Bank transfers are the basic way of transferring funds between accounts in Poland. Read how exactly bank transfers work and when you can expect them to reach the recipient's account.
What is the Elixir system?
The Elixir system (Electronic Clearing House) is an interbank settlement system that enables transfers between accounts kept in different banks in Poland. This system was created and managed by the National Clearing House (KIR). Elixir supports transfers in PLN both between individuals, companies and public institutions. Settlements within the Elixir system take place in three settlement sessions on business days.
Elixir billing sessions
Elixir clearing sessions are specific time slots during which transfer orders between banks are processed. There are three such sessions every working day:
1st session (morning) – between 10:30 and 11:00;
2nd session (afternoon) – between 14:30 and 15:00;
3rd session (evening) – between 5:00 p.m. and 5:30 p.m.
Transfers ordered before a given session are settled during that session. This means that a transfer ordered e.g. at 9:00 a.m. will be settled during the first Elixir session, and the funds will be transferred to the recipient's account in accordance with the schedule of incoming sessions at his bank.
Outgoing and incoming sessions in banks
Although the Elixir system processes transfers in three settlement sessions, banks have their own schedules for outgoing and incoming sessions. Outgoing sessions are the hours during which the bank sends transfers for settlement in the Elixir system. In turn, incoming sessions are the hours during which the bank posts transfers received from other banks on customer accounts.
When will the transfer arrive?
By knowing how Elixir settlement sessions and outgoing and incoming sessions work in banks, you can determine when the transfer will reach the recipient's account. The transfer processing time depends on several factors:
transfer order times - if the transfer is ordered before the outgoing session at the sender's bank, it will be settled in the next Elixir session;
session schedule in the sender's and recipient's bank - the transfer will be credited to the recipient's account in accordance with the schedule of incoming sessions in his bank;
day of the transfer order - transfers ordered on business days are settled on the same or next business day. Transfers ordered on weekends or holidays will be settled 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 hours at several popular banks:
PKO BP:
1st outgoing session – 8:00, 2nd outgoing session – 11:45, 3rd outgoing session – 14:30;
1st incoming session – 11:30, 2nd incoming session – 15:10, 3rd incoming session – 17:30.
mBank:
1st outgoing session - 5:55, 2nd outgoing session - 9:55, 3rd outgoing session - 13:25;
1st incoming session – 11:15, 2nd incoming session – 15:00, 3rd incoming session – 18:15.
Santander Bank Polska:
1st outgoing session - 8:15, 2nd outgoing session - 12:15, 3rd outgoing session - 14:45;
1st incoming session – 10:30, 2nd incoming session – 14:30, 3rd incoming session – 17:00.
It is worth remembering that session schedules may change, so it is always worth checking the current hours on your bank's website.
Examples of transfers
To better understand how long bank transfers take, consider some examples:
a transfer ordered on Monday at 10:00 from mBank to PKO BP will be settled during the first Elixir session and credited to the recipient's account at approximately 11:30 on the same day;
a transfer ordered on Friday at 4:00 p.m. from Santander Bank Polska to mBank will be settled during the first Elixir session on Monday and will be credited to the recipient's account around 11:15 a.m. on Monday;
a transfer ordered on Wednesday at 12:00 from PKO BP to Santander Bank Polska will be settled during the second Elixir session and credited to the recipient's account at approximately 2:30 p.m. 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 made outside Elixir sessions, usually in seconds, 24 hours a day, 7 days a week. Thanks to this, the funds are transferred to the recipient's account almost immediately, regardless of the time of day or day of the week.
Express Elixir
Express Elixir is an instant transfer system launched in 2012. Transfers in this system are made in real time, which means that the funds are transferred to the recipient's account within a few seconds. Express Elixir is available in most banks in Poland, and the maximum amount of a single bank transfer is usually PLN 20,000.
BlueCash
BlueCash is another instant transfer system, operating in a similar way to Express Elixir. BlueCash transfers are processed in real time, 24 hours a day, 7 days a week. This system is available in selected banks, and the amount limits for a single transfer may vary depending on the bank.
Foreign bank transfers
In the case of foreign transfers, the processing time depends on the settlement system used for a given transaction. The most popular systems are SEPA for transfers in euro within the European Union and SWIFT for transfers in other currencies or to countries outside the EU.
SEPA
SEPA (Single Euro Payments Area) is a system of transfers in euro within the European Union countries and Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino and the Vatican. SEPA transfers are processed within 1 business day, and the fees for their execution are the same as for domestic transfers in euro.
SWIFT
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is an international settlement system enabling bank transfers in various currencies to most countries in the world. The processing time of SWIFT transfers depends on the intermediary banks and may range from 1 to 5 business days. Fees for SWIFT transfers are usually higher than for domestic or SEPA transfers.
The processing time of bank transfers depends on many factors, such as the type of transfer, the sender's and recipient's bank, as well as the system's settlement session schedule. To be sure when the transfer will reach the recipient, it is worth checking the schedule of outgoing and incoming sessions in your bank and the recipient's bank. By keeping the above rules in mind and using appropriate types of bank transfers, you can manage your finances effectively and avoid possible delays in payments.