How long does it take for the bank to review?

The time required for bank review varies due to various factors, generally 1-10 working days, including specific bank policies, the complexity of the review, the completeness and accuracy of the required information, etc.

Here are some common audit time ranges:

1.Regular review:

• Personal remittance: usually takes 1-3 working days, the specific time depends on the bank’s workflow and workload.
• Corporate remittance: It may take 1-5 working days, especially when involving large amounts of funds or cross-border transactions, the review time may be longer.

2.Complex review:

• High-risk transactions: If the bank considers the transaction to have latent risks, such as large remittances, frequent cross-border transactions, etc., the review time may be extended to 1-2 weeks.
• Incomplete or incorrect information: If the submitted information is incomplete or contains errors, the bank will request supplementary or corrected information, which will result in an extended review time, depending on the speed of the information supplement.

3.Compliance and Anti Money Laundering Audit:

• Compliance checks: Audits involving compliance and Anti Money Laundering checks usually take longer, possibly 1-2 weeks, depending on the complexity of the transaction and relevant regulatory requirements.
• Additional information requirements: If the bank requires additional information or further explanation, the review time may be further extended, depending on the complexity of the required information and the speed of submission.

4.Emergency situation:

• Priority processing: In some cases, if the remittance is very urgent, you can request the bank to process it first. The bank may complete the review within 1 working day, but this usually requires additional fees.

To shorten the review time as much as possible, it is recommended to:

• Ensure that all necessary information is complete and accurate.
• Actively communicate with BiyaPay to understand the progress of the review.
• Respond promptly to any requests for additional or further information from BiyaPay.

In short, the bank’s review time may vary from a few days to several weeks, depending on various factors. When encountering a review, timely submission of complete and accurate information and maintaining good communication are key to speeding up the review process.