During the year-end holiday season, processing times for transactions in your Business Account are longer, as the European banking network closes on public holidays. This article outlines which Business Account services are affected, which ones operate normally, and how to plan your payments ahead of time.
Public holidays affecting processing times
The following public holidays cause additional delays:
- Christmas (December 25)
- Boxing Day (December 26)
- New Year's Day (January 1)
Business Account services that are affected
Wire transfers and SEPA direct debits
Public holidays and weekends are not business days. A wire transfer or SEPA direct debit created during these periods is processed on the next business day.
Rolling reserves
A rolling reserve refers to the temporary hold placed on a portion of funds for a set period on certain transactions. Public holidays are added to this period: funds are released on the next business day.
Business Account services operating normally
Other services are not affected by European banking network closures, including:
- International wire transfers: no impact expected.
- Instant SEPA transfers: no impact expected.
- Payment cards: no transactional impact, though longer delivery times may be observed.
Recommendations for your year-end payments
To avoid any inconvenience during this period:
- Plan your wire transfers and SEPA direct debits in advance, keeping the extended processing times in mind.
- Let your vendors and contacts know that transfers take longer than usual during this period.
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