This is a very good question!
ETA (Estimated Time of Arrival)
Definition: the estimated time for when the beneficiary should be able to see the funds in their bank account after you've created a transfer with Covercy.
You would be amazed to find out that (like most things in life) not all transfers were created equal.
Transfers' processing time depends on many factors such as the currencies you are exchanging from/to, where you are sending the funds from/to, type of payment you are making (paying for an invoice, buying a property abroad, etc.) and even if your transfer is processed during any kind of a holiday (or Bank Holidays).
Sometimes we even experience unfortunate delays due to the fact that the beneficiary's bank is hosted in a "slow-moving" bank e.g. their systems take a bit extra time to update with incoming wire transfers.
As a general guideline for ETA, see the following timelines:
- USD/EUR/GBP outbound payments:
the ETA would be next day (non-holiday business day).
- For all other currencies payments:
the ETA would be 2 days (non-holiday business days).
The above assumes you have submitted your transfer and ALL the information needed in a good manner and deposited your funds to Covercy within the same day.
Here are some tips that may assist getting your transfer executed as fast as possible:
- Always ensure you're submitting all the information required during the online Transfer process - for example, if you're requested to provide a photocopy of your Government-issued Identification document, make sure you provide a copy that is clear and sharp (not fuzzy or taken out of focus). Also make sure it's not expired.
Failing to follow the requirements or providing missing or semi-missing information may delay your transfer as we'll reach out to you to complete all the missing pieces.
- Once you've submitted a transfer and it has been approved, make sure to instruct your bank (online, by phone, fax or however you interact with your bank) to send the funds to Covercy's bank account (as shown in the Transfer process). Any delay in sending your funds to Covercy may cause a delay in the completion of the transfer process.
- In case you need to make a scheduled payment (let's say you have an invoice due payment by the end of the month), it's a good idea to schedule your payment. A Scheduled payment allows you to open an account, fill all the necessary information for the transfer and get it pre-approved so that on the due date time all you're left to do is to submit your funds and your transfer will be on it's way to the beneficiary.
Read more about Scheduled Transfers.
- In case you know some holidays are coming up, better submit your transfer a few days in advance so you don't risk it getting delayed due to banking non-working days and the likes.
- In case you have received an automated email indicating your attention is required, or in case you received an outreach from our support team - try to respond in a timely fashion so we can proactively make sure your transfer is back on track as soon as possible.