Are most inter-account EFTs instant these days?

[Praemon]

Are most intra-bank EFTs instant these days?

Just wondering, are most intra-bank EFT transactions "instant" between the major banks these days? I know FNB to FNB is nearly always instant (sometimes there's a delay if it's done late in the evening). Standard Bank to Standard Bank can be a bit iffy, especially at the end of the month, but for the most part, is also instant. What about the other banks, like ABSA, Nedbank and Capitec? Anyone have experience with them? Also, is it truly "instant", or a few minutes delay?

Edit: Just to make it clearer, I'm just referring to intra-bank payments (payments between accounts from the same bank), not inter-bank (payments between banks). Looking to get a bank account with each bank to help process payments quicker.

 

[Rockhound]

From one ABSA account to other ABSA account is also instant.

 

[Iamnotageek]

Well, in my experience... I'm with FNB.

FNB --> FNB.... Instant

Std. Bank / ABSA ---> FNB.... Do the EFT before 4pm on a weekday and it reflects at midnight that same day.

After 4pm reflects at midnight the following day.

Weekends are a real pain though. I always try and avoid clients doing EFT's over weekends.

 

[supersunbird]

Capitec to Capitec instant.

Elsewhere to Capitec or the other way around, have had it reflect within 6 to 12 hours generally.

 

[Gtx Gaming]

STD bank to STD bank ,is instant under R1000.

Even transferring from your own cheque to your own credit card with STB bank is not instant.

 

[Getafix]

I stand to be corrected.

Capitec to Capitec: If the transaction happened after 16:00 the previous day it will reflect +/- 9:00 the following day. Similar with most of the other banks to Capitec. If a transaction happens during the day it will reflect +/- 14:00 or 19:00. Similar with the other banks to Capitec.

Whatever you do, do not release products before you have the funds in your account.

Proof of payment documentation can be forged by a primary school child.

 

[Amurai]

I stand to be corrected.

Capitec to Capitec: If the transaction happened after 16:00 the previous day it will reflect +/- 9:00 the following day. Similar with most of the other banks to Capitec. If a transaction happens during the day it will reflect +/- 14:00 or 19:00. Similar with the other banks to Capitec.

Whatever you do, do not release products before you have the funds in your account.

Proof of payment documentation can be forged by a primary school child.

Good advice!

 

[Praemon]

Thanks for all the replies. Just to make it clearer, I'm just referring to intra-bank payments (payments between accounts from the same bank), not inter-bank (payments between banks). Looking to get a bank account with each bank to help process payments quicker.

 

[The_Ogre]

STD bank to STD bank ,is instant under R1000.

Nope, the limit must be much higher than that.

Source: I EFT my wife our housekeeping money each month. Its much more than a grand and she gets it when I click "submit"

 

[The_Ogre]

Thanks for all the replies. Just to make it clearer, I'm just referring to inter-account payments (payments between accounts from the same bank), not inter-bank (payments between banks). Looking to get a bank account with each bank to help process payments quicker.

Just a heads-up, the terms you're looking for are intra-bank vs inter-bank

 

[Praemon]

Just a heads-up, the terms you're looking for are intra-bank vs inter-bank

Ah, thanks. Updated my posts for clarity.

 

[SweetFennyAdams]

I used to work for JP Morgan Bank in Sandton about 12 years ago.
This is where I learned that commercial banks in SA used to and still have massive roll-over funds offshore, where local transfer/deposit money is held (usually overnight) with interest.

This is why in South Africa, it takes half a day and sometimes a whole day to transfer funds between banks. They lending out your money and earning good interest on it. There are literally tens of billions of Rand rolling over permanently in these schemes. A huge cash cow for local banks, and a way to legally move their dividends offshore.