How long will a bank hold a wire transfer?

How Long Does a Bank Typically Hold a Wire Transfer?

Wire transfers are a fast and efficient way to send money electronically from one bank account to another. However, there can be a delay in the time it takes for the funds to become available to the recipient.

In the United States, federal law mandates that banks must make wire transfers available to the recipient within one business day following receipt. This means that if you send a wire transfer on a Monday, the recipient should have access to the funds by Tuesday.

However, there are some exceptions to this rule. For example, if the recipient’s bank is not open on the day the wire transfer is received, the funds may not be available until the next business day. Additionally, if the wire transfer is large, the recipient’s bank may place a hold on the funds until they can verify that the funds are legitimate.

It is important to note that the time it takes for a wire transfer to complete can vary depending on the banks involved. Some banks may process wire transfers more quickly than others. Additionally, if the wire transfer is being sent internationally, there may be additional delays due to currency conversion and other factors.

If you are concerned about how long it will take for a wire transfer to complete, you should contact your bank for more information.