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Bank transfer

Posted by DanSmith47yrs DanSmith47yrs
Message 1 of 3 453 Views
Did a transfer to my new Bankwest account on Sat 18th. How long does it usually take for that transfer to show up in my account ?
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Re: Bank transfer

[ Edited ]
Posted by SarahF SarahF
Message 2 of 3 450 Views

Hi @DanSmith47yrs thanks for contacting us in regards to this. Transfers between banks can take 2-3 business days so hopefully the funds will show either later today or tomorrow. You can view a post I did recently on this process here

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Re: Bank transfer

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Posted by thewinchester thewinchester
Message 3 of 3 447 Views

It's also worth noting that the time it takes isn't Bankwest's fault @DanSmith47yrs - it's the nature of the processing system between Australia's banks. Even New Zealand's payments system - which has been processing interbank transactions every hour on weekdays since 2012 - makes Australia look old and slow by comparison.

 

Mercifully - Australia will get up to speed interbank transfers in the second half of 2017, when what's been dubbed the New Payments Platform (NPP) launches.

 

NPP has come about at the request of the Reserve Bank of Australia (RBA) after its 2012 strategic review into Australia's payments system, and the delivery and implimentation of NPP is being managed and administered under the auspices of the Australian Payments Clearing Association (APCA).

 

More information on NPP can be found at the APCA website:

http://www.apca.com.au/about-payments/future-of-payments/new-payments-platform-phases-3-4

 

Bankwest has made no public statements that I can find about if they intend to participate in NPP; but their corporate parent - CBA - is acknowleged as an NPP member institution.

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