Why do money transfers take up to 3-5 bank working days? What actual human work is involved? | Homework.Study.com (2024)

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Question:

Why do money transfers take up to 3-5 bank working days? What actual human work is involved?

Money transfer:

It is moving of money from one account to another. The statement might be for the same bank or different banks. There are charges incurred when doing a transaction, but this depends on the two financial institutions.

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When doing a money transfer, the money is not reflected in the account immediately. In most banks, it takes three to five working days for the...

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Money | Definition & Types

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Understand the definition of money. Know about the types and functions of money. Learn how money is measured and see a brief history of US money.

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