What is the Elixir System?
The Elixir System (Electronic Clearing House) is an interbank settlement system that enables transfers between accounts held in different banks in Poland. This system was created and is managed by the National Clearing House (KIR). Elixir processes transfers in Polish złoty for individuals, businesses, and public institutions. Settlements within the Elixir system take place in three clearing sessions on business days.
Elixir Clearing Sessions
Elixir clearing sessions are specific time intervals during which bank transfer orders are processed. Three such sessions take place every business day:
- Morning session – between 10:30 AM and 11:00 AM;
- Afternoon session – between 2:30 PM and 3:00 PM;
- Evening session – between 5:00 PM and 5:30 PM.
Transfers submitted before a given session are processed during that session. This means that a transfer ordered at 9:00 AM will be processed during the morning Elixir session, and the funds will reach the recipient’s account according to the incoming session schedule of their bank.
Outgoing and Incoming Sessions in Banks
Although the Elixir system processes transfers in three clearing sessions, banks have their own schedules for outgoing and incoming sessions. Outgoing sessions are the times when a bank sends transfers for processing in the Elixir system. Incoming sessions are when a bank credits received transfers to customer accounts.
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When Will a Transfer Arrive?
By understanding how Elixir clearing sessions work and how banks schedule their outgoing and incoming sessions, it is possible to determine when a transfer will reach the recipient’s account. The processing time depends on several factors:
- Time of transfer submission – if the transfer is ordered before the outgoing session of the sender’s bank, it will be processed in the next Elixir session;
- The schedule of sessions in both the sender’s and recipient’s banks – the transfer will be credited to the recipient’s account according to the incoming session schedule of their bank;
- Day of the transfer order – transfers ordered on business days are processed the same day or the next business day. Transfers ordered on weekends or public holidays will be processed on the next business day.
Session Schedules in Popular Banks
Each bank sets its own schedule for outgoing and incoming sessions. Below are sample session times for some popular banks:
- PKO BP:
- Outgoing session 1 – 8:00 AM, Outgoing session 2 – 11:45 AM, Outgoing session 3 – 2:30 PM;
- Incoming session 1 – 11:30 AM, Incoming session 2 – 3:10 PM, Incoming session 3 – 5:30 PM.
- mBank:
- Outgoing session 1 – 5:55 AM, Outgoing session 2 – 9:55 AM, Outgoing session 3 – 1:25 PM;
- Incoming session 1 – 11:15 AM, Incoming session 2 – 3:00 PM, Incoming session 3 – 6:15 PM.
- Santander Bank Polska:
- Outgoing session 1 – 8:15 AM, Outgoing session 2 – 12:15 PM, Outgoing session 3 – 2:45 PM;
- Incoming session 1 – 10:30 AM, Incoming session 2 – 2:30 PM, Incoming session 3 – 5:00 PM.
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It is worth noting that session schedules may change, so it is always advisable to check the latest session times on your bank’s website.
Examples of Transfer Processing
To better understand how long bank transfers take, consider a few examples:
- A transfer ordered on Monday at 10:00 AM from mBank to PKO BP will be processed during the first Elixir session and credited to the recipient’s account at approximately 11:30 AM on the same day.
- A transfer ordered on Friday at 4:00 PM from Santander Bank Polska to mBank will be processed during the first Elixir session on Monday and credited to the recipient’s account at approximately 11:15 AM on Monday.
- A transfer ordered on Wednesday at 12:00 PM from PKO BP to Santander Bank Polska will be processed during the second Elixir session and credited to the recipient’s account at approximately 2:30 PM on the same day.
Instant Bank Transfers
In addition to standard Elixir transfers, banks also offer instant transfers such as Express Elixir or BlueCash. These transfers are processed outside of Elixir sessions, usually within seconds, 24 hours a day, 7 days a week. As a result, funds reach the recipient’s account almost immediately, regardless of the time of day or day of the week.
Express Elixir is an instant transfer system launched in 2012. Transfers in this system are processed in real time, meaning the funds reach the recipient’s account within seconds. Express Elixir is available in most banks in Poland, and the maximum amount per transfer is typically 20,000 PLN.
BlueCash is another instant transfer system that operates similarly to Express Elixir. BlueCash transfers are processed in real time, 24/7. This system is available in selected banks, and the maximum transfer amount may vary depending on the bank.
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International Bank Transfers
For international transfers, the processing time depends on the settlement system used for the transaction. The most popular systems are SEPA for euro transfers within the European Union and SWIFT for transfers in other currencies or to countries outside the EU.
SEPA (Single Euro Payments Area) is a system for euro transfers within the European Union and in Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino, and Vatican City. SEPA transfers are processed within one business day, and the fees for these transfers are the same as for domestic euro transfers.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is an international settlement system that enables bank transfers in various currencies to most countries worldwide. The processing time for SWIFT transfers depends on intermediary banks and can range from 1 to 5 business days. The fees for SWIFT transfers are usually higher than for domestic or SEPA transfers.
The processing time for bank transfers depends on various factors, such as the type of transfer, the sender’s and recipient’s banks, and the settlement session schedule. To ensure when a transfer will reach the recipient, it is advisable to check the outgoing and incoming session schedules of both the sender’s and recipient’s banks. By keeping these principles in mind and using the appropriate types of bank transfers, you can efficiently manage your finances and avoid potential payment delays.
