How long does a wire transfer take to be processed? Will it be made instantly? Learn more about the different types of wire transfers available in France and the factors that could affect their processing times. This article will cover all you need to know about wire transfers in France.

What's in this article?

• What is a wire transfer?
  
• What are the various types of wire transfers?
  
• What is the processing time for each type of wire transfer?
  
• Until what time can a transfer be received?
  
• How can bank processing times be avoided?
  

What is a wire transfer?

Wire transfers are used to transfer funds electronically from one bank account to another. Wire transfers are entirely computerised (meaning they are purely electronic, with no bank card, cheque or cash) and are very commonly used in France. However, they are not always made instantly and the payout speed depends on several factors, such as the type of transfer, the day of the week and time at which the transfer is initiated, and the banks involved (issuing bank and recipient's bank).

What are the various types of wire transfers?

First, you need to become familiar with the different types of wire transfers to understand why their payout speeds are not the same. A wire transfer may be made just once or as part of a standing order. One-off transfers include immediate, instant or scheduled payouts. There is also a difference between intrabank and interbank transfers.

One-off transfer

A one-off transfer is a single transaction that is made immediately, instantly or according to a schedule. When a transfer is immediate, the bank account of the issuer is debited immediately, but the recipient's account is credited later on (i.e. processing time).

An instant payout helps you avoid processing times, as the amount is debited and credited almost instantly (within ten seconds). This type of payout is only available when moving funds within the Single Euro Payments Area (SEPA) zone and it usually involves a charge.

If the transfer is scheduled, the issuer selects the transfer execution date in advance.

Standing order

A standing order is a transfer that is scheduled by the issuer and it is made at regular intervals over a fixed or indefinite period. Such transfers are useful for recurring payments, such as rent.

Intrabank transfer

In an intrabank transfer, cash is transferred from one bank account to another within the same bank. The funds may be transferred between accounts belonging to the same holder or accounts of different holders.

Interbank transfer

In an interbank transfer, cash is transferred from one bank to another.

What is the processing time for each type of wire transfer?

Let's take a closer look at transfer processing times. Instant SEPA transfers do not require any processing time: the funds are transferred to the recipient ten seconds after the transfer is initiated. Instant SEPA transfers can be executed 24/7, including on non-working days (such as weekends and public holidays). Note that such transfers usually involve a charge.

In principle, intrabank transfers do not require any processing time, either.

However, in an interbank transfer, the funds are transferred from one bank to another in one to three working days. The interbank time is affected by the time when the transfer is initiated. For example, if you initiate a transfer during the weekend or in the evening when the bank is closed, the transfer time begins on the next working day (e.g. on Monday if a transfer is initiated on Friday). The same applies to public holidays.

Conventional (non-instant) SEPA transfers are made in four working days. The funds may be credited on the same day in an intrabank transfer within the same bank. International transfers may take up to five working days to be completed.

Until what time can a transfer be received?

The time for receiving a transfer depends on the processing hours of the banks involved. Most banks process their transfers between 07:00 and 18:00. You can contact your bank and the issuing bank to find out their processing cutoff times.

Note that instant SEPA payouts are not subject to the same bank processing times: funds can be received at any time of the day (or night). These transfers are limited to €100,000 by the European Central Bank (ECB) since 1 July 2020, and that amount may be lower depending on the limits set by your bank.

Learn more about bank transfer limits.

How can bank processing times be avoided?

The simplest way to ensure that the funds reach the account of your recipient without delay is to act ahead of time: you could either schedule the transfer execution time or initiate it three to five working days in advance.

You could also use an integrated payment function such as Stripe Connect, which automates the flow of your transfers and allows you to track them. Stripe offers the ability to complete transfers within one working day across the world, which is an appealing option for businesses that handle large volumes of payments every month. To find out how Stripe can help you optimise payments for your business, please contact one of our experts.