How long do faster payments take

How long can a transfer take? - Information and deadlines

Every year, every German transfers money an average of 79 times. Often it is important to meet a deadline. But how long do transfers actually take? Our overview shows how much banks have to hurry.

Until 2012, transfers were still pretty easy. The money transfer could take up to a week. Since then, the pace has picked up a lot. Especially bank customers who have to transfer money by a certain date should be pleased.

But how much time should you plan for this? And what else do you have to consider when making transfers? An overview.

How long does a transfer take?

Since January 1, 2012, banks within the European SEPA area have been required to make electronic transfers within one banking day To run. This applies to domestic and cross-border transfers and direct debits in euros.

Give a Transfer via online banking or at the bank terminal in the order, the recipient must have the amount in the account by the next working day. It takes longer if you transfer money outside of Europe.

The basis is the German Civil Code (BGB) ยง 675s execution period for payment transactions. These deadlines for transfers are specified there:

  • 1 day for transfers in euros within the EU as well as to Iceland, Liechtenstein and Norway
  • 2 days for paper transfers (transfer using transfer form)
  • 4 days for transfers that are not in euros within the EU and to Iceland, Liechtenstein, Norway, Monaco and Switzerland
  • unlimited for transfers outside the EU

What does the duration of the transfer depend on?

Three points are crucial here:

  • the type of transfer
  • the day of the transfer
  • the time of the transfer

Type of transfer: Your bank can take an extra day if you order the transfer on a paper form - the bank has a total of two working days for this.

Transfer day: It may also take longer if you want to send money on a Friday. Weekends are not bank working days and payments are not processed. The same applies to public holidays. These deadlines apply not only within a country, but internationally.

Transfer time: Every bank has an acceptance deadline for transfers that they can regulate themselves. It is usually between 2 p.m. and 6 p.m.

When are bank holidays?

Banks do not process on weekend still on nationwide holidays Transfers. On the other hand, the counter remains closed on regional holidays, but cashless payments are still processed.

These bank holidays apply in Germany:

  • New Year (January 1st)
  • Good Friday
  • Easter Monday
  • Labor Day (May 1st)
  • Ascension of Christ
  • Whit Monday
  • German Unity Day (October 3rd)
  • Christmas Eve (December 24th)
  • Christmas Day (December 25th)
  • Christmas Day (December 26th)
  • New Years Eve (December 31st)

What are the deadlines for online banking?

The Acceptance periods differ depending on the credit institution and are set out in the general terms and conditions (GTC). If your transfer is received after this, the bank will not forward your order until the next banking day.

The transfer therefore arrives at the target account later. Internal transfers are usually faster: they are usually transferred immediately.

Acceptance periods for online banking:

  • Sparda Bank: 7.30 p.m.
  • Postbank: 2 p.m.
  • Berliner Sparkasse: 7.30 p.m.
  • ING: 6 p.m.
  • DKB: 3 p.m.
  • Deutsche Bank: 3:59 p.m.
  • Norisbank: 3:30 p.m.
  • DAB bank: 4.30 p.m.
  • Volksbank 4.40 p.m.
  • Commerzbank: 5 p.m.
  • Hypovereinsbank: 5 p.m.
  • Comdirect: 6 p.m.
  • Targo Bank: 8.15 p.m.

What to do when things have to be particularly fast?

If you are in a hurry, banks offer you two options so that your money arrives at the recipient on the same day: quick transfer and real-time transfer.

  • Lightning transfer: You can do it both online and at the bank counter. Exactly how long it takes for the money to be transferred depends on the financial institution, but it is usually only a few hours. The banks charge a little for this service - usually between 5 and 25 euros. And: online acceptance periods also apply here; at the Sparkasse, for example, 4 p.m.
  • Real-time transfer: This type of transfer is even faster than the flash at banks. Your money will be with the recipient in just a few seconds - no matter what day of the year. Here, too, there are additional costs. And the real-time transfer only works online.

What are the pros and cons of the faster transfer?

For bank customers, the shorter deadlines since 2012 have the advantage that transfers can be carried out more quickly. For example, if you have bought something online on account, you can be sure that the money will arrive at the seller on the next working day if you transfer it online.

However, the shortened deadline for transfers also has a disadvantage: If you accidentally make a mistake while transferring, it is often much more difficult to revoke the transfer due to the shorter transfer time.