. All commissions will be deducted from the total transfer amount. Usually, the recipient’s bank also charges a fee for incoming international transfers.

If you need to exchange currency for your transfer, one of the intermediary banks will likely do the conversion. In this case, the bank that performs the conversion will charge an extra fee for doing so.

This information should help you plan your payments. We are committed to improving our services and hope you take advantage of the reliable, fast, and cheap wire transfers provided by CEX.IO. If you need any additional information concerning bank transfer processing, you can contact our Finance team by submitting a request.

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