Best time to make funds transfer: weekend vs 9am Monday?

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Forums › Finance and wealth management › Best time to make funds transfer: weekend vs 9am Monday?

Batman

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#237610 9-Jun-2018 17:36

Unimportant question of the year:

Is it better to make a funds transfer at 9am on Monday compared to over the weekend?

(For speed of transaction)

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#2032676 9-Jun-2018 17:49

I did ANZ to ANZ transfer on a Sunday, person got money straight away

Fastest way If can, is use same bank person you are paying has account with.

If different banks, the earlier you pay, the earlier they get money though can be a delay, I.e it might go through 5am Monday, but if you pay 9am, it can’t go through any earlier then that.

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#2032677 9-Jun-2018 17:51

ANZ to ANZ of course it will be instant lol

Doing funds Transfer at 6pm Saturday or 8am Monday morning between NZ banks makes zero difference

I have no idea why you even think it would

John

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#2032679 9-Jun-2018 17:58

Linux: ANZ to ANZ of course it will be instant lol

Doing funds Transfer at 6pm Saturday or 8am Monday morning between NZ banks makes zero difference

I have no idea why you even think it would

John

It would depend on the times the banks do transfers between each other.
Not a 100% sure but think it’s two hourly now, if you know there’s no bank interchange in the weekends then fine.

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#2032683 9-Jun-2018 18:00

Linux: ANZ to ANZ of course it will be instant lol

Doing funds Transfer at 6pm Saturday or 8am Monday morning between NZ banks makes zero difference

I have no idea why you even think it would

John

It was only a few years ago that An ANZ to ANZ transaction after 10pm Friday would not not go into the receivers bank until sime time early Tuesday morning. The only ones that had live transactions were ASB and HSBC. Thankfully the banks have woken up and now you can go any bank to any bank within and hour.

It used to frustrate the hell out of me I could not pay a supplier same day but I could do a TT to Australia virtually instantly.

So I can see how the OP could ask this question.

John

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#2032686 9-Jun-2018 18:07

Moving money between NZ banks has been fast (business days) for a long time a number of years

John

michaelmurfy

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#2032687 9-Jun-2018 18:16

I work in the team that manages the payments systems at a large bank.

Lets say banks send batches of payments very regularly after 9am on a business day.

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#2032697 9-Jun-2018 19:09

michaelmurfy:
I work in the team that manages the payments systems at a large bank.

Lets say banks send batches of payments very regularly after 9am on a business day.

Reading between the lines the OP is asking whether a live payment made during business hours Monday will get processed before things that have been queued to run over the weekend and "jump the queue" so to speak...

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Batman

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#2032701 9-Jun-2018 19:25

michaelmurfy:

I work in the team that manages the payments systems at a large bank.

Lets say banks send batches of payments very regularly after 9am on a business day.

Thanks michaelmurfy.

I have had issues in the past with transfers being unreliable when made over the weekend, whereas my last gazillion transactions made during working hours appeared within a max of 2 hrs.

Bank with BNZ.

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#2032713 9-Jun-2018 20:00

wellygary:
michaelmurfy:
I work in the team that manages the payments systems at a large bank.

Lets say banks send batches of payments very regularly after 9am on a business day.

Reading between the lines the OP is asking whether a live payment made during business hours Monday will get processed before things that have been queued to run over the weekend and "jump the queue" so to speak...

It's just some type of batch file (guessing) that gets processed at fixed times much like a job that runs in Cron on a Linux box

John

michaelmurfy

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#2032715 9-Jun-2018 20:03

All payments over the weekend will be included in the very first batch the bank sends on Monday. No preference is given.

Batman

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#2032721 9-Jun-2018 20:14

Well i guess I'll just wire it and see what happens. Sorry for all you troubles.

Stu

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#2032724 9-Jun-2018 20:20

To the OP, is the other party also with the BNZ? I've just made a transfer BNZ to BNZ (as a test), and the payment was instant (at expected).

People often mistake me for an adult because of my age.

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Batman

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#2032726 9-Jun-2018 20:25

Yes BNZ to BNZ is instant. But to other banks it's a batch process. I think things are much improved nowadays compared to years ago. IIRC it took a few days at one stage!