Account-to-account (A2A) payments: how to move money between your accounts
Read our helpful guide to account-to-account (A2A) payments, including how they work, how long they take and the benefits.
How long does a bank transfer take with Santander?
If you’ve recently opened a Santander bank account, one of the first things you’re likely to do is make a payment.
But how long does it actually take to make a bank transfer with Santander? You’ll find out in this guide, along with how to set up payments within the UK and internationally.
Things you need to make a bank transfer with Santander
Ready to set up your payment? If you’re paying someone new in the UK, here’s the key info you’ll need:¹
- The recipient’s bank account number and sort code
- The name of the account you’re paying, exactly as it appears on the recipient’s bank statement
- The type of account – personal or business.
Santander has recently tightened up its security processes with regards to making online payments.² This means you’ll need to double-check all the details you’re entering, so that Santander can match them to a registered account.
To send an international payment to someone in another country from your Santander account, you’ll need:³
- The recipient’s full name
- Their International Bank Account Number (IBAN). Calculate the needed Santander IBAN number here.
- Their bank’s Bank Identifier Code (BIC) or SWIFT code.
How long does a bank transfer take with Santander?
For UK bank transfers with Santander, the payment should arrive in the recipient’s account immediately. However, it can potentially take until the end of the next working day for the payment to clear.⁴
For international payments, it can depend on the currency, the type of payment and when you send it. For example:⁵
- Payments sent in EUR or USD before the cut-off time should arrive the same day
- Payments sent using a non-urgent SEPA transfer should arrive the next working day.
Isn’t a bank transfer instant?
Like many banks operating in the UK, Santander uses the Faster Payments system. This enables most payments to be sent and received almost instantly.
However, delays can happen if the receiving bank doesn’t also use Faster Payments. Some banks may also have additional processes that slow down the receipt of payments.
You may also have to wait a little longer for international payments. Using Santander, most transfers overseas should be completed the next working day. But they can take longer if you miss the cut-off point, or depending on where you’re sending from and the currencies involved.
Are there any faster international money transfer options?
If you’re looking for a quick, reliable and easy way to send money overseas, try Wise instead of your bank.
Open a multi-currency Wise account and you can send worldwide with low fees, the fairest exchange rate and fast turnaround times. Your payment could be in the recipient’s account within 2 working days⁶, although in many cases it’s much quicker.
As well as being fast, sending money with Wise could also be up to 8x cheaper than using your bank⁷.
How do I make a transfer with Wise?
It’s super simple to set up an international payment with Wise, no matter which country you’re sending to. Simply sign up for free and follow these steps:⁸
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Enter the amount you want to send.
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Select ‘personal transfer’ (unless it’s a business payment).
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Enter your details, and the bank account and sort code for the recipient.
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Review the details of the transfer, checking you’re happy with the fee.
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Hit ‘send’ and you’ll receive confirmation of the transfer via email or in the Wise app.
And that’s all there is to it.
And that’s it – all you need to know about making bank transfers with Santander, including how long it takes.
It’s a doddle for making UK payments, but remember that you do have other money-saving options when it comes to international transfers.
Sources used:
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Santander - payments and transfers
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Santander - fraud and security
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Santander - making international payments
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Santander - payments and transfers
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Santander - making international payments
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Wise - how long does a transfer take
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Wise - multi-currency account
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Wise - how to send money with Wise
Sources checked on 20-January 2021.
*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.
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