Depositing from one Bank to Another

CrazYmonkeY159 said:
Hi guys

How long does it usually take to EFT some funds from Bank A to Bank B? is there a standard waiting time here?

Moved some cash across to another acc but its not reflected at all (not even pending) should I just sit it out? :P
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It depends on the payment method used. There is more than 10 payment systems in the world that I know off and depending on the bank, it will take from 10 minutes to 3 days.
 
Many of these comments are wrong...

Do an EFT before 3pm and it shows up at midnight or just after midnight.
Do an EFT after 3pm and it will show up midnight the next day.

As easy as that.

The 3pm part differs with some banks, I'm not sure which ones have which times.
I usually do an EFT before 3pm - 4pm and it shows up that midnight.
They process them in batches at midnight.
 
God, I thought the SA banks had arrived in the 21st Century?

With UK accounts, I can transfer funds between banks and the transfer is as immediate as is possible (by the time I log into the second bank account the transfer is showing). This is the normal free service (the banks have up to 2 hours to process, but it's never taken more than 2 minutes).
 
Dave123 said:
God, I thought the SA banks had arrived in the 21st Century?

With UK accounts, I can transfer funds between banks and the transfer is as immediate as is possible (by the time I log into the second bank account the transfer is showing). This is the normal free service (the banks have up to 2 hours to process, but it's never taken more than 2 minutes).
Click to expand...
It is my conspiracy theory that SA banks hold on to our money while it is in 'transit' from one bank to another. And while our money is floating around in the 'cloud' somewhere it's earning the bank some interest, and not the customer.
In this day & age there surely cannot be any valid technical reason why a payment from one bank to a competitor bank should not be almost immediate?
 
Contrid said:
Many of these comments are wrong...

Do an EFT before 3pm and it shows up at midnight or just after midnight.
Do an EFT after 3pm and it will show up midnight the next day.

As easy as that.

The 3pm part differs with some banks, I'm not sure which ones have which times.
I usually do an EFT before 3pm - 4pm and it shows up that midnight.
They process them in batches at midnight.
Click to expand...

^ This. 3pm is the golden rule... Transfer before, and it clears after 12, transfer after and you wait a day.
PS. Nedbank also have a pay and clear immediately option... You pay for it like you do at FNB but it always makes me wonder why all banks don't offer it and, more importantly, if transfers can, in fact, be done without waiting, why isn't it the norm?
 
Apologies but even the 3pm golden rule is not guaranteed. If you get it earlier good for you. Minimum time to hold ones breath is 2 days. If the transfer was made on a Thursday or Friday, following week shall the cash be received.
 
atomcrusher said:
It is my conspiracy theory that SA banks hold on to our money while it is in 'transit' from one bank to another. And while our money is floating around in the 'cloud' somewhere it's earning the bank some interest, and not the customer.
In this day & age there surely cannot be any valid technical reason why a payment from one bank to a competitor bank should not be almost immediate?
Click to expand...

Uh. Incorrect.
I actually work with banks and their process and have directly been involved in this particular process.
There's a daily batch process that's started at 7pm (earlier for other banks) which is run by an .exe -you load the batch files and then the reconciliation starts. All payments done and interest fluctuations are calculated into everyone's bank accounts. This process can take anything from an hour to even 6 hours depending on amount and size of transactions. At the end, a new file is produced by the .exe that is passed on the next day to the various banks to process the outgoing payments to their beneficiaries with their end of day batch processing. Some banks have modular systems that allow for batch processing without affecting daily operations, which is why they have two different cut off times to memo post files.


Express clearance works different and other programs are involved to do real time gross settlements. Banks are strictly regulated by the reserve bank of each country. The cost and risk involved with real time clearing is different than the standard procedure, also including the fact that some banks have not yet implemented the technology for real time clearing and it costs a CRAP LOAD of money as a project.
There is no conspiracy theory.
stop sucking thumb
 
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Payments to accounts at other banks:

Expected delivery at receiving bank:

Before 16h00 weekdays (Mon-Fri)
Reflects the following day (value same day)

(Example – payment made on a Monday before 16h00 reflects on Tuesday value date Monday)
After 16h00 weekdays (Mon-Fri)
Reflects in two days (value next day)

(Example – payment done on a Monday after 16h00 reflects on Wednesday value date Tuesday)
On a Saturday before 09h30
Reflects on the Monday (value date Saturday)
On a Saturday after 09h30 or on a Sunday
Reflects on the Tuesday (value date Monday)
Before a public holiday (before 16h00)
Reflects the following day (value same day)
Before a public holiday (after 16h00)
On a public holiday
Reflects in two days (value next working day)
 
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