Sometimes money sent from our account reaches the recipient the same day, and other times it takes much longer. Delays in transfers are not accidental. To avoid them, we should know when our bank closes Elixir sessions and with what delay the recipient's bank records incoming transfers in the accounts.
Read also
Holidays in Finance. When to Order a Transfer to Arrive on Time?
Elixir – behind this mysterious name lies a system supporting retail interbank settlements in Poland. It has been continuously maintained since 1994 by the National Clearing House SA. However, banks do not have to rely on the “timetable” prepared by the clearing house. They can independently set the hours of accepting payment orders, as well as manipulate the deadlines for posting incoming payments.
When will my transfer arrive? Elixir Banking Sessions
Few banks strictly adhere to the KIR schedule, most of them have a shorter time for placing orders (the entry is closed earlier than in KIR), and the incoming Elixir session is booked with a delay. One of the reasons for this state of affairs is probably the Elixir system price list – the bank pays less for orders placed earlier than for those placed at the last moment before the session. Closing the entry earlier also allows for better control over the bank's liquidity and preparation for the need to provide funds for payments.
See alsoTreasury Bonds Instead of a Deposit? Read How to Take the First Step in Safe Investments
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Dates of outgoing and incoming sessions in selected banks |
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|---|---|---|---|---|---|---|
|
Bank |
By what time should I order a transfer? |
Incoming session dates |
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|
For the 1st session |
For the 2nd session |
For the 3rd session |
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|
Alior Bank |
8:20 |
12:20 |
15:20 |
11:00 |
15:00 |
17:00 |
|
BNP Paribas Bank |
8:00 |
11:45 |
14:15 |
11:00-12:00 |
14:30-15:00 |
From 5:00 PM |
|
Millennium Bank |
8:10 |
12:10 |
14:30 |
12:00 |
15:20 |
17:15 |
|
Post Office Bank |
9:00 |
13:00 |
15:00 |
From 11:00 |
From 15:00 |
From 5:30 PM |
|
BGK |
14:50 |
receipt on the same business day |
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|
BOS Bank |
8:35 |
12:35 |
15:00 |
11:00 |
15:00 |
17:30 |
|
BPS Bank |
14:30 |
12:00 |
16:00 |
18:00 |
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|
Citi Handlowy |
08:30 |
12:30 |
15:00 |
10:30 |
14:30 |
17:00 |
|
Credit Agricole |
14:30 |
11:00 |
15:00 |
17:00 |
||
|
Deutsche Bank |
7:45 |
12:00 |
15:00 |
12:00 |
16:00 |
17:30 |
|
Getin Noble Bank |
8:15 |
12:15 |
14:30 |
10:00 |
14:00 |
17:00 |
|
ING Bank Śląski |
8:10 |
11:30 |
14:30 |
11:00 |
15:00 |
17:30 |
|
Intelligo |
06:00 |
11:45 |
14:30 |
11:30 |
15:10 |
17:30 |
|
Stefczyk's Cash Register |
07:15 |
11:15 |
13:45 |
11:00-13:00 |
15:00-16:30 |
17:00-18:00 |
|
mBank |
05:55 |
9:55 |
13:25 |
11:15 |
15:00 |
18:15 |
| Nest Bank | 8:00 | 12:00 | 14:30 | 10:30 | 14:15 | 17:00 |
|
Pekao S.A. |
08:30 |
12:30 |
15:00 |
11:00 |
15:00 |
17:30 |
|
PKO BP |
8:00 |
11:45 |
14:30 |
11:30 |
15:10 |
17:30 |
|
PlusBank |
7:45 |
11:30 |
14:00 |
12:00 |
15:30 |
18:00 |
| Santander Bank | 8:15 | 12:15 | 14:45 | 10:30 | 14:30 | 17:00 |
|
Toyota Bank |
8:10 |
12:10 |
14:40 |
10:30 |
14:30 |
16:30 |
|
Source: Banks. Bankier.pl is not responsible for the currency of the data presented. |
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Elixir sessions “behind the scenes”
The interbank settlement system is somewhat similar to the Internet, but only available to the chosen ones. Through it, banks exchange electronic messages containing, among other things, data on transfer orders, payment orders and payments to tax offices. However, unlike, for example, e-mails, where the subject of exchange is only information, here money must also move.
Three times a day, on business days, the clearing house sums up the incoming and outgoing payments from each bank and determines the so-called net position of each participant. This is the amount that the bank should transfer (if the sum of outgoing payments is higher than incoming) or receive (in the opposite situation) from other banks.
The next step is settlement. Banks transfer money to each other using accounts held at the NBP. The settlement session is the basis for the functioning of interbank settlement systems, which use the multilateral obligation compensation scheme (i.e. calculating net positions). Thanks to this settlement formula, banks do not have to have large liquid reserves, and settlement is much simpler than if each bank had to settle separately with all the other banks.
Three times a day – Elixir sessions
For customers, the problem of managing bank liquidity is not the most important thing, but the fact that the system does not work in real time, but is based on settlement sessions, slows down the transfer of money. The bloodstream of banks also stops on weekends and days off, which is particularly painful for e-commerce, which operates non-stop, without time limits. The National Clearing House has established a rigid schedule of three sessions – the exception is the last working day of the year, when there is no evening session.
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Elixir Billing Session Schedule |
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|---|---|---|---|---|
|
Session No. |
From what time can banks place orders? (entry opening) |
Until what time can banks submit orders? (entry closed) |
Start of the settlement session at the NBP |
End of the settlement session at the NBP and transmission of results to banks |
|
1 |
16:00 (previous day) |
9:30 |
10:30-11:00 |
From 11:00 |
|
2 |
9:30 |
13:30 |
14:30-15:00 |
From 15:00 |
|
3 |
13:30 |
16:00 |
17:00-17:30 |
From 5:30 PM |
| Source: National Clearing House SA | ||||
If banks, when processing transfers made by customers, relied on the above schedule, predicting when the money would be in the recipient's account would not be a problem. Let's assume that at 10:15 we order a transfer at our bank. It will be processed as part of the second Elixir session, at 13:30. It will reach the recipient's bank at 15:00. All orders placed before 16:00 would be processed on the same day and the funds would reach the recipient by 17:30 at the latest. After 16:00, the transfer would wait for the next business day and would be in the recipient's account at 11:00.
Don't pay at the last minute
Differences in the approach to the deadlines for transfers can backfire on us when we pay a bill or a loan installment at the last minute. A comparison of settlement session dates will help us assess whether the money will reach the recipient on time. Sometimes, however, the clock is relentless – it is too late, Elixir has closed its gates. Fortunately, there are other options on the Polish market, such as BlueCash, ExpressElixir or SORBNET.
