To authorize a banking organization to make a transfer, the client must submit an appropriate request for the transfer of funds. The transfer takes place according to the details specified in this document. A certain time period is always allotted for this operation. Moreover, the legislation limits the validity period of the payment order. Consider the rules and current regulations that govern this period.
Execution period
In order to understand how a credit institution fulfills the requirements of clients for the transfer of finances, you need to know the differences between:
- The established deadline for the execution of the payment order.
- The period during which such an order is valid.
So, the term for the execution of a payment order is the time for which the payer's funds are transferred. This period is determined by Article 31 of the Federal Law of 1990 “On Banks and Banking Activities”.
The credit institution executes the instruction no later than one business day after the day of its receipt. Moreover, the bank determines the duration of the operating day independently. If the order is not executed on time, the bank is obliged to pay interest.
Keep in mind that this period does not coincide with the time period in which the order is valid. This time is determined on the basis of other legislative norms, which we will consider below.
Please note that the time of execution of tax orders is also regulated by separate rules. According to Article 60 of the Tax Code of the Russian Federation, such a payment must be made within one business day. But if it passes untimely, articles 133 of the Tax Code of the Russian Federation and 15.8 of the Code of Administrative Offenses of the Russian Federation come into effect. And the responsibility for them is completely different than just paying interest.
Upon receipt of a client request, the bank takes the following actions:
- approves the right of the sender to use the funds;
- analyzes the integrity of the payment order;
- analyzes the correctness of registration of payment details;
- determines whether there are enough funds on the account for the transfer.
If the transfer has not yet been credited to the account - that is, the irrevocable period has not expired - the payer has the right to cancel the order.
Validity
Now let's consider how long the payment document for transferring money has the status of a valid one. In accordance with paragraph 5.5 of the Rules for the transfer of money, which were approved by the Central Bank on June 19, 2012, the payment order is valid for 10 calendar days (do not confuse a business day and a calendar day!).
EXAMPLE
Let's say the payment order was generated on May 15, 2017. To determine the time of its validity, it is necessary to count 10 calendar days starting from May 16, 2017. The date you are looking for is May 25, 2017.
Thus, the instruction can be presented to the credit institution for execution no later than May 25, 2017 inclusive. If you present the document later, the bank will refuse to execute it, since the validity period has expired.
Knowing that the payment order is valid for 10 days, it is not difficult for the payer to calculate the date of presentation of this document to the credit institution. Therefore, taking into account the allowable period, he can correctly plan his time and visit the bank when it is convenient for him, and not immediately after drawing up the payment order.
Therefore, before going to the bank, you should make sure that the payment order is valid today.
Speed in modern conditions is the main advantage for business. Therefore, when making bank transfers, you need to take into account the timing of money transfers between banks. It is desirable that such a time interval be as short as possible.
Also, users, individuals who send funds from their accounts, want to minimize the time for this operation. After all, money is sometimes needed very urgently, for example, treatment is needed or other life situations that do not imply delay.
Transfers within the region
The fastest are transfers within one region. The approximate time of crediting to the account of another bank when sending through the cash desk is limited to the next settlement day. It depends on how the financial institution operates. All payments are grouped at the end of the day into one settlement document.
Money transfer
In the postoperative period, such documents are collected for sending at the head office.
Then they are automatically sent to the beneficiary's bank through the electronic payment system (EPS).
The amounts may be credited to the correspondent account of the beneficiary's bank late on the same day or at the beginning of the next business day. Then the operations are redistributed to specific branches of the recipient bank. This can also take some time, especially if the number of such operations is large enough.
Transfers outside the regions
A more frequent type of transfer is sending money to settlement accounts of other banks registered in another financial region. It takes a little longer to get through this financial information. The head office of the bank is involved here, in addition to regional divisions. Therefore, on average, the time for transferring money between banks in this case can reach up to two business days.
International transfers
When sending money abroad, from your foreign currency account to a foreign currency account in another country, it takes up to three days. This limit depends on the correspondent banks involved in the transaction. After all, the money is first debited from the balance of the sending client, then goes from the accounts of the sending bank to the correspondent accounts of German or American intermediaries, and only lastly from their balances is credited to the receiving bank and then goes to the user's balance.
International transfers
For all international transactions, currency control of such transfers is carried out at several stages.
Therefore, such an operation also delays some time.
Card transactions
Card transactions can be called faster. Write-offs from the balance and crediting by Visa or MaserCard systems are carried out between different banks from several minutes to several hours. But you need to know that if the transaction is carried out in different currencies, then the corrected exchange rate difference from the sender may be written off within two business days.
Source: Business Quarter magazine
Natalya Baranchikova How long do payments take? Valentina Korkina, Head of the Department of Interbank Settlements and Correspondent Relations, SKB-Bank: Payments received before 16:00 will be shipped the same day. If the client provided documents in paper form, it will take some time to process them. Electronic payments are much faster. "Day to day" we carry out the transfer of funds to the client's account. In order for the counterparty to receive the money as quickly as possible, it is better to use the Bank-Client or Bi-Print electronic system and provide payment before 13:00. The bank sends funds "to the same day" regardless of the state of its own correspondent account: to ensure the speed of payments, a special agreement has been concluded with the Central Bank, under which SKB-bank can receive intraday loans. The speed depends not only on a particular credit institution. After the bank has sent an electronic payment, the funds go to the Information Processing Center of the Central Bank. After that, they are credited to the correspondent account of the recipient bank and are credited to the client's account. If correspondent relations are established between banks, then the payment is made directly, without the participation of the Central Bank, and this is much faster. Andrey Antipov, Deputy Chairman of the Board of Metcombank: On average, one payment from the moment it arrives at the bank to the final recipient takes two hours. The speed is influenced by the territorial factor, as well as the way in which the beneficiary's bank accepts payments. When the recipient is a client of another bank, settlements are carried out "to the same day" if they are received before 15:00. When the recipient is our client, the payment will be made on the same day if the documents are received before 16:00. We process payments to the cities where our branches are located in less than an hour. The high speed of operations is guaranteed by remote banking systems. Galina Sushkova, Head of OPERO, Jewels of the Urals Bank: Payments are made "to the same day" if the documents were received on paper during the business day. If later, the funds will be transferred in the first half of the next. The speed of payment execution is increased by the "Bank-Client" system. Evgeny Turutin, Director of the Business Development Department of Zoloto-Platina-Bank: Payments are debited from the client's current account and sent from the correspondent account on the same date throughout the entire business day. Thanks to the system of electronic settlements between the divisions of the Bank of Russia, payments by commercial banks in Yekaterinburg are processed within 10-15 minutes. When sending money to Moscow, you need to take into account that there is a regular system for receiving and processing payment documents. Therefore, you need to expect funds to be credited to the recipient's account within 1-3 hours. We do not have special tariffs to speed up payments, but if the client wants to send funds individually, the bank is always ready to meet him halfway. Natalya Minyailo, Head of the Client Service Department of the Commercial Bank "GRAND": We have a standard for processing payment documents, this procedure takes 30 minutes. All payments that arrive at the bank before 16:00 are processed “to the same day”. If the client needs to make a payment at a later time, he can write a letter to the bank. If such an application is received before 17.30, the payment will go out on the same day. This service is paid extra. Marina Galushina, head of the accounting and operational department of the UralSib bank branch in Yekaterinburg: Terms of processing of payment documents are stipulated in the bank account agreement. Article 31 of the Federal Law “On Banks and Banking Activities” obliges the bank “to transfer the client’s funds and credit funds to his account no later than the next business day after receiving the relevant payment document.” Some use this wording to their advantage. Ideally, if the bank makes transfers to customer accounts until the completion of settlements of cash registers, and payment of orders - until the maximum possible time. There is also an “individual approach”, when a client can conclude an agreement with a credit institution on special conditions. Our bank can reduce the payment processing time to a minimum by a wide branch network, as well as open correspondent accounts in other credit institutions. It is important not only the number of accounts themselves, but also the balances that banks hold on them. Natalya Kalinichenko, head of the settlement center of Bank24.ru: In our bank, the cost of a transfer via the Internet-Bank system is 9 rubles. 90 kopecks for each document, regardless of the transfer amount, time and region where the payment is sent. All customer documents are processed automatically, without the participation of tellers, and are executed within 10-20 minutes. Our clients can use the free service "Informing clients about the movement of funds on the account" to control the time of sending payments and their receipt on the account. Maria Plaksina, Head of Corporate Clients Department, Uralvneshtorgbank: Banks make payments in the Ural region "to the same day". To other regions - depending on the time of submission of payment documents and destination. The speed also depends on the remote service system used by the client, and on the bank's mode of operation with payments. At UVTB, crediting, servicing and debiting funds from the account are carried out automatically. All payments received by the bank before 4 p.m. in paper form and before 8 p.m. in electronic form - through remote banking channels, will be executed on the same day. Funds are immediately received by the client, bypassing transit accounts. Payments that come to the bank after 20:00 are made the next day. Such a schedule - due to the time difference - is convenient when working with Moscow. However, the procedure for settlements with the Moscow Region depends on the mode of operation of the territorial office of the Central Bank in Moscow. The Central Bank has determined only 5 flights during the day for all banks. We guarantee the execution of the payment to Moscow within 2-3 hours.
All credit institutions in Russia have individual hours for settlement and cash transactions. The banking day at Sberbank in 2018 for legal entities lasts as long as the electronic system is functioning. Throughout the day, employees of a financial institution accept and process documentation; at the end of the operating time, they form a daily balance sheet.
Features of the trading day
This concept refers to the part of the working time of a financial institution, when customers can make any transactions. At the same time, documentation submitted during office hours must be processed and executed on the same day.
Before remote service came into use of modern citizens, bank employees spent a lot of time working with documents, so the working day was always shorter than the operating one. For example, if the department is open until five o'clock in the evening, then the acceptance of papers was completed at four o'clock. Within half an hour, customers could make payments, but a commission fee was doubled.
What time are corporate clients served?
Over the past three years, the situation with the length of the trading day has changed dramatically, thanks to the introduction of such a service as . Now the processing of numerous papers takes a minimum of time and often takes place without the participation of employees of a financial institution.
In 2016, the Savings Bank made a statement that for legal entities and individual entrepreneurs using online banking, the operating time lasts from seven in the morning until eleven in the evening, without weekends and holidays. At the same time, when visiting a branch of a credit institution, service is carried out in a standard schedule, from nine in the morning until six in the evening.
What transactions are available
During the operating day in Sberbank for legal entities, in accordance with the agreement on cash settlement services, the following operations are performed:
- Acceptance and work with payment papers;
- Processing of cash documents;
- Opening and introduction of deposit or credit accounts;
- Control over the accounting documentation of clients.
The most popular services are deposit opening, money transfers and receiving information about the movement of funds in the account. Documentation received after business hours is processed the next day.
What operations are available at the end of the day
The procedure for accepting documents after working hours is individual for each department and is described in detail in the bank service agreement.
The division of the working day into operational and non-operating time allows you to correctly implement the transition between different reporting periods for legal entities.
Corporate clients of the bank can conduct transactions at any convenient time using remote services, with the exception of transactions related to the provision of documentation on paper. For example, if you want to receive a bank note on the payment. In this case, you will have to visit the office during business hours.
When choosing a bank for cooperation, each entrepreneur evaluates many aspects - the cost of servicing, available account transactions, the speed of processing documents, etc. Not the last role in the list of selection criteria is played by such a bank characteristic as a business day. In Sberbank for legal entities, Business Online, a specialized service, allowed to maximize it for clients served remotely, which, no doubt, benefited the bank. Why is the length of the trading day so important? Let's figure it out.
What is an operating day at Sberbank
An operating day in banking organizations is the time period during which their employees can carry out settlement and cash transactions on behalf of clients. In bank branches, this period does not always coincide with the working day, as a rule, it is longer by a couple of hours. This is explained by the fact that during the operating hours, bank employees must process all the paper documentation for cash settlement received from customers, and this takes a lot of time.
Important! For each bank, the duration of the operating period is set individually and fixed in the internal documentation.
For remote electronic services, the transaction day is usually set longer than for offline bank branches. Electronic transactions in most cases are performed automatically, without the participation of employees. This is what allows you to reduce the time for their processing, due to which you can add to the operating day. The concept of a business day in the banking system was introduced so that its employees could correctly implement the transitions between different reporting periods.
Operday features for legal entities
The conditions under which the payment day is valid at Sberbank for legal entities are somewhat different from those established for private clients. This applies to both entrepreneurs working through web services and those who are served through bank branches. Let's highlight the main features.
Customer service time
The duration of the operating period depends on which method the client has chosen to carry out the settlement and cash transaction. The deadlines are as follows:
- through the Sberbank branch - from 9.00 to 18.00 (local time);
- through the electronic service Business Online - from 7.00 to 23.00 (Moscow time).
All transactions started during the specified period must be processed before its end. If the client tries, for example, to make a payment through the electronic account at the end of the operating time, he must take into account that his transaction will be processed only the next day.
Tip: when choosing a bank, entrepreneurs try to predict their future mode of using its services, and determine whether the proposed transaction day will be convenient for them.
Available cash transactions
So, we found out how long the banking day is at Sberbank for legal entities. What operations are available to this category of clients during the specified period? Consider them:
- Opening and closing accounts.
- Transfers to other clients of Sberbank.
- Interbank transfers.
- Processing cash documents.
- Maintenance of existing accounts (credit and deposit).
- Reception and control of primary client documentation.
- Receiving and issuing cash.
All of the above actions can be performed both in the Sber branch and in its electronic business service. In addition, during the operating hours, services for monitoring a personal settlement account are available to customers:
- balance inquiry;
- receiving statements;
- generation of reports on operations, etc.
At the end of the day, bank employees form a balance sheet for the day.
What transactions are available at the end of the trading day
If the client is serviced at a Sberbank branch, at the end of the operating period, he will not be able to perform any banking operations. This is explained simply - the mode of operation of the department coincides with the boundaries of the day. When working through the Business Online electronic service, any Sber client has access to such operations as:
- checking the balance of accounts;
- control of payment history;
- reporting on transactions on the selected account.
All other transactions will be unavailable. The system will accept them, but their processing will only start at the beginning of the next time period, in the order of the general queue. Until then, the status of the transaction will remain "In processing".
