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Transaction Date

What is the transaction date?

The transaction date is the date and time when the transaction was initiated. Simply put, when the buyer sent money to a merchant. Keep in mind that the transaction day is not the date when the merchant received money. It is the settlement date. The transaction might take up to one-two days.

Example of the transaction date

Imagine the following. A client from Great Britain sends money to a freelancer from Russian.

The transaction date: 21.10.19

The settlement date: 22.10.19.

These two dates differ as it takes up to 24 hours for the UK banks to transfer money to Russian banks. It might take less or more time as well. It all depends on payment methods and banks users choose.

 

 

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