The best (and worst) times to make international payments

When do you typically make international payments? It matters more than you might think.   

If you've ever initiated a payment expecting same-day or next-day arrival, only to field awkward calls from suppliers days later asking where their money is, you're not alone. 

We analysed close to 190,000 international payments made by European small and medium-sized multinationals (SMMs) throughout 2024 to understand what really affects cross-border payment speeds. Here's what our research reveals: When you send a payment is one of the biggest factors determining when it arrives.

Read on to discover when you should send payments, what days and times to avoid, and other factors that can affect how quickly your payments reach your beneficiaries. 

How do international payments actually work?

First things first, it’s worth looking at how international payments actually work. 

You’ve just initiated an international payment. Before it arrives with your beneficiary, there are a few important steps that need to happen first... 

Think of your payment as an international traveller. They need the right paperwork to pass through security and board the plane. There are only certain routes they can take to reach their destination, so the journey isn’t a straightforward A to B. Instead, the traveller needs to take connecting flights. Flights only operate during certain hours, so they need to wait between connections. 

In other words... 

As part of security measures and to mitigate the risk of fraud, your cross-border payment provider runs some security checks on your beneficiary and payment details and may ask for additional paperwork.

If your bank doesn’t have a relationship with your beneficiary’s bank, the funds pass through an intermediary bank that does. If that bank doesn’t have a relationship with both parties, more intermediary banks get involved to keep your money moving.

Your money usually only moves during business hours in each country it passes through, so time zones, local holidays and weekends can add hours or even days to your payment’s journey. Processing systems and regulatory requirements vary country to country, adding additional complexity and time.

Why payment speeds matter?

For SMMs, payment delays aren't just inconvenient — they're costly.

Late supplier payments can strain relationships, disrupt supply chains, and even halt production. Unlike large corporations with deeper pockets and dedicated treasury teams, SMMs have less buffer to absorb these delays. When a payment sits in limbo, it directly impacts operations and your bottom line.

The timing factors you know (but might be underestimating) 

So, we have a clear picture of the journey your funds take and why payment speed matters. The good news? Timing your payments is one factor within your control — and it has a bigger impact than most finance teams might realise.  

Let's take a closer look at when you should (and definitely shouldn't) initiate international payments. 

The best days to make payments

Mondays and Wednesdays consistently show the shortest average processing times in our data, often leading to same-day or next-day arrival. Why? You're giving your payment maximum runway — with more hours in the day and additional working days to come, your payment can navigate
time zones, cutoffs and any potential delays and still arrive on time.

The worst days to make payments 

Most international payments only process during banking hours in each country they pass through. As a result, payments initiated on Thursday or Friday afternoons often sit completely idle through the weekend. A Friday 3pm payment effectively becomes a Monday 9am payment — an instant, multiple-day delay.

Different countries, different working days 

Remember that overseas banks don't always operate on the same days as European ones. Many banks in the Middle East are closed on Fridays and open on Sundays. So if you work with suppliers or partners in the United Arab Emirates, a Thursday afternoon payment may not start processing until Sunday. 

Take local holidays into account 

Remember to keep track of relevant international holidays throughout your supply chain. If you work with suppliers in China, consider Chinese New Year — a full week of public holidays when your Chinese suppliers and partners are unavailable and your supplies aren't moving. Payments initiated just before the holiday? They're sitting frozen for 7+ days.

The good news is that you can avoid this type of scenario altogether. Download our 2025 Currency Holiday Calendar to stay on top of relevant holidays and prepare your payments 1-2 weeks in advance, or increase your stock ahead of time to avoid disruptions.

Avoid processing cutoffs

The next question you may have is when on a Monday or Wednesday you should initiate the payment. Our data shows that payments initiated by 10am (local European time) have a significantly higher chance of same-day or next-day execution. Why? You're far more likely to beat local processing cutoffs.

A cutoff is the bank's daily processing deadline — the time by which you need to submit your payment if you want it to go out that day. Miss the cutoff and it rolls to the next business day.

And because your international payment will likely pass through multiple banks, there will be multiple processing cutoffs.

Let’s take an example — a USD payment going to China travels from Europe to the US before reaching Asia. So you need to make the payment early enough in Europe to stand the best chance of beating cutoffs in both the USA and China. Miss the processing cutoff in any of these countries? Your payment waits until the next business day.

Don’t underestimate the impact of time zones

Of course, the time you choose to initiate the payment has to take into account time zone differences in the countries your payment will pass through. Time zones are one of the major factors that affect payment speed.

Here's an example of how time zones can turn a payment that only takes a few hours of actual processing time into a 24-hour journey:

• Wednesday 10am CET: You initiate a USD payment to China via your payment provider.
• It’s routed to an intermediary bank in the USA, so it will be processed in the early afternoon.
• It's then sent to an intermediary bank in China — but they're closed for the night.
• Thursday 1am CET / 7am CST: After a ten-hour wait, banks in China open and your payment is processed.
• It reaches your beneficiary's bank, then their account — nearly 24 hours after you sent it. 
  
  

Other factors that affect payment speeds

Of course, timing isn't everything — though it's one of the factors most within your control. Here are other elements that can speed up or slow down your payments.

Beneficiary information errors cause instant delays 

Small mistakes have big consequences. Errors such as an incorrect IBAN, SWIFT/BIC, or routing number are among the most common causes of failed or delayed payments. 

Here are a few traps you should avoid: 

• A single wrong digit in an IBAN or SWIFT code 

• Using a brand name instead of the legal company name 

• Missing suffixes (Ltd, GmbH, SA) 

Any of these can trigger payment rejection or hold the transfer for manual verification — adding days to your payment’s journey.  

Be sure to match your beneficiary's details exactly as written on their banking information — yes, even that comma matters.

Corridor maturity 

Some payment routes are highly automated with round-the-clock processing. Others rely on legacy systems with manual reviews and only operate during local business hours. Payments to the USA or UK for example, often process faster than payments to Asia, even when covering similar distances and involving similar numbers of banks.

So while you can't control how many banks process your payment, understanding that corridor maturity impacts payment speed helps set realistic expectations for how long a payment will take to arrive — and therefore help determine when to make your payments. 

The "final mile" problem 

Here's a stat that might surprise you: SWIFT data shows that 90% of international payments reach the beneficiary's bank within an hour — but only 43% reach the beneficiary’s account that quickly.

Why the delay? The beneficiary's bank still needs to process and credit the account. While some institutions have automated this final step, others operate on legacy systems or rely on manual processing.

As Julien Molez, COO at iBanFirst, puts it:

The time between your money leaving your cross-border payment provider and arriving with the final bank — what Swift calls 'in-flight time' — is very short. Payment speeds largely come down to how quickly this final bank processes the payment and credits the beneficiary's account. While some institutions have streamlined their processes using automation, others operate on legacy systems or still rely on manual processing.

This "final mile" delay is often the longest part of the journey — and it's completely outside your control. Which is exactly why the timing factors you can control matter so much.

One factor that matters less than you think 

One common belief is that the number of intermediary banks involved in your payment’s journey affects how quickly it takes to arrive: More banks = slower payment. 

The reality? It's not so simple. 

Our research shows that international payments involve an average of 1.9 intermediary banks. But here's the kicker:

• USD to USA: Usually 2-3 intermediary banks → 64% arrive in under 2 hours 

• USD to China: Also 2-3 intermediary banks → Only 12% arrive in under 2 hours 

What matters isn't how many banks are involved — it's how mature and connected the payment corridor is, time zones and the other factors outlined above.

The bottom line

While you can't change which banks your supplier uses or which corridor your payment travels through, you can control when you initiate the payment. Pay early in the week and try to do so in the morning or before local cutoffs and your payments will consistently arrive faster. 

As Joost Derks, International Head of Account Management & Currency Expert, says:

I often tell clients: make your payments yesterday. You don't want supplies sitting on a dock waiting for a payment to come through, halting your operations. Make your payments in advance, knowing that settlement can

take a couple of days. 

Choose the right cross-border payment provider 

Another factor worth mentioning — and one you can control: choosing the right cross-border payment provider. 

You don’t need to navigate the intricacies of cross-border payments alone. You just need to choose a cross-border payment provider that works as an extension of your finance team to streamline your international operations. 

Over 10,000 companies trust iBanFirst with their international payments and FX risk management needs. Why? When you open an iBanFirst account, you get access to everything you need to send, receive and manage cross-border payments more efficiently: 

• A multi-currency account that handles 25+ currencies 

• Competitive exchange rates with no hidden markups 

• Real-time payment tracking with timestamped updates you can share with suppliers 

• Currency risk management tools like fixed, flexible and dynamic forward payment contracts 

• Support from actual FX experts who understand your business and can help you navigate FX market complexities with confidence
  

Join thousands of SMMs who’ve already transformed their approach to international trade. 

Want to delve deeper into the major factors affecting your international payment speeds? Download The Speed of International Payments whitepaper today.