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A cut-off time is the daily deadline set by a bank or national settlement system (Fedwire, CHAPS, TARGET2) after which a wire transfer cannot be processed until the next business day. Missing a cut-off is one of the most common causes of unexpected payment delays. Track a delayed wire free on Ohmyfin →
Cut-off times exist because national RTGS (Real-Time Gross Settlement) systems have defined operating windows. Fedwire in the US runs 09:00–18:00 ET. TARGET2 in Europe runs 07:00–18:00 CET. CHAPS in the UK runs 06:00–18:00 UK time. BOJ-NET in Japan runs 09:00–16:30 JST. A payment must reach the settlement system before its cut-off or it will not settle until the next session — which could be the next business day, or Monday if the miss occurs on Friday.
Banks set their own internal cut-offs that are typically 1–3 hours earlier than the settlement system cut-off. This gives the bank time to process, sanction-screen, and forward the payment before the system closes. JPMorgan Chase USD cut-off is ~16:00 ET; Fedwire closes at 18:00 ET. HSBC UK EUR cut-off is ~14:00 GMT; TARGET2 closes at 18:00 CET. A payment submitted to your bank after its internal cut-off will be queued for the next business day, even if you think you submitted it "on time".
The cut-off time problem is amplified on Fridays and the day before public holidays. A USD wire submitted at 16:30 ET on Friday (after Chase's 16:00 cut-off) will not settle until Monday morning ET — arriving at the beneficiary country on Tuesday in some corridors due to time zone differences. This is why international treasurers always submit critical Friday payments before noon local time.
Currency time zone mismatches create an additional complication. A GBP wire from Australia to the UK must be submitted early in Australian morning to reach CHAPS before it closes at 18:00 GMT. By Sydney afternoon, CHAPS is already closed. Similarly, a EUR payment from the US cannot achieve same-day TARGET2 settlement because TARGET2 closes at 18:00 CET, which is around midday on the US East Coast.
Your bank queues the payment for the next settlement window. For USD on a Friday afternoon, that is Monday morning Fedwire — which means the beneficiary may not see funds until Tuesday or Wednesday in their local bank, depending on their country's processing time.
It is usually on the bank's website under "international transfers" or "wire transfer help". For important payments, call the international payments desk and confirm the specific cut-off for the currency and destination.
Some banks offer a "SWIFT urgent" or "same-day express" service with a later cut-off, often at a higher fee. Not all destinations are eligible. Confirm with your bank before relying on it for critical payments.
Fintechs manage liquidity locally in destination countries, so they are mostly not affected by RTGS cut-offs. A Wise transfer can often arrive within minutes because Wise already holds the local currency — it is not waiting for RTGS settlement.
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