# Interbank transfers



## trainspotter (19 July 2009)

Does anyone else get peeved when you transfer funds from Bank A to Bank B and the money leaves Bank A account immediately and turns up 3 days later in Bank B account? Where does my money go for 72 hours? I thought in this day and age of supercompters and encrypted matrix sytems that it would take no more than 4 to 6 hours at best? Sneaky suspicion Bank A is fluffing the 24 hour money market.

Any ideas or solutions?


----------



## bellenuit (19 July 2009)

trainspotter said:


> Does anyone else get peeved when you transfer funds from Bank A to Bank B and the money leaves Bank A account immediately and turns up 3 days later in Bank B account? Where does my money go for 72 hours? I thought in this day and age of supercompters and encrypted matrix sytems that it would take no more than 4 to 6 hours at best? Sneaky suspicion Bank A is fluffing the 24 hour money market.
> 
> Any ideas or solutions?




My experience is different. I transfer often between Westpac and CommSec. If I do the transfer AM, I usually get it into my CommSec account by 11 PM

I think 1 PM EST is the cut-off time to have it in the other account late that day.


----------



## wonderrman (19 July 2009)

When ever you transfer funds over the internet, as long as it is before 6.00PM the money should go to the account by the next day.

Never had any trouble with internet banking and funds transfer.

wonder.


----------



## trainspotter (19 July 2009)

Not bad ... say hit button 10 AM Bank A and turns up 11 PM Bank B is a very good turnaround. 13 hours is very sharp indeed !

Specifically talking about ANZ to NAB. Seems to take longer than usual??


----------



## jono1887 (19 July 2009)

It should only take a max of 24 hours.


----------



## beerwm (19 July 2009)

I thought the first transfer to a new account takes 3 days.

-future transfers -  1 day.


----------



## trainspotter (19 July 2009)

Thanks jono1887. I have had instances whereby I will tansfer a sum from ANZ to NAB. Transfer on Wednesday morning 10am and money turns up at NAB on Saturday morning?? This has happened several times. Another thing ... does the electronic transfer thingy work over weekends? Let's say I shift $$$ on Friday at 3pmish. Will the money be in there by 3pm Saturday or will it rock in on Monday arvo?

beerwm ... not new accounts, existing ones for about 15 years?


----------



## aaronphetamine (19 July 2009)

Each Bank has an exchange settlements account with the Reserve Bank of Australia and when a transfer interbank is conducted the money is transferred to the ES account. At the end of the business day the banks reconcile these differences to each other. AS you can imagine there is hundreds of millions of dollars that are transferred every single day.

When one bank has more money leaving their ES account than is coming in, they need to borrow overnight from a bank that recieved a surplus. this is the OCR or the Interest Rate.

Transfers therefore can take between 24-48 hours depending on what tme they were conducted at.


----------



## awg (19 July 2009)

trainspotter said:


> Does anyone else get peeved when you transfer funds from Bank A to Bank B and the money leaves Bank A account immediately and turns up 3 days later in Bank B account? Where does my money go for 72 hours? I thought in this day and age of supercompters and encrypted matrix sytems that it would take no more than 4 to 6 hours at best? Sneaky suspicion Bank A is fluffing the 24 hour money market.
> 
> Any ideas or solutions?




From internal info I have, you are correct, the bank is using your money.

They deny this vehemently if confronted.

If you have an account at bank B already open, your money should transfer within 24 hrs.

The major banks do a "strip" to reconcile, usually around 11.00pm, which has a cutoff time of about 6.00pm.

The smaller institutions are way slower.

I used to have a client who whinged his payment was always late.

His fin institution was called the "banana coast credit union" ( to my recollection)

It used to be a giant rort with Aged pensions and similar, although I think the banks may have had to smarten up on that.


----------



## trainspotter (19 July 2009)

Thanks aaronphetamine and awg. It is starting to make sense now.


----------



## Julia (19 July 2009)

Never more than 24 hours.

Once a BOQ clerk walked 100 metres to make instant transfer to ANZ.


----------



## aaronphetamine (19 July 2009)

Julia said:


> Never more than 24 hours.
> 
> 
> > Not according to the masses of people who call me at work every day and tell me its been longer than that. Its 24-48 hours if all the details have been entered in correctly and accurately.
> ...


----------



## nathanblack (19 July 2009)

trainspotter said:


> Thanks jono1887. I have had instances whereby I will tansfer a sum from ANZ to NAB. Transfer on Wednesday morning 10am and money turns up at NAB on Saturday morning?? This has happened several times. Another thing ... does the electronic transfer thingy work over weekends? Let's say I shift $$$ on Friday at 3pmish. Will the money be in there by 3pm Saturday or will it rock in on Monday arvo?
> 
> beerwm ... not new accounts, existing ones for about 15 years?




with commbank, the weekend isnt counted, so the money disappears when you make the request but the funds dont appear in the other account until monday arvo.

beerwm doesnt mean new(just opened) accounts, he means new(never used netbank transfer before). i agree that once you have used netbank to tranfer to an account it seems quicker on subsequent transfers.

then theres bpay, that always takes 3days. wheres that money gone?


----------



## trainspotter (19 July 2009)

GREAT point nathanblack on the Bpay thingymajiggy. 3 days of millions flying around have got to go somewhere? RIGHT?


----------



## Trembling Hand (20 July 2009)

nathanblack said:


> then theres bpay, that always takes 3days. wheres that money gone?




Day 1 Out of your account 
Day 2 arrives into Bbays account they send it out
Day 3 it arrives at their customer account
Day 4 the customer looks at previous day bank transaction to reconcile their accounts


Nothing unexpected there.


----------

