Do money Transfers go through on public holidays?

Did you know that you might be unable to send remittances on nine specific days in 2022?

While holidays provide a time to relax and celebrate, they can also cause problems with your finances. On public or bank holidays, money transfers grind to a halt.

This guide tells you how public holidays impact the consumer and what convenient alternatives you can opt for. 

The relationship between public and bank holidays

Bank holidays typically mirror the holidays declared by respective governments. Bank and credit union branches tend to be closed on those holidays. Banks pause the payment processing for a day or two.

However, be aware that sometimes banks can follow their own schedules. Some banks might stay open on holidays or observe the holiday on an alternate date.

Are bank branches open on public or bank holidays?

Most of the time, all bank branches are closed on holidays. However, in some cases, a few branches may be open for business. It is best to check before you make a trip to the bank. You can check online or call the bank helpline. Bank call centers are always open on holidays, but customer service might have limited ability to serve your needs.

Can you send money abroad on public holidays?

Most banks are closed on holidays. Even if you find an open branch, you cannot send a wire transfer. Banks can accept deposits, take loan applications, and more. However, payment processing, ACH payments, and wire transfers are usually unavailable. Paper checks and wire transfers are put on hold until the next business day.

If you initiate a wire transfer before the public holiday, it will take several business days to process. Official holidays and weekends do not count as business days. Your transfer can get delayed due to the holiday.

Beware of public holidays falling on weekends.

If a public holiday falls on a Saturday, it is most likely that banks may close the preceding Friday. Likewise, if a holiday falls on a Sunday, banks may be closed on the following Monday. In such a case, that weekday is not counted as a business day.

The common banking challenges on a public holiday

You won’t even notice the delayed payment processing on most bank or public holidays. However, holidays can prevent you from transferring immediate funds. It can affect you if you are on a short payment deadline. Here are some real factors that you must keep in mind.

• Funds will not be deposited in your account. This can be a problem if you require cash for holiday travel or other needs. Always try to get everything done in advance.

• When you deposit funds into your account or someone else’s account with a cheque, the bank may put a hold on those funds for several business days.

• You may need to wait longer for your wages if you get paid by direct deposit from your employer.

• Funds for electronic payments cannot be withdrawn from your bank account on public holidays. You cannot send wire transfers on a public holiday. However, you can submit a request for the wire to go out on the next business day.

What alternative to use to send money abroad on a public holiday?

One should always be prepared for emergency situations where only a swift money transfer can be the savior. It is almost impossible to get your funds transferred on public holidays with banks. A great alternative is third-party online money transfer.

ACE allows quick international transfers 24/7

ACE Money Transfer has been the leading remittance-sending service provider since 2002. It is the perfect alternative to bank transfers due to its speed and efficiency. ACE does not pause during public holidays. It operates 24/7 on a global network. Every international transaction is completed within 24 hours. This means your loved ones will no longer have to wait for banks to open to withdraw funds.

ACE offers the cheapest international transactions to 100-plus countries

ACE is a perfect alternative to expensive wire transfers in your regular routine as well. It offers the cheapest transfer fee for international transactions. Unlike banks and other financial institutions, ACE offers market-competitive exchange rates. You can observe the currency market and buy your intended currency at a suitable rate.

ACE operates on a worldwide network. You can send money to hundreds plus receiving corridors from 26 countries, including the UK, Canada, and Australia.

ACE has a top-notch security system to keep your funds safe 

Thorough research should be conducted before trusting a third party with your funds. ACE has positive testimonials from around the globe. It has a high-tech security system that saves you from scams and fraud.

Many emergency situations require you to transfer funds immediately, even on a public holiday. Using a third-party money transfer app is the only way to transfer funds internationally on a public holiday safely. ACE Money Transfer offers the cheapest, safest, and quickest way to transfer funds on a public holiday. Sign up now for free to enjoy unlimited international transactions.