This is a very common question among users, and it is that, depending on the bank from which it is transferred, the day and time, transfers can take from a few minutes to five business days. To find out how long a transfer from online loans to your bank account takes, keep reading!
Knowing how long it takes to make a bank transfer effective is very convenient when requesting loans. This way you can make sure that the money arrives on time.
How long does an online loan transfer to my bank account take?
Well, this depends on several factors. By law, lenders must make the transfer on a business day, that is, between Monday and Friday, taking into account holidays.
You can put and see Google Calendar on the desktop of the PC in such a way that you have a clear notion of the days that pass for that moment.
It is important to clarify that banks have a “Cut-off time”. That is, if the account movement is made after this time, the money will be made effective for the following day. This schedule will depend on the issuing bank, although normally the cut-off time is in the afternoon.
So, if you have requested a loan and it has been approved in the afternoon. It is quite possible that the bank’s cut-off time has already passed. That is, the transfer will be executed for the next day. Also, if they are different banks, this procedure will take another 24 hours. Thus, you would receive your money after 48 business hours.
Most 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 really takes for your money to become effective will depend on the banks. So, how long does an online loan transfer to my bank account take?
Time depending on the type of transfer
As mentioned above, depending on the type of transfer, it may take more or less time for the money to clear. Government money such as ISSSTE loans and all types of personal loans, as well as in the case of premiums such as the Working Woman bonus, are delayed more than they should be.
Here it is explained How long does an online loan transfer to my bank account take?
Transaction between same banks
These types of transfers are the ones that take the least time to reach their destination. Being the same bank, the operation does not have to go through the Bank of Spain, so it is done immediately. Thus, the beneficiary gets his money in a few minutes.
Banks have a system of bandwidth and internet connection according to their needs, different from a local network. Depending on how many megabytes the internet connection has, obviously its speed will be higher.
Immediate transfers between different banks
With this service it is possible to send money to all SEPA countries almost immediately. This transaction usually does not take more than ten minutes to become effective. However, it has a cost, although this does not usually exceed €1 per operation.
Likewise, it has a maximum amount of 5,000 euros per day, or 15,000 euros per month. Normally, financial companies do not use this type of transfer when sending loans to users.
Order of fund movements
This is an urgent transfer, also called OMF. Normally, transactions between different banks usually take 24 hours if both banks are in national territory.
If for reasons of force you must transfer money to an account in another bank, but you need it to be done immediately, you have to request a fund movement order.
Similarly, this must be approved by the Bank of Spain, and must be done before 4 in the afternoon. It is important that you know that these types of movements carry an additional amount that will be given according to the amount of money that you will send.
Like the previous type of transfers, lenders do not usually make use of this modality. Therefore, if you want to apply for an urgent loan, you must take your forecasts.
Bank transfers between different banks
If it is not an immediate transfer between different banks, the time it will take for them to become effective will be 24 to 48 business hours. These types of movements are characterized by having a “cut-off time”, if it is made after that time, you must wait for the next business day.
Before requesting a loan, you must take into account what day you will do it and the time each transfer takes. This way you will know how long an online loan transfer to your bank account takes.
