Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




563 posts

Ultimate Geek
+1 received by user: 89


# 139334 5-Feb-2014 12:27
Send private message

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 = ???
...





View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2
2863 posts

Uber Geek
+1 received by user: 772


  # 980642 5-Feb-2014 12:37
Send private message

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.


Banana?
4768 posts

Uber Geek
+1 received by user: 1250

Subscriber

  # 980645 5-Feb-2014 12:39
Send private message

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).

 
 
 
 




563 posts

Ultimate Geek
+1 received by user: 89


# 980647 5-Feb-2014 12:41
Send private message

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





3284 posts

Uber Geek
+1 received by user: 985

Trusted

  # 980648 5-Feb-2014 12:42
Send private message

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.



563 posts

Ultimate Geek
+1 received by user: 89


  # 980651 5-Feb-2014 12:47
Send private message

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?





Mr Snotty
8726 posts

Uber Geek
+1 received by user: 4632

Moderator
Trusted
Lifetime subscriber

  # 980673 5-Feb-2014 13:27
Send private message

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




2137 posts

Uber Geek
+1 received by user: 498

Subscriber

  # 980675 5-Feb-2014 13:28
Send private message

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.





Handsome Dan Has Spoken.

 
 
 
 


1955 posts

Uber Geek
+1 received by user: 514

Lifetime subscriber

  # 980678 5-Feb-2014 13:30
Send private message

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

1916 posts

Uber Geek
+1 received by user: 1038


  # 980693 5-Feb-2014 14:24
Send private message

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.




The first 5 days after the weekend are the hardest.


654 posts

Ultimate Geek
+1 received by user: 159


  # 981060 5-Feb-2014 23:14
Send private message

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.



3082 posts

Uber Geek
+1 received by user: 500

Trusted
Subscriber

  # 981192 6-Feb-2014 13:22
Send private message

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).

14954 posts

Uber Geek
+1 received by user: 2046


  # 981196 6-Feb-2014 13:34
Send private message

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.

3082 posts

Uber Geek
+1 received by user: 500

Trusted
Subscriber

  # 981267 6-Feb-2014 15:22
Send private message

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.

14954 posts

Uber Geek
+1 received by user: 2046


  # 981274 6-Feb-2014 15:28
Send private message

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.

1 post

Wannabe Geek


  # 1444431 9-Dec-2015 12:12
Send private message

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.

 1 | 2
View this topic in a long page with up to 500 replies per page Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Dunedin selects Telensa to deliver smart street lighting for 15,000 LEDs
Posted 18-Jul-2019 10:21


Sprint announces a connected wallet card with built-in IoT support
Posted 18-Jul-2019 08:36


Educational tool developed at Otago makes international launch
Posted 17-Jul-2019 21:57


Symantec introduces cloud access security solution
Posted 17-Jul-2019 21:48


New Zealand government unveils new digital service to make business easier
Posted 16-Jul-2019 17:35


Scientists unveil image of quantum entanglement
Posted 13-Jul-2019 06:00


Hackers to be challenged at University of Waikato
Posted 12-Jul-2019 21:34


OPPO Reno Z now available in New Zealand
Posted 12-Jul-2019 21:28


Sony introduces WF-1000XM3 wireless headphones with noise cancellation
Posted 8-Jul-2019 16:56


Xero announces new smarter tools, push into the North American market
Posted 19-Jun-2019 17:20


New report by Unisys shows New Zealanders want action by social platform companies and police to monitor social media sites
Posted 19-Jun-2019 17:09


ASB adds Google Pay option to contactless payments
Posted 19-Jun-2019 17:05


New Zealand PC Market declines on the back of high channel inventory, IDC reports
Posted 18-Jun-2019 17:35


Air New Zealand uses drones to inspect aircraft
Posted 17-Jun-2019 15:39


TCL Electronics launches its first-ever 8K TV
Posted 17-Jun-2019 15:18



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.