Do you use real time or instant payments?

Do you use real time or instant payments?

  • Yes - regularly

    Votes: 48 19.7%

  • Yes - occasionally

    Votes: 93 38.1%

  • No - never

    Votes: 98 40.2%

  • Other

    Votes: 5 2.0%
  • Total voters
    244
bwana

bwana

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According to Business Insider banks may be collecting approximately R1 billion in fees annually for conducting immediate electronic payments between clients of different banks. Do you make regular use of this facility?
 
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Yes, but very occasionally. Perhaps one a year at most.
 
As long as they get the notification to their email/cell. That's good enough. Otherwise I just eWallet, small amounts obviously.
 
At least once a month. Usually if I dont plan accordingly for the payment of imports bills.

The school, for example, does not allow payment via debit order.

/Makes a mental note to schedule a regular payment via my banking app.

EDIT: typo
 
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BBSA said:
All payments should be immediately, this is not the 1980s, FFS.
Click to expand...
The article also stated immediate payments are riskier and require more energy to process. Sounds like block chain currency payment to me.
Edit: on the meantime, the increased "fee" is in reality added interest, which the banks cannot earn otherwise as they don't get to sit with your funds for another day
 
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Worst example I've seen - Standard Bank not allowing an instant payment EFT to other customers of theirs for the first time it's done to that individual. It's guaranteed funds and internal, so just BS "extra security".
 
The fees for this are ridiculous on some banks. Capitec charges R8 which is already ridiculous but other banks charge R60+, apparently
 
C4Cat said:
The fees for this are ridiculous on some banks. Capitec charges R8 which is already ridiculous but other banks charge R60+, apparently
Click to expand...
Which banks are those? I know Nedbank and Standard Bank charges R10 since the start of lockdown and it looks like it's going to stay that way.
 
No, haven't ever seen the need. If you want instant payment usually pay by card.

Would guess if I didn't have everything set up as scheduled EFT's I would have used it more if I forget to pay something, but otherwise, no.
 
Paulsie said:
The article also stated immediate payments are riskier and require more energy to process. Sounds like block chain currency payment to me.
Edit: on the meantime, the increased "fee" is in reality added interest, which the banks cannot earn otherwise as they don't get to sit with your funds for another day
Click to expand...
The value is disbursed faster than then interbank settlement. You don't want to pay out the other bank can't settle. Similar issue arise whenever funds are transferred across different ledger's including in the cryptocurrency space e.g. Dodge to Bitcoin via an exchange
 
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