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No, that's ACH. SWIFT (or even FedWire) transfers happen within a few minutes.
by gergles 13y ago
No, that's ACH. SWIFT (or even FedWire) transfers happen within a few minutes.
- csomar 13y agoMy experience tell me otherwise with both of them. It can take from a few days to a couple weeks.
- booyaa00 13y agoWhat country are you in? In the UK bank transfers happen within a couple of minutes. You can login to your bank, transfer money to someone elses bank, they'll login, and see the money.
- dprice1 13y agoMy guess is the previous commenter is in US. There's an excellent episode of the podcast "planet money" which addresses exactly this question, and which also explains why the system in the UK is much faster. http://www.npr.org/blogs/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy http://www.npr.org/blogs/money/2013/10/04/229224964/episode-...
- csomar 13y agoNope. Third-world here. I don't think it'll take a couple weeks in the US.
- guan 13y agoFedwire and other real time gross settlement services (RTGS) are almost instantaneous. SWIFT transfers usually are not: SWIFT is a way to communicate messages about transfers between banks, but they would still need a way to do the actual settlement. This could be very fast in the case of two large banks in different countries: if you are a customer in bank A, which has a correspondent account with B, and the recipient is also a customer with bank B. Then bank A can use SWIFT to say “please transfer $1 trillion from our account to the recipient’s account”, and that could happen instantly. (It usually doesn’t.) But if the final recipient is actually a customer at bank C, then the money needs to get from B to C somehow. That could happen in the recipient country’s RTGS—Fedwire if it’s the United States—but it might also be slower, through ACH or an equivalent. One problem with fast transfers is that many banks don’t have straight through processing for RTGS. This means that the money can get instantly from bank A to bank B, but may not get posted to the recipient’s account with bank B until a clerk gets around to verifying and booking the transaction.
- JackFr 13y agoThe Fedwire transaction better be instantaneous -- interest on intraday overdrafts accrues by the minute. http://www.federalreserve.gov/paymentsystems/psr_policy.htm#daylightdef http://www.federalreserve.gov/paymentsystems/psr_policy.htm#...
- guan 13y agoOverdraft fees up to $150 are waived. Very generous of the Fed.