How long do bank transfers take these days?

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

Paul1977

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#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

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#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

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trig42

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#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

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#2001503 24-Apr-2018 11:33

Thanks.

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

coffeebaron

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#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 :(

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Paul1977

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#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

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#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.)

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Paul1977

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#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.

Coil

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#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

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#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').

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