Bank transfers are one of the basic forms of making payments. However, have you ever wondered what actually happens when you order a transfer? Why do some transactions reach the recipient within a few minutes, while others have to wait up to several days? The answers to these questions are hidden in the Elixir system, which is responsible for interbank settlements in Poland.
In this article, we will introduce you to the operation of the Elixir system, learn about the schedules of incoming and outgoing sessions in individual banks, and learn how to optimize the time when the transfer takes place . You will also discover what types of bank transfers exist and what characteristics they have. Finally, we will tell you how to check when the transfer will be received in your case - regardless of whether you order it in Poland or abroad.
When will the transfer arrive? Elixir system
The Elixir system is the National Clearing House, which is responsible for handling transactions carried out under the supervision of the National Bank of Poland. Thanks to it, it is possible to perform bank transfers between various financial institutions in Poland. 
Elixir is also the name of the cash accounting scheme used by banks in our country. Thanks to it, transfers made by customers are recorded and the money is transferred in accordance with the intention of the payer.
The most important feature of the Elixir system is its organization. Transfers are not made continuously, but within specific outgoing and incoming sessions. These schedules determine when the money will reach the recipient's account.
Outgoing and incoming sessions
To understand when the transfer will take place , it is crucial to know the specifics of outgoing and incoming sessions in the Elixir system.
An outgoing session is the moment when a bank sends money to other financial institutions. This means that transfers ordered by customers before a given outgoing session will be transferred to other banks within that session.
In turn, the incoming session is the time during which the bank receives funds from other banks and posts them on its clients' accounts. The timing of incoming sessions is crucial because they determine when the money will reach the recipient's account.
Each bank has its own schedule for outgoing and incoming sessions. For example, at ING Bank Śląski, outgoing sessions are held at 8:10 a.m., 11:30 a.m. and 2:30 p.m., while incoming sessions are held at 11:00 a.m., 3:00 p.m. and 5:30 p.m.
This means that if you order a transfer at ING Bank Śląski before 8:10 a.m., the funds will leave your account as part of the first outgoing session. However, if you complete the order after 2:30 p.m., the money will be released from your account only the next day in the first outgoing session.
Processing time for bank transfers
Thanks to the schedules of outgoing and incoming sessions, we can determine how long it takes for the transfer to be credited to the recipient's account. Generally, there are three types of transfers:
- Internal transfer - carried out between accounts in the same bank. These types of transactions are posted as quickly as possible, often within a few minutes.
- External transfer - performed between accounts in different banks. The waiting time for such transfers depends on how the Elixir sessions of both banks overlap.
- Express transfer (Express Elixir) - this is a quick form of transfer that guarantees that funds are credited to the recipient's account within a dozen or so minutes, regardless of the time of the order.
The execution time of external transfers is also influenced by whether you order them in the first or last outgoing session of the day. Transfers ordered after the last outgoing session on a given business day will be posted only the next day.
Bank transfers and holidays
The waiting time for a transfer may also be longer if you order it just before a weekend or a day off. In this case, the funds will be transferred to the recipient's account only after a few business days.
Let's assume that you order a transfer on Friday after 2:30 p.m. In this situation, your money will only leave the bank on Monday as part of the first outgoing session. However, the recipient will most likely receive it only on Tuesday. 
A similar situation will occur if you order a transfer on Thursday after 2:30 p.m. and Friday is a day off. The funds will then reach the recipient on Monday.
Therefore, if you have a choice, it is better to order transfers in the first half of the working day or at the beginning of the week to avoid delays due to holidays.
Express transfer - a faster alternative
If you need the money to be transferred to the recipient's account as quickly as possible, use an express transfer. In this case, the funds are credited to the recipient's account within a few minutes, regardless of the time of the order.
Of course, such speed has its price - express transfers are subject to an additional fee, usually from PLN 3 to PLN 10. It is worth considering this option if you want to complete the transaction quickly.
Also remember that express transfers have amount limits - usually up to PLN 20,000. If you need to transfer a larger amount, you must use a traditional transfer method.
Foreign transfers - processing time
When will the transfer from abroad arrive? Foreign transfers are a slightly different case than transactions between Polish banks. Many factors influence their implementation time, such as:
- date and time of the transfer order,
- country of the recipient's bank,
- the currency in which the transaction is made,
- type of transfer (standard or accelerated).
The time of posting funds to the recipient's account is also affected by holidays and non-working days in the country from which the transfer is made and in the destination country.
Generally, we can distinguish the following time frames for foreign transfers:
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Transfers in euro (to SEPA countries):
- standard transfer ordered by 12:30 - 1 business day,
- standard transfer ordered after 12:30 - 2 business days,
- expedited transfer ordered by 12:30 - on the same day,
- Expedited transfer ordered after 12:30 - 1 business day.
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Transfers in euro, dollars or pounds (to SWIFT countries) :
- standard transfer ordered by 12:30 - 2 business days,
- standard transfer ordered after 12:30 - 3 business days,
- expedited transfer ordered by 12:30 - on the same day,
- Expedited transfer ordered after 12:30 - 1 business day.
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Transfers in Swiss francs :
- standard transfer ordered by 8:00 - 2 business days,
- standard transfer ordered after 8:00 - 3 business days,
- expedited transfer ordered by 8:00 - on the same day,
- Expedited transfer ordered after 8:00 - 1 business day.
In the case of countries outside the IBAN zone, transfers are additionally verified, which may extend their processing time.
Transfer to phone - immediate payment
You don't know when the transfer will arrive and you need to send the money now? If you want to complete the transfer quickly, you can use the telephone option. These types of transactions are carried out via the BLIK system and are posted to the recipient's account within a few minutes, regardless of whether you both have accounts in the same or different banks. 
A transfer to a phone is a convenient solution because you do not need to know the recipient's account number - just his or her mobile phone number. These types of payments are possible 24 hours a day, 7 days a week.
Of course, to use a phone transfer, you need access to the Internet and your bank's mobile application. These types of transactions are free for customers.
Weekend - when will the transfer arrive ?
What if you make a transfer on the weekend? When will it reach the recipient?
In this case, the matter is quite simple - a standard transfer made on Saturday or Sunday will appear on the recipient's account on Monday, around noon. The exact time depends on the schedule of incoming sessions in a given bank.
It is worth remembering that if Monday is a day off, a transfer ordered on Sunday will reach the recipient only on Tuesday.
If you want your funds to be transferred to the recipient's account as quickly as possible, it is better to avoid ordering transfers on weekends and holidays. Plan your transaction for the first business day of the week or for the morning hours.
How to check your bank account number?
Are you wondering which bank the account number to which you should make the transfer comes from? Just take a closer look at the account number.
The digits in positions 3 to 6 in the account number are the so-called bank routing number. It is this combination of digits that allows you to identify which bank a given account is held with.
For example, if the account number starts with 1140, it means that it is an account at mBank. In turn, accounts starting with 1060 belong to Bank Pekao.
Of course, you don't have to remember the routing numbers of all banks by heart. You can easily find websites on the Internet that will allow you to quickly verify which financial institution a given account number comes from.
Summary
The waiting time for a bank transfer depends on factors such as the type of transfer, the session schedule in the sender's and recipient's banks, as well as holidays. Therefore, it is worth getting to know the operation of the Elixir system, which is responsible for interbank settlements in Poland.
Thanks to this, you will not only be able to check when the transfer will arrive , but also optimize the waiting time for funds. If you want the transaction to be completed quickly, you can always use an express transfer or a telephone transfer.
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