Anyone maintain a list of (actual) bank clearance times?

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Forums › Finance and wealth management › Anyone maintain a list of (actual) bank clearance times?

kenkeniff

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#139334 5-Feb-2014 12:27

I'm after a comprehensive list of bank clearance times (for electronic payments) for the top NZ banks;

(Actual times, not just the frequency bank A claims to send payments to bank B but the time money actually shows up in bank B's statement).

e.g.
Kiwibank > Kiwibank = Instant 0900-0000 business days
Kiwibank > ASB = ???
Kiwibank > ANZ = ???
Kiwibank > BNZ = ???
Kiwibank > Westpac = ???

ASB > ASB = ???
ASB > Kiwibank = ???
...

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#980642 5-Feb-2014 12:37

Kiwibank do payments every hour on the hour right up to, i think, 8.00pm business days only. it then takes a few minutes to clear the funds in the other bank. thats just my experience.

Common sense is not as common as you think.

trig42

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#980645 5-Feb-2014 12:39

On a weekday, anything to Kiwibank usually show within the hour. Over the weekend, you won't see it until Monday (from another bank).

ASB to ASB is also instant (they were the first to do this, ages ago).

kenkeniff

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#980647 5-Feb-2014 12:41

ok...I can see this is going to take a while...

sidefx

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#980648 5-Feb-2014 12:42

Great idea, would love to see this... Not aware of a full list though.

ANZ -> Kiwibank is next morning (and must be in by 10pm) Quite annoyingly slow IMO.

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kenkeniff

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#980651 5-Feb-2014 12:47

sidefx: Great idea, would love to see this... Not aware of a full list though.

ANZ -> Kiwibank is next morning (and must be in by 10pm) Quite annoyingly slow IMO.

Hmm, where would be the appropriate place to host it, maybe in a wiki-type format?

michaelmurfy

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#980673 5-Feb-2014 13:27

ASB > ASB = Instant
ASB > Kiwibank > ASB = 1-2 hours (between 7am to 11pm)
All other banks seem to be next business day.

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#980675 5-Feb-2014 13:28

You won't get a definitive list.

Under SBI, it's down to bilateral agreements and service delivery windows.

Ultimately, most banks should be on an instantaneous transfer basis witihin their own network, but from bank to bank, it'll be anything from hourly to overnight, depending on their bilateral agreement.

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Hammerer

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#980678 5-Feb-2014 13:30

I suggest that you contact the NZ Bankers Association as they deal with payment information:
http://www.nzba.org.nz/banking-information/payments-information/

floydbloke

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#980693 5-Feb-2014 14:24

Received an internet banking payment into my BNZ account at 2 pm on a Saturday afternoon, this was within an hour of notifying the payer what the amount was. I assume it came from another BNZ account.

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MaxLV

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#981060 5-Feb-2014 23:14

kenkeniff: I'm after a comprehensive list of bank clearance times (for electronic payments) for the top NZ banks;

(Actual times, not just the frequency bank A claims to send payments to bank B but the time money actually shows up in bank B's statement).

e.g.
Kiwibank > Kiwibank = Instant 0900-0000 business days
Kiwibank > ASB = ???
Kiwibank > ANZ = ???
Kiwibank > BNZ = ???
Kiwibank > Westpac = ???

ASB > ASB = ???
ASB > Kiwibank = ???
...

Ring the banks. They'll tell you.

Kyanar

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#981192 6-Feb-2014 13:22

Transferring from Westpac to ASB occurs within 1 hour. ASB to Westpac is next business day.

(Side note, a Westpac NZ SWIFT payment clears the foreign bank in 3 hours).

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mattwnz

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#981196 6-Feb-2014 13:34

Have you tried the reserve bank, or another regualator thatoversees banks. The clearance times would change and may depend on other circumstances, so any published list would need to be very accurate, otherwise anyone relying on it could potentially seek redress.

Kyanar

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#981267 6-Feb-2014 15:22

It's nothing to do with any regulator - settlement times aren't regulated. Your best bet would be to contact Payments NZ who administer the Real-Time Gross Settlement (RTGS) transactions. Be aware though that as they are not a government organisation, they're under no obligation to talk to you.

mattwnz

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#981274 6-Feb-2014 15:28

Kyanar: It's nothing to do with any regulator - settlement times aren't regulated. Your best bet would be to contact Payments NZ who administer the Real-Time Gross Settlement (RTGS) transactions. Be aware though that as they are not a government organisation, they're under no obligation to talk to you.

I never said they were regulated, but they would be the ones who would be in the best position to be in the know as to that sort of thing. Or the banking ombudsman, as they have probably dealt with complaints over settlement delays between banks.

Penzance

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#1444431 9-Dec-2015 12:12

Kiwibank processes payments to other banks hourly from 9 am to midnight on business days.

https://www.kiwibank.co.nz/personal-banking/making-payments/payment-times/

This money disappears immediately from the kiwibank account, then goes into a 'holding pen' of sorts waiting for the receiving bank to retrieve the payment, which is dependent on that banks processing times.

For example a payment made at 9:50 am from a kiwibank account will be processed and sent to the other bank at 10 am. If the receiving bank is, say, ANZ, they process all their payments at 10 pm, so the money will be in the ANZ account shortly after 10 pm on the same day, certainly no later than 11 pm. This has been my experience.

If ANZ processed a transfer of money at 10pm to kiwibank on a business day, then I assume the money would be showing at 11 pm.

Hopefully this is helpful.

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