Why Transfers Take Days

What is the mid-market exchange rate?

• The rate your bank quotes you on its transfer screen
• The midpoint between the prices at which banks buy and sell a currency
• The average rate over the last month

Why can an ACH transfer sent on Saturday not settle until a business day?

• ACH payments are checked by hand and staff are off at weekends
• ACH settles in batches only while the Fed's settlement service is open, which is on business days
• Saturday payments are cancelled and must be resent