International payments can be fast, but they depend on multiple external factors.
Understanding these factors helps you avoid delays and better plan your payments.
What affects payment speed
1. Payment corridor
Not all payment routes have the same speed.
Payments through well-established corridors, including the G10 currencies (e.g. USD → USA, GBP → UK) are typically faster
Less mature or less connected corridors may take longer, even with the same currency
The number of banks involved is less important than how connected and automated the corridor is
2. Currency
The currency used impacts processing time.
Widely traded currencies (USD, EUR, GBP) benefit from efficient clearing systems
Less liquid or regulated currencies may require manual checks and additional controls
Sending in a local currency does not guarantee faster processing
All currencies go through their domestic banking system → each with its own cut-offs & compliance checks, hence, USD always passes through the USA
3. Timing of the payment
When you initiate a payment directly affects its speed of arrival.
Payments sent before local cut-off times are always processed faster
Payments initiated after cut-off times are processed the next business day
Mondays and Wednesdays typically have faster processing times
Payments sent late on Fridays and on weekends are often processed on Monday. In the Middle East, banks are closed on Fridays and open on Sundays, but since iBanFirst is closed on Sundays, payments created then cannot be executed until Monday.
Time zones and local bank holidays can introduce delays. Hence, keep in mind holidays such as Christmas, Easter, Chinese New Year, etc.
4. Intermediary banks
Some payments pass through intermediary banks before reaching the beneficiary.
Intermediary checks (e.g. compliance or Anti-money Laundering checks) can introduce delays
Delays at this stage, after the payments have been sent from iBanFIrst, can be longer and less predictable
5. Beneficiary bank processing (“the final mile”)
The final step is often the main source of delay.
Payments may reach the beneficiary bank quickly but are not credited immediately
Processing speed depends on the beneficiary bank’s internal systems and operating hours
How to avoid delays
You can improve payment speed by following these best practices:
Ensure sufficient funds are available in the correct currency before initiating the payment
Verify beneficiary details carefully (legal name, IBAN/account number, SWIFT/BIC, routing number)
Use the exact legal name of the beneficiary (including suffixes such as Ltd, SA, GmbH)
Attach invoices or supporting documents whenever possible
Provide clear and complete payment descriptions
Initiate payments early in the day and avoid late-week cut-offs
Anticipate bank holidays in both sending and receiving countries
Key points to remember
Payment speed depends on multiple external factors, not just distance
Most delays are caused by timing, missing information, or incorrect beneficiary details
Planning and scheduling payments in advance improves predictability and reduces delays
Access the full Speed of Payments 2025 report here.
If you need help filling in payment details, making sure there won't be any delays, or just need more information, please contact your Account Manager, or our Customer Sucess team at [email protected].