While in the past we could usually waive our expected money if it wasn’t credited to our bank account in the morning, today we can wait for the promised funds transfer all day. However, it’s not a good idea to update your account balance throughout the day, as money can’t arrive at any time. We look behind the scenes and tell you how many hours you pay more attention to your account when you wait for money!
Cycles ten times a day
Launched on July 1, 2012 and renewed on September 7, 2015, the system we use today is also called intraday credit, so many people may think that remittances are constantly moving and arrive in their destination accounts. However, this is not the case.
Transfers are subject to daily cycles , which banks must adhere to, both on the transfer submission page and when crediting. While in the past all banks had a same day submission deadline, one day after that, the bank forwarded the transfer, which is now based on daily cycles. Of course, today there is a deadline for submission last day (before the last cycle), but today there are deadlines for the other cycles before it. Of course, customers do not feel this, because if they miss one cycle, then the money will go the next.
Perhaps many people have already heard that in today’s system, transfers take 2 hours 15 minutes instead of the previous 4 hours. However, this is not an execution time, but an end date, so remittances must be completed on average before the average can reach that time. (Note that credit unions that are not affiliated with the system may take longer to credit the transfer from the date they are sent, but they will still be credited within one business day.)
When does the money arrive in my account? Let’s see how it works! Banks send the accumulated funds ten times a day to the settlement system. These times are 7:30 a.m. to 3:30 p.m. every working day, followed by a final cycle at 5 p.m., which primarily helps entrepreneurs close their days. If you are working on a Saturday due to a change of business day, you will only be able to send a transfer on that Saturday until 1pm on that day, and there will be no transfers at all on other Saturdays and other bank holidays (not all banks).
Because there is a rule that credit transfers must be credited within a specified time limit after these cycles, you can expect credit transfers within 15 minutes. This means that when you send money by wire transfer, you can expect it on weekdays between 8:30 am and 4:30 pm between 30 and 45 minutes every hour , then between 17:55 and 18:10. That is, your money can arrive around 30 minutes every hour, between 8:30 a.m. and 4:30 p.m., and around 6 p.m. To find the bank account that suits you best, check out the Starbuck Bank Account Calculator !
Exceptions that reinforce the rule
Because this time may be extended on a case -by-case basis for larger transactions , it is not impossible to credit outside of the specified time intervals, but in most cases, incoming credit will arrive around the 30th hour of the hour.
If the sending party has not reached the last cycle of the day, the transfer will only start at 8:30 in the first cycle of the next working day. If the sender slipped off it on a Friday afternoon, then you have to wait until Monday morning for the whole weekend, which is also true for a 3 or 4 day long weekend.
It should also be noted that the starting date of each cycle is not a deadline for submitting a transfer to a given cycle, as banks need to be prepared for that. As a result, banks may close their credit transfers sent within that cycle one and a half to three-quarters of an hour before the cycle. Subsequent credit transfers from customers go through the next cycle.
Also among the exceptions are intra-bank transfers , for which the above rules do not apply (they are executed sooner than 2 hours at many banks).
Transfers may be even faster in the future
In spring 2014, the MNB acquired the 100% ownership of GIRO Zrt. One of the reasons for this was that the development of the transfer system would be in one hand, so further improvements are expected in the future, which will also affect the length of the transfer. However, the central bank is not thinking about further cycle consolidation, but real-time money transfer in a few seconds, called an instant payment system . The establishment of the system was decided by the National Bank of Hungary in early 2017.
Using the instant payment system, it is possible to execute transfers and other innovative payment orders based thereon in a maximum of 5 seconds, 24 hours a day, 7 days a year. It also creates a database that manages secondary account identifiers , which allow you to initiate payments using an email address, mobile phone number, or tax number without having to know the recipient’s long account number.
This development simplifies the market entry of new payment service providers and FinTech companies, which encourages the creation of new payment solutions by allowing all service providers to use the same basic system for their services. The winners of this intensifying competition will be retail and corporate customers , who will be able to use fast and efficient electronic payment solutions alongside cash in virtually any payment situation.
The introduction of the system took place on 1 July 2019, and although the side of the MNB and GIRO Zrt. The infrastructure is fully prepared in their production operation, implementation of the system has postponed the FSB side market participants due to the risks identified. This will allow customers to receive instant payments only from March 2, 2020 .