International money transfers can occasionally face delays due to various factors. Here, we break down the common reasons, expected timelines, specific scenarios, and steps you can take to resolve transfer issues effectively.
Overview of International Money Transfer Timelines
Standard Processing Time: Most transfers take 24 business hours to process, excluding weekends and public holidays. However, depending on the recipient's bank and geography, it might take slightly longer.
Common Reasons for Delays
Third-Party Dependencies: Many international transfers rely on multiple third-party providers, banks, or processing systems. Delays often arise due to their internal processing timelines, validations, or approvals.
Incorrect Transfer Details: If recipient details (e.g., name, account number) are inaccurate, the transfer might be delayed or rejected.
Technical Issues: System errors or bank-specific downtime can temporarily impact transfer completion.
Processing Queue: High transaction volumes with recipient banks or technical dependencies may extend the time needed for processing.
What Should You Do If Your Transfer is Delayed?
If your money transfer is delayed, follow these steps to resolve the issue:
Verify Transfer Details: Double-check that the recipient’s name, account number, and other details are accurate.
Contact the Recipient’s Bank: If the transfer shows as completed on your end but hasn’t reached the recipient, have the recipient confirm the transaction directly with their bank.
Check Transfer Status Through MAJORITY: Open the MAJORITY app or system and review the transfer status. This step will indicate whether the transfer is pending, completed, or canceled and help guide further actions.
Wait for Transfer Completion: Certain transfers, particularly to Banco Azteca or Nequi, might require 24 to 72 business hours for completion. Robo validations or bank processing queues can sometimes extend this period.
Provide Transaction Evidence if Required: For escalated cases, you might need to submit receipt evidence or screenshots showing the payment's completion.
Key Takeaways and Next Steps
Always ensure recipient details are accurate to avoid unnecessary delays.
Be aware of the specific timeline expectations for different banks when sending international transfers.
Use the MAJORITY app to monitor your transfers and contact support when issues arise requiring escalation.
If you need further assistance, reach out to our Customer Service team, who can help resolve transfer delays effectively.