How long will it take to credit my account after bank wire transfer has been made?

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  • Last Post 08/26/2015 11:17 AM EST
John M Posted 07/28/2015 06:04 PM EST

Usually it takes 5-7 business days, but the time for transferring depends on the bank you're using. You should understand that when you make a bank to bank transaction there are many factors that may influence on period for money crediting.

First of all, your payment is a subject to many inspections that includes anti-fraud checks to verify your personality and anti-money laundering checks to prevent illegal cash flow. Besides, the time for crediting your account also depends on the payment currency and the country of destination, when the payment is made, as it can be in the end of the business week or some country holidays are coming tomorrow or in several days. In case there are any government or other sanctions or screening applied, this can cause to payment delays depending on the jurisdiction and the nature of the funds. Moreover, some banks practice to keep your money for a day or two, to earn some float on it.



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1 Comments
Paagrant Posted 08/26/2015 11:17 AM EST

Of course, your account may be credited faster even in 2-3 days, when you settle payments in the early part of the business week and in the currency accepted by the auto auction website. Some car auction companies also take measures to make the transferring faster by entering into agreements with local banks. So you can find out in advance if the auction website can suggest you a bank for faster payment. In case there are strong time limits applied by the website, you can send a payment order to the company to confirm that the money is paid. Taking these steps you will be sure that the website will not impose penalties or re-list your car for sale.

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