Are you delayed with your payments? Yes? Then you have to know a few elementary reasons as to why there is a setback in your payments that can let you down to work further. Reasons may vary with situations. With our evolving electronic age, everything is done within an eye wink. But even then, there can be issues in your transactions due to multiple reasons.
One of the prime reasons can be holidays or weekends, especially during international transfers, you need to consider holidays in your country and the sending country. During holidays, banks can work few hours or they can be completely inoperative. Meanwhile, if your payment transfer is made on a Friday evening, it is likely to be received after your broke weekend. In some countries, Saturday is working day, while in others it can be a relaxing day. Eg: in Brunei, Saturday is a working day but Fridays and Sundays are considered as weekends. So examine how banks operate before you opt to transfer. In addition, significant difference in time zone can be one of the reasons for late processing of our transactions.
Bosco Tan, the co-founder of the personal finance app “Pocketbook” explains that grounds of delay can be technical issues. International transfers can be compound. In such cases, if the clearing house receives orders in bulk, this might slow down the overall payment process.
Suppose, you have entered even one incorrect routing, SWIFT or IBAN numbers etc, on your SpringBoard, time is consumed by banks to scrutinize where the money needs to go or it can simply be rejected.
Tightened bank rules to transact internationally that requires inquiry and confirmation to be verified, add to the trauma of delayed payments. Sometimes, if the selected intermediary banks have switched without notice and if the domestic country requires an intermediary bank, cross check if the bank listed in the Spring Board and the intermediary bank are the same. You might want to consider regulatory time frames of the receiving country, most countries transfers funds within a standard time frame of 3-5 business days.
Most of all the delay caused depends on the approach of your transaction (wire transfer, electronic payment, etc) as they rely on the federal or state law of respective countries.
These can be accounted as the most common reasons for receiving late payments. It is recommended that you communicate with your bank provider and the payer for further queries.