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How long should a "SWIFT" Transfer take?

How long should a "SWIFT" Transfer take?

Old Sep 13th 2007, 2:09 pm
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Question How long should a "SWIFT" Transfer take?

My Dad is transfering some money to me with an international SWIFT bank to bank transfer.


Once hes initiated it, how long should it take for it to show up in my account?


Its been a couple of days already, which seems a bit on the long side to me in this computerised internet age, but I dont do this kind of thing often , so what do I know?

Cheers
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Old Sep 13th 2007, 2:11 pm
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Default Re: How long should a "SWIFT" Transfer take?

24hrs maximum if it is the same Bank in Canada ie- HSBC to HSBC
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Old Sep 13th 2007, 2:12 pm
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Default Re: How long should a "SWIFT" Transfer take?

Originally Posted by iaink View Post
My Dad is transfering some money to me with an international SWIFT bank to bank transfer.


Once hes initiated it, how long should it take for it to show up in my account?


Its been a couple of days already, which seems a bit on the long side to me in this computerised internet age, but I dont do this kind of thing often , so what do I know?

Cheers
IIRC typically 3-4 business days. This was HSBC / First Direct to Scotiabank or RBC.
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Old Sep 13th 2007, 2:14 pm
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Default Re: How long should a "SWIFT" Transfer take?

I always thought it was hours rather than days
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Old Sep 13th 2007, 2:24 pm
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Default Re: How long should a "SWIFT" Transfer take?

Thanks folks. It is between different banks, and having a PC account probably complicates it slightly as they are a subsidiary of CIBC and dont have there own swift code, so maybe that adding to the time.

My old man said 3 days, so maybe its 3-4 and it will show up today.

Last edited by iaink; Sep 13th 2007 at 3:54 pm.
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Old Sep 13th 2007, 2:35 pm
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Default Re: How long should a "SWIFT" Transfer take?

Originally Posted by iaink View Post
Thanks folks. It is between differnet banks, and having a PC account probably complicates it slightly as they are a subsidiary of CIBC and dont have there own swift code, so maybe that adding to the time.

My old man said 3 days, so maybe its 3-4 and it will show up today.
when my husband UK wages get transfered to our Canadian account sometimes it takes up to 5 days, it seems you'd be quicker sending cash by fedex, it's totally ridiculous!!
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Old Sep 13th 2007, 3:35 pm
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Default Re: How long should a "SWIFT" Transfer take?

Originally Posted by Elaine B. View Post
when my husband UK wages get transfered to our Canadian account sometimes it takes up to 5 days, it seems you'd be quicker sending cash by fedex, it's totally ridiculous!!
they are just investing your money for a few days and making something on it. Presumably it leaves your UK account immediately?!
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Old Sep 13th 2007, 3:53 pm
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Default Re: How long should a "SWIFT" Transfer take?

We're also waiting for a 'SWIFT' payment. It left the payees account yesterday, we are hoping the bank has some indication it's on it's way today.

Otherwise I will have a super stressed up husband again
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Old Sep 13th 2007, 5:42 pm
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Default Re: How long should a "SWIFT" Transfer take?

Originally Posted by NSpaul View Post
they are just investing your money for a few days and making something on it. Presumably it leaves your UK account immediately?!
yes indeed the money leaves the UK account straight away. They must be making something out of our money over those few days, surely the technology exists to do an instant transfer.
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Old Sep 13th 2007, 5:45 pm
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Default Re: How long should a "SWIFT" Transfer take?

You would think...they are probably just working it especially hard to recoup some of the loses that canadian banks made through the US sub prime mortgage debacle
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Old Sep 13th 2007, 6:15 pm
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Default Re: How long should a "SWIFT" Transfer take?

Apparently SWIFT stands for: "Society for Worldwide Interbank Financial Telecommunication". Perhaps a better name would be "Slowly Leaving Our Transfers Hanging".
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Old Sep 13th 2007, 7:17 pm
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Default Re: How long should a "SWIFT" Transfer take?

Originally Posted by iaink View Post
My Dad is transfering some money to me with an international SWIFT bank to bank transfer.


Once hes initiated it, how long should it take for it to show up in my account?


Its been a couple of days already, which seems a bit on the long side to me in this computerised internet age, but I dont do this kind of thing often , so what do I know?

Cheers
I did one of these a couple of days ago from the UK to Canada. They told me it should take up to 4 working days for a standard transfer. Their information was for the length of time to send it within the European Economic Area, but they thought it would be the same for Canada.

Incidently, there were three speed options:
Urgent Transfer - Up to 2 business days
Standard Transfer - Up to 4 business days
Relay - Up to 5 business days and max amount £2000.

My mum told me the Relay one didn't work when she tried it to Canada. It got sent back and she had to use Standard - not sure why.
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Old Sep 13th 2007, 7:23 pm
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Default Re: How long should a "SWIFT" Transfer take?

Originally Posted by RedDragon View Post
I did one of these a couple of days ago from the UK to Canada. They told me it should take up to 4 working days for a standard transfer. Their information was for the length of time to send it within the European Economic Area, but they thought it would be the same for Canada.

Incidently, there were three speed options:
Urgent Transfer - Up to 2 business days
Standard Transfer - Up to 4 business days
Relay - Up to 5 business days and max amount £2000.

My mum told me the Relay one didn't work when she tried it to Canada. It got sent back and she had to use Standard - not sure why.
We have done a couple of SWIFT transfers from First Direct to RBC. Both ends advised us it would take 3-4 working days; in each case it has taken 2 days for the cleared funds to land in the Canadian account. I guess we've just been lucky...
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Old Sep 13th 2007, 11:43 pm
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Default Re: How long should a "SWIFT" Transfer take?

Hubby called the sending bank today - to check that the transfer is for real

She said it should take 2-3 days to show up - confirmed it was for real and the correct money woohoo! Shall post the story later.
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Old Sep 14th 2007, 1:05 pm
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Default Re: How long should a "SWIFT" Transfer take?

Mine arrived this morning...4 or 5 days.
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