Why is my remittance taking a long time, more than three business days to arrive?

The remittance will usually arrive on the same day of the working day, but if it has not arrived for more than 3 working days, it may be due to the following reasons:

1.Cross-border remittance:

• Cross-border remittances usually need to go through an intermediary bank or clearing bank, and the processing time may be extended.
• Time zone differences and inconsistent bank working hours in different countries may also cause delays in arrival.

2.Bank processing time:

• Processing speed varies from bank to bank and some banks may have slower internal processes.
• Banks usually do not process remittances on weekends and holidays, which can lead to longer arrival times.

3.Funds clearing and scrutiny:

• Large remittances may trigger additional scrutiny and validation by the bank, especially where anti-money laundering (AML) and know-your-customer (KYC) procedures are involved, and processing times may increase.

4.Incomplete or incorrect information:

• If the payee information provided (e.g. bank account number or SWIFT code) is incomplete or incorrect, the Bank may contact you to make corrections, which could result in processing delays.
• Whether the payee’s account is activated or not. If it is not activated, the remittance will not be credited.

5.Differences in bank policies:

• Remittance policies and processes may vary from bank to bank, some banks may take longer to process inter-bank remittances.

How to avoid remittance delay:

1.Make sure all the remittance information (e.g. payee name, account number, SWIFT code, etc.) is accurate.
2.Plan the time of remittance in advance, especially if it needs to arrive before a specific date.
3.consult your bank before sending money to find out the possible processing time and potential reasons for the delay.

Solution:

1.Confirm the accuracy of the remittance information, including the payee’s name, bank account number and SWIFT code.
2.Contact the remitting bank directly to inquire about the status of the remittance and the specific reason for the delay.
3.ask the recipient to contact his/her bank to confirm whether the remittance has been received or whether there is a processing problem.
4. Wait patiently and follow up further if it has been several business days and still has not arrived.

For example, if you initiate an international remittance on Thursday, and Friday is a bank business day, but the bank does not process business over the weekend, the remittance may arrive on the following Monday or Tuesday.