This is a very common question among users. Depending on the bank from which the transfer is made and the day and time, transfers can take anywhere from a few minutes to five business days. Read on to find out how long it takes to transfer an online loan online to your bank account.
When requesting a loan, it is very useful to know how long a transfer takes to become effective . This way, you can make sure that the money arrives on time.
Index
- How long does an online loan transfer to my bank account take?
- Time depending on the type of online transfer
- Transaction between same banks
- Immediate transfers between different online banks
- Fund movement order
- Bank transfers between different banks
How long does an online loan transfer to my bank account take?
- That depends on several factors. By law, lenders must make the transfer within one business day, that is, between Monday and Friday, taking into account holidays.
- You can set up and view the Googlecalendar on your PC’s desktop to get a clear idea of the days that have passed before that deadline.
- It is important to clarify that banks have a ” cut off time“. This means that if the account movement occurs after that time, the money will be credited the next day. This time depends on the issuing bank, but normally the cut-off time is in the afternoon.
- Therefore, if you have requested a loan and it has been approved in the afternoon. It is quite possible that the bank’s cut-offtime has already passed . This means that the transfer will be executed for the next day. If these are different banks, this procedure takes another 24 hours. Therefore, you will receive your money after 48 business hours .
- Most of the companies and lenders offer you the money in a few minutes. However, this refers to the submission and approval of the loan application. The time it actually takes to receive the money depends on the banks .
Time depending on the type of online transfer
As mentioned above, the money may take more or less time to clear, depending on the type of transfer. Government money such as ISSSTE loans and all kinds of personal loans , as well as premiums such as the one for Mujer Trabajadora, take longer than they should.
Transaction between same banks
This type of transfer is the one that takes the least time to reach your destination. As it is an operation between the same bank, it does not have to go through the Bank of Spain , but is carried out immediately. In this way, the beneficiary receives his money in a few minutes .
Banks have a system of bandwidth and Internet connection that is different from that of a local network . Depending on the megabytes that the Internet connection has, the speed is naturally higher.
Immediate transfers between different online banks
With this service, it is possible to send money to all SEPA countries almost instantly . As a general rule, the process does not take more than ten minutes to become effective. However, there are costs for this, but they are usually not more than 1 euro per transaction.
There is also a limit of 5,000 euros per day or 15,000 euros per month. Normally, financial companies do not use this type of transfer when they grant loans to users.
Fund movement order
This is an urgent transfer, also called OMF . Transactions between different banks usually take 24 hours if both banks are located in the country.
If you need to transfer money to another bank account for urgent reasons, but you need to do it immediately, you need to apply for a transfer order .
This must also be approved by the Bank of Spain and must be done before 4:00 p.m. It is important to know that this type of transfer will have an additional commission, depending on the amount to be transferred.
As with the previous type of transfer, lenders do not usually make use of this type of transfer. Therefore, if you want to apply for an urgent loan, you must take precautions .
Bank transfers between different banks
If it is not an instant transfer between different banks, it takes between 24 and 48 business hours to become effective . There is an ” exclusion period ” for this type of transfer; if it is done after that time, it will have to wait until the next business day.
Before you apply for a loan, you should consider what day you are going to make the transfer and how long it will take each time. In this way, you will know how long it will take for the loan to be transferred to your online bank account .
As you can see, knowing how long an online loan transfer takes is not difficult