Do you use real time or instant payments?

Do you use real time or instant payments?

  • Yes - regularly

    Votes: 47 19.9%
  • Yes - occasionally

    Votes: 90 38.1%
  • No - never

    Votes: 94 39.8%
  • Other

    Votes: 5 2.1%

  • Total voters
    236

bwana

MyBroadband
Super Moderator
Joined
Feb 23, 2005
Messages
80,743
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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Creag

The Boar's Rock
Joined
May 19, 2009
Messages
40,304
Yes, but very occasionally. Perhaps one a year at most.
 

NeonNinja

Neon Resident
Joined
Nov 22, 2009
Messages
22,467
As long as they get the notification to their email/cell. That's good enough. Otherwise I just eWallet, small amounts obviously.
 

now05ster

Expert Member
Joined
Dec 8, 2011
Messages
1,764
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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Paulsie

Expert Member
Joined
Apr 6, 2020
Messages
1,867
All payments should be immediately, this is not the 1980s, FFS.
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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elf_lord_ZC5

Executive Member
Joined
Jan 3, 2010
Messages
8,070
What is the difference between realtime, and instant payment, they both happen in realtime.
 

Brian_G

Executive Member
Joined
Feb 7, 2020
Messages
5,121
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".
 

C4Cat

Honorary Master
Joined
Nov 9, 2015
Messages
11,706
The fees for this are ridiculous on some banks. Capitec charges R8 which is already ridiculous but other banks charge R60+, apparently
 

backstreetboy

Honorary Master
Joined
Jun 15, 2011
Messages
25,603
Yes sometimes. It's great to have it when the need arises. One of the reasons I haven't switched fully to Tyme Bank yet.
 

The_Ogre

Honorary Master
Joined
Apr 30, 2010
Messages
24,937
The fees for this are ridiculous on some banks. Capitec charges R8 which is already ridiculous but other banks charge R60+, apparently
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.
 

Johnatan56

Honorary Master
Joined
Aug 23, 2013
Messages
28,853
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.
 

Tim_vb

Senior Member
Joined
Nov 7, 2008
Messages
599
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
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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