How long does it take to transfer?

HavocXphere said:
Yeah right. I've seen up to 5 days delay. Generally about 1-2 days.
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It can take some time with some incompetent banks. Most banks I know of advertise it as instant so if it regularly takes that long it's false advertising.
 
Swa said:
It can take some time with some incompetent banks.
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It has little to do with the banks competence or lack thereof. The clearing mechanism used determines how long it takes. Some banks also only do clearing once per day, so if you're unlucky with the timing you've got a 24h delay right there.

Where the 5 day delay comes from - who knows.
 
HavocXphere said:
It has little to do with the banks competence or lack thereof. The clearing mechanism used determines how long it takes. Some banks also only do clearing once per day, so if you're unlucky with the timing you've got a 24h delay right there.

Where the 5 day delay comes from - who knows.
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What clearing mechanism? There is only a clearing mechanism (or more precisely a transfer mechanism) when another bank is involved. If it's the same bank there's no need for it and the money can be added to one account while subtracted from another. Sort of like SASwitch.
 
Swa said:
What clearing mechanism? There is only a clearing mechanism (or more precisely a transfer mechanism) when another bank is involved.
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OK - lets try pictures.

NPS.PNG

Those nice colourful arrows - they are not all equally fast. Depending on which combination of banks you've got, the delay might be longer or shorter as a result.

(Ignore the top left portion - its not relevant for the present discussion).
 
In case anyone was wondering, the payment was processed at 10 o'clock on Saturday morning but only showed in my account later the next day.
Not sure if it was because of the mobile app the buyer used, but FNB to FNB for me has always been instant.
 
I still think we are still talking past each other. I can see the above applying when different banks are involved and the banks have to settle their own accounts as well but otherwise its like withdrawing cash and then depositing it again. Couldn't find anything though except the banks' promises that it's instant.
 
Err... my bad. Sorry. English isn't my first language.
 
Necro alert!

Has clearing times improved? Someone EFT'd some cash to me and I've received an SMS confirming same, however the amount is not reflecting in my account as yet.

He's banking with FNB and I'm with Standard Bank.

I don't buy that in this day and age it still takes two business days to clear an inter bank transfer
 
If they didn't use instant clear and it is the first time they transfer to you it can take up to 2 business days.
 
YingYang said:
Necro alert!

Has clearing times improved? Someone EFT'd some cash to me and I've received an SMS confirming same, however the amount is not reflecting in my account as yet.

He's banking with FNB and I'm with Standard Bank.

I don't buy that in this day and age it still takes two business days to clear an inter bank transfer
Click to expand...

How do you eft cash?
 
YingYang said:
Necro alert!

Has clearing times improved? Someone EFT'd some cash to me and I've received an SMS confirming same, however the amount is not reflecting in my account as yet.

He's banking with FNB and I'm with Standard Bank.

I don't buy that in this day and age it still takes two business days to clear an inter bank transfer
Click to expand...

If they used RTC (instant transfer) or whatever it's called... it should take 5 minutes, not more. I does cost a bit though.

If they did do a normal EFT I find it strange that you got a SMS of the notification. Did the notification come from Standard Bank or FNB?

A normal EFT takes about 2 business days, depending on the time of the day the transfer was done.
 
fanie.dry said:
If they used RTC (instant transfer) or whatever it's called... it should take 5 minutes, not more. I does cost a bit though.

If they did do a normal EFT I find it strange that you got a SMS of the notification. Did the notification come from Standard Bank or FNB?

A normal EFT takes about 2 business days, depending on the time of the day the transfer was done.
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The SMS was from FNB,

The same guy EFT'd 40k to me a few months ago and I got it the same day - though he might have been using that instant transfer thing you mention.
 
YingYang said:
The SMS was from FNB,

The same guy EFT'd 40k to me a few months ago and I got it the same day - though he might have been using that instant transfer thing you mention.
Click to expand...

That's pretty normal then, if you received payment confirmation from his bank. He could have entered your number to notify you of proof of payment.

The 40k that he EFT'd to you may have reflected the same day if he selected the option to clear the payment immediately (which incurs an additional charge to him)...
 
sorry for resurrecting, but need some related advise.
usually payments from my FNB acc to other banks happens withing a day or two, however, my domestic worker of more than a year, had her last two payments only show up about 10 working days later.

her receiving account is postbank, which i am assuming is taking long to clear.

does anybody have some insight on how/who to get on the line to figure out what could be going on? (FNB will tell me the money is gone, and postbank will obviously say the money is not in her account... :/sigh - considering going back to cash rather
 
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