How to make money and get paid on Vinted
Wondering how do you get paid on Vinted? Read our guide to learn how the platform works, what you can sell and how you can start earning.
Need to pay a bill, or send money to a family member? One of the most common ways to do it is through a bank transfer.
If you want to make a bank transfer, you’ll naturally want to know how long the process is going to take.
In this guide, we’ll look at average bank transfer times, including how long it takes to send money abroad. Let’s start with the info you’ll need to set up your transfer.
Before you can send money to anyone, you’ll need to have a few key details to hand. Here’s what you’ll need to set up a bank transfer:
Some banks may also ask you to provide the name of the person’s bank. You may also want to add a payment reference too. This can be helpful for your own records, and the person you’re paying will be able to identify who the payment is from and what it’s for.
How long does a bank transfer take to clear? It primarily depends on how the payment is sent – by BACS, Faster Payments or CHAPS.
If your bank sends the transfer by BACS (the electronic system commonly used in the UK to send payments between bank accounts) it will take around 2 working days to clear.¹
But if your bank uses the Faster Payments system, your payment could arrive in the recipient’s bank account almost instantly. If both the sending and receiving bank use Faster Payments, your transfer should clear in as little as 2 hours.²
If the payment is sent through the Clearing House Automated Payment System (CHAPS) before a certain cut-off time, it will usually clear on the very same day.¹
If you’re not sure which payment system will be used for your transfer, it’s best to check with your bank – especially if your transfer is urgent.
If you’re sending money internationally, yet another payments system will be used. Your bank will send your transfer through SWIFT – this is an international network of banks and financial institutions.
It usually takes around 2-5 working days for an international payment to clear, but it can in some cases take longer.³ It all depends on where you’re sending from and to, and the different processes of the banks involved along the way.
This is because when money is sent internationally via SWIFT, it doesn’t go directly from your bank to the recipient’s. There are often a number of other banks involved along the way, and this is what causes the hold-up.
If you’re sending money from your UK bank account to someone else in the UK, and both banks use the Faster Payments system, the transfer should be made instantly (although it can take up to 2 hours).²
But Faster Payments is a UK service, so it doesn’t cover international payments.
You may also experience slower transfer times if you’re sending a very large amount of money. This is due to fraud prevention measures, where banks hold onto transfers for a few days to reduce the possibility that the transaction was fraudulent.
Luckily, you aren’t stuck with your bank as the only option for international money transfers. If you need to send money to someone in another country, and need it to arrive in a hurry, you can use Wise.
It’s easy and free to open a Wise multi-currency account. From here, you can send and receive money in 40+ currencies, to and from countries all over the world.
Payments typically take up to 2 working days to arrive⁴, but they can be quicker. Even so, that’s much faster than most banks using the SWIFT system.
And the best part? You can save money, as Wise is on average 8x cheaper for international transfers compared to UK banks.
It’s really easy to make an international payment with Wise. First of all, make sure you sign up for a free Wise multi-currency account. Then, follow these steps:
For large transfers or certain currencies, you may also need to provide a photo of your ID – this is to keep your transfer secure.
The only accurate answer to this is – it depends. Send money to someone in the UK through your UK bank and your transfer could arrive in a matter of minutes, but it could take up to two business days.
Send money overseas using your bank and your payment could arrive in 2-5 days, or your recipient could be left waiting longer. Using the SWIFT system, it all depends on how many banks and financial institutions are involved along the way.
If you can’t wait that long, and fancy saving some cash at the same time, use an international transfer specialist like Wise.
Open a Wise multi-currency account and you’ll get faster, cheaper transfers which are as reliable and safe as using your bank. Plus, there’s the handy option of being able to track your money on its journey across the world.
Sources:
Sources checked on 23-November 2020
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Wondering how do you get paid on Vinted? Read our guide to learn how the platform works, what you can sell and how you can start earning.
Ready to join Wise? Find out how to open a Wise account in the UK with our handy step-by-step guide.
Check out our helpful guide to using Chase to transfer a large amount of money, including transfer times, limits and how to make a payment.
Check out our helpful guide to using Nationwide to transfer a large amount of money, including transfer times, limits and how to set up your first payment.
Check out our helpful guide to using Lloyds Bank to transfer a large amount of money, including transfer times, limits and how to set up your first payment.
Read our helpful guide to find out how to transfer large amounts of money with Barclays in the UK, including transfer times, limits and fees.