How long do bank transfers take these days?

Please note this sub-forum does not provide professional finance advice. You should seek advice from a licensed financial advisor.

To post in this sub-forum you must have made 100 posts or have Trust status or have completed our ID Verification.

If investing please consider our affiliate link for new accounts: Sharesies.

Forums › Finance and wealth management › How long do bank transfers take these days?

Paul1977

5043 posts

Uber Geek

#233603 24-Apr-2018 11:19

As per subject line.

Are these still overnight between banks, or is it faster now?

Specifically I ordered something this morning and paid from my Westpac account into their ASB account. I'm keen for them to ship it today, so was wondering if I asked them to check their account in a couple of hours if it would be in their.

jnimmo

1097 posts

Uber Geek

#2001494 24-Apr-2018 11:24

Payments between banks are faster now - generally sent and received every hour, so it can take a couple of hours depending on the banks and timing

trig42

5810 posts

Uber Geek

ID Verified

#2001495 24-Apr-2018 11:26

Yep, hourly (during business hours) between most banks has been my experience.

I quite often pay between Westpac and Kiwibank, and that usually is within the hour during the day (transfer completed before 4pm).

Kiwi to ASB is about the same, and vice-versa.

Paul1977

5043 posts

Uber Geek

#2001503 24-Apr-2018 11:33

Thanks.

I'll give it 2 hours from when I initiated the transfer then email them.

coffeebaron

6233 posts

Uber Geek

Trusted

Lifetime subscriber

#2001507 24-Apr-2018 11:37

It will also depend on when the retailer does their bank transaction check, which if only once a day, then I guess it will be tomorrow :(

Rural IT and Broadband support.

Broadband troubleshooting and master filter installs.
Starlink installer - one month free: https://www.starlink.com/?referral=RC-32845-88860-71
Wi-Fi and networking
Cel-Fi supply and installer - boost your mobile phone coverage legally

Need help in Auckland, Waikato or BoP? Click my email button, or email me direct: [my user name] at geekzonemail dot com

Paul1977

5043 posts

Uber Geek

#2001515 24-Apr-2018 11:48

coffeebaron: It will also depend on when the retailer does their bank transaction check, which if only once a day, then I guess it will be tomorrow :(

I'd imagine they normally would only do it once a day, but I'm hoping they might check specifically for mine if I ask.

floydbloke

3523 posts

Uber Geek

ID Verified

#2001549 24-Apr-2018 12:28

Paul1977:

Thanks.

I'll give it 2 hours from when I initiated the transfer then email them.

Sounds like you're really keen to get your hands on whatever you've bought very soon. Maybe you should phone them.

Emails, especially to generic mailboxes, don't tend to get checked, let alone actioned, as often and quickly as customers would like to think. (This is of course a gross generalisation mainly applicable to large organisation, and I'm sure there are plenty of small business out there who pride themselves on prompt response and turnaround.)

Did Eric Clapton really think she looked wonderful...or was it after the 15th outfit she tried on and he just wanted to get to the party and get a drink?

Paul1977

5043 posts

Uber Geek

#2001648 24-Apr-2018 13:59

floydbloke:

Sounds like you're really keen to get your hands on whatever you've bought very soon. Maybe you should phone them.

Emails, especially to generic mailboxes, don't tend to get checked, let alone actioned, as often and quickly as customers would like to think. (This is of course a gross generalisation mainly applicable to large organisation, and I'm sure there are plenty of small business out there who pride themselves on prompt response and turnaround.)

As it turns out, the order status updated to "Paid" before I had a chance to email them.

AliExpress

Shop now on AliExpress (affiliate link).

Coil

6614 posts

Uber Geek
Inactive user

#2001652 24-Apr-2018 14:08

If I pay my friend who is Westpac it is always overnight from ANZ and ASB. Same with receiving payments.
I have noticed this is only the case with Westpac.

Cheers

Handsomedan

7291 posts

Uber Geek

ID Verified

Trusted

Subscriber

#2001695 24-Apr-2018 15:00

Under SBI, participating banks will settle multiple times per day (usually hourly, although some banks tout that they do this more frequently).

This means that the longest a payment should take is an hour - sometimes it'll be far quicker.

A same-bank payment should appear virtually immediately, as it doesn;t need to leave their environment.

From Payments NZ's website:

Settlement occurs multiple times throughout the business day and each settlement is closely followed by the exchange of the payment information (interchange) between Participants - Settlement Before Interchange.

For example, if you need to pay a business whose account is at another bank, you might set up a bill payment through your internet banking. Your bank will then take your payment request, along with those it has received from other customers, and create the payment instruction to send to the other bank. When this is sent, your bank pays the money to the other bank (called ‘settlement’) and once this payment between the two banks has occurred, the payment instructions are received and processed by the recipient's bank (called ‘interchange').

Handsome Dan Has Spoken.
Handsome Dan needs to stop adding three dots to every sentence...

Handsome Dan does not currently have a side hustle as the mascot for Yale

*Gladly accepting donations...