Time zones play a crucial role in the world of international finance, impacting the smooth flow of money across borders. Here are some ways in which time zones can affect these transactions.
• Processing Times : Banks have specific processing hours based on time zones. Transfers initiated outside these hours may be processed on the next business day.
• Cut-off Times : International money transfers may be delayed until the next business day if initiated close to a bank’s cut-off time.
• Exchange Rate Fluctuations : The fx market operates 24/7 across time zones, causing exchange rates to fluctuate. International transfer’s rate may vary based on its processing time.
• Weekends and Holidays : If a transfer is initiated on a weekend or public holiday in either the…
