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How long does it take to complete a transaction?

Once your money has arrived with the authorised payment institution chosen to facilitate your transaction, the speed with which currency is released to your chosen beneficiary (or beneficiaries) depends on a number of factors. We can usually arrange for the release of your money on the same-day as the exchange itself, but this is not always possible or desirable. Same-day clearance of funds can only be guaranteed provided your money arrives with the authorised payment institution before the release window for the currencies you are exchanging, and on or after the 'value date' stated on the payment confirmation emailed to you at the time of the booking. In certain circumstances, you can request a specific value date. Additionally, when exchanging certain currencies or transmitting to and from countries in certain time zones, the ability to credit funds 'same day' may be affected. We will always endeavour to make you aware if and when this is the case. Our online system informs you if your payment can be made 'today' and if you are dealing by phone your broker will update you as to any relevant information in that regard, however, authorised payment institutions are not able to release purchased currency before the stated 'value date' even if your base currency has arrived.

The time it takes for your bank to get funds to the appointed API can vary depending on where the bank is located. Again, we will inform you of the details you need to bear in mind when sending funds from different time zones. Be assured that we will afford you sufficient time to settle a transaction. In some cases, banks impose a daily limit on how much you can transmit. We will always take this into account when establishing the terms of a contract and, if you need to split up the number of transactions or to send smaller sums over an extended period, that is not a problem.

When it comes to crediting your bought currency to your nominated recipient account there is an element of reliance on the receiving bank to perform their part of the action. No guarantees can be made as to the speed with which the receiving bank will 'apply' funds to the beneficiary account, but, we will always attempt to manage expectations and share any anecdotal evidence as to the speed of such application.


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