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Resolved Question

Why does it take 3 business days to do an internet transfer between different banks?

What is so difficult about the process that it takes 3 days? 68 mths ago

Best Answer

I have never had that problem? every time I move money between different banks it is in the other account by the very next day (if the transaction was done early morning) Most of the banks even has an option to select when you want the transfer to go through (ABSA) and STD bank has the option to transfer it to another bank with immediate effect at a small extra fee. So it can deffinitely be done.

68 mths ago

Answers -

It shouldn't unless weekend and even then Monday processing should be ok. 48 hours should be max if transfer / payment done before 12am (in theory but 3pm for certain clients) - a new system can have interbank transfers done within the hour. Currently subscribed to this system are FNB, Absa , Capitec so any transfers between these should in practice be done within the hour.

68 mths ago

Consumer groups have accused the banking industry of delaying the process because they make millions in profits from sitting on this cash

68 mths ago

Good question Christiaan. Ive always wondered about it, the money is immediately phew, gone out of my account, where does it go to? Wie kry die rente op my geld vir die 3 dae?

68 mths ago

I have known (and experienced) this to happen if money from another bank is transfered to my account. I really don't know where the money sits and waits, and I don't believe it's a difficult process at all. I can only assume that the banks themselves somehow gain from it, or they simply wouldn't do it!

68 mths ago

The money must be cleared first, because and Internet transfer is like a bank guaranteed cheque once it is in your account.

68 mths ago

Different banks are using different systems, so the money goes to a central place first where it gets "processed" and slotted into the right "place". And because of busy days and systems working hard during the day, these things usually only happen at night at what they call "batch runs" where the accumilated entries for the day gets processed. It can take UP TO 3 days, but it really doesn't mostly. I've had at most 2 days.

68 mths ago

Depends on the time of day, the day of the week. The banks generally say three days if you enquire. If a transfer is done on a week day before noon it shall be in your account at eight that same day. If done on a Friday you would have to wait until after eight on the Monday. Never waited for three days. It depends on who you banking with.

68 mths ago

I have never had that problem. It is usually in the bank account by the next day, provided that the transfer was done during banking business hours. If you transfer anytime after that, it will only be 2 days later. Payments made after business hours on a Friday will only be available on a Monday morning. It also depend on the type of account - some accounts have different "rules" but generally this is how it works. I work with 8 different bank accounts at 3 different banks and it is the same for all of them.

68 mths ago

I have never had that problem. I am with ABSA and when debtors pay today from a different bank, then that money is reflected the following day. Over weekends it takes the money appears the Monday.

68 mths ago

Christiaan, jy moet ook seker by daai flippen Standard Bank wees nê? Ek is al netso g@tvol vir hul twak. Dit gebeur ELKE keer. Wanneer ek geld EFT dan land dit eers 3 dae later in die recipient se rekening. En anders om ook. If money is being deposited into my account via online banking, from another bank, the money only arrives a couple of days later. Yesterday my friend deposited money from Investec to my SB account, I was sitting next to her when she did it, I checked now again, and it is still not there! This now means that I cannot get her the stuff she wanted for her child...

68 mths ago

Actually transfers between banks are almost immedeate exept transfers to Nedbank. They can take a bit of time. The banking sites say 3 days just to cover their own backsides should something go wrong. Standard banks new site is a pure pain in the rectum. All light blue on grey, all printing in blue. Do they think we are millionaires to spend money on coloured inks. What is wrong with plain black?

68 mths ago

There is definately a problem. Such a transaction should reflect in the beneficiary's account the next day. You should query this with your bank as it could be that they retain the funds for interest. More people should complain about this as we pay a lot of money towards transaction fees and the banks earn millions in interest.

68 mths ago

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