Bank to bank transfers

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Forums › Finance and wealth management › Bank to bank transfers

kdn

203 posts

Master Geek

#182620 23-Oct-2015 11:45

Hi guys,

Just a quick question for someone that knows for sure. I currently have a westpac account, I need to make a second account at another bank. To make life easy, I would like one that I can transfer money from westpac into that which will show up immediately (or within the hour) Kiwibank and ASB claim they do it, but with the caveat that it depends on the other side too. So just want to know if someone has proven experience.

cheers

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#1411730 23-Oct-2015 11:49

In my experience no bank will guarantee transfers between different companies within the time frame you are asking for. Most say overnight/next business day.

What are you trying to achieve?

Inphinity

2780 posts

Uber Geek

#1411731 23-Oct-2015 11:50

ASB -> BNZ generally is pretty quick (within a couple hours) as long as its during business hours, but not guaranteed, and outside business hours can take overnight or so. Pretty sure, as above, most banks can only nearly-guarantee internal transfers.

johnr

19282 posts

Uber Geek
Inactive user

#1411735 23-Oct-2015 11:52

Bank transfers up to 10pm at night Monday to Friday are done quite quickly now, Normally in the hour

n4

959 posts

Ultimate Geek

#1411737 23-Oct-2015 11:52

You can transfer some money to my SBS bank account if you want to test! SBS use the Westpac number range but not sure of the affiliation.

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graemeh

2078 posts

Uber Geek

#1411739 23-Oct-2015 11:54

I have just paid $1 from my Westpac account to my ASB account. I'll try to record exactly when it arrives.

From what I've seen any problems or delays are caused by the sending bank. I've found the timing of payments with some banks also depends on how you make the payment, with Bankdirect (part of ASB) if you do a bill payment I think it is overnight but if you just key in the account number you are sending to then they do it sooner.

keewee01

1737 posts

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#1411740 23-Oct-2015 11:55

johnr: Bank transfers up to 10pm at night Monday to Friday are done quite quickly now, Normally in the hour

Could someone please tell the ANZ this as they did do it for a while and then stopped and only seem to clear payments overnight again.

kdn

203 posts

Master Geek

#1411741 23-Oct-2015 11:58

Yep I agree there are no guarantees I am happy with that and understand its business hours only.

I just know a couple of times I have sold things on trademe and the buyer has said 'I have transferred money it will be there straight away' and sure enough it is, and other times people have transferred me money and it shows next business day. So just trying to find the 'good mix' of banks that will have the fastest result, the new account will be empty unless I need money in which case ill move funds into it from other bank, therefore would prefer not having to wait a day for it to clear each time

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Handsomedan

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#1411750 23-Oct-2015 12:12

Under SBI (Settlement Before Interchange) there are several windows daily that allow for settlement of funds between banks. They then do their necessary wash-ups later in the evening.

There are a couple of notable exceptions and one of those has been pointed out (it's a big system change, so has taken longer for some than others).

Many main banks will now effect transfers in those windows (usually from mid-morning to late afternoon across 5 windows), but it does depend on the agreement between the banks in question.

YMMV

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sidefx

3711 posts

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#1411752 23-Oct-2015 12:15

keewee01:
johnr: Bank transfers up to 10pm at night Monday to Friday are done quite quickly now, Normally in the hour

Could someone please tell the ANZ this as they did do it for a while and then stopped and only seem to clear payments overnight again.

Yes, this is very annoying - definitely avoid anz if you want payments to go out quickly.

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timmmay

20579 posts

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#1411757 23-Oct-2015 12:25

If you need immediate transfer the banks can do it, but I bet they charge a lot for it. "Usually within a few hours" may be the best you'll get. Prior planning would be cheaper.

kdn

203 posts

Master Geek

#1411758 23-Oct-2015 12:30

some other info on the same topic: http://www.gpforums.co.nz/threads/476451-Between-bank-transfer-times
seems like westpac might be the weak link here :)

wasabi2k

2096 posts

Uber Geek

#1411760 23-Oct-2015 12:36

Withdraw money - walk to other bank - deposit money?

johnr

19282 posts

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#1411763 23-Oct-2015 12:41

kdn: some other info on the same topic: http://www.gpforums.co.nz/threads/476451-Between-bank-transfer-times
seems like westpac might be the weak link here :)

Not correct I am a Westpac customer and pay to Kiwibank / ASB quite often and it shows up quite quickly

Hammerer

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#1411770 23-Oct-2015 12:51

johnr:
kdn: some other info on the same topic: http://www.gpforums.co.nz/threads/476451-Between-bank-transfer-times
seems like westpac might be the weak link here :)

Not correct I am a Westpac customer and pay to Kiwibank / ASB quite often and it shows up quite quickly

Agree. That thread has several incorrect statements. The most obvious is the statement that Westpac transfer on Friday shows up Tuesday. That is not the case now and it was not the case back then because overnight settlement occurs on Friday night. Provided the transfer is done before the cut-off (from memory, 10pm) then it is in the other bank's account on Saturday morning.

johnr

19282 posts

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Inactive user

#1411771 23-Oct-2015 12:54

Correct cut off is 10pm

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