10-11-2015 11:35 AM - edited 10-11-2015 11:36 AM
There’s a whole lot of work behind the scenes to process payments between banks but here’s a summary of what you need to know to understand the process a bit better.
Transferring money from Bankwest to another financial institution
- If you’ve made a payment prior to the payment cut-off-time, your payment instructions will be sent to the other financial institution on the same day for processing.
- If you’ve made the payment after the payment cut-off time your payment instruction will be sent the next business day.
Transferring money to Bankwest from another financial institution
At Bankwest we process the payment file as soon as we receive it, meaning the funds should be in your account within the hour of validating the payment file from the other financial institution. If an expected payment hasn't been credited yet, it means we haven't received the payment file from the other financial institution. In this case, we recommend you contact them to find out; what their payment cut off times are, whether the payment has actually been sent, and whether the funds are sent through an intermediary bank as this could cause delays.
Transferring money and the Reserve Bank of Australia (RBA)
Payments between financial institutions are only processed on days when the RBA is open as all payments must be settled through the RBA at the end of each day. The RBA is closed on weekends, national public holidays and some state public holidays (e.g. NSW holidays) which prevents us from settling on those days. However, Bankwest still process payments on WA public holidays when the RBA is still open.
on 29-03-2016 01:56 PM
I understand the process of money transfers and the delays that could occur however my frustration is not being able to talk to a person that can help me understand why a cash transfer sent from another bank to my BankWest account appears in my account but is held as uncleared funds.
Is this an error in a status set by the sending bank or is BankWest unaware that it was cash money transferred?
on 29-03-2016 02:51 PM
Hi, Via the Forum I'm unable to identify you to view what may have happened here and why it is showing as uncleared funds. If you can call us on 13 17 19 or log into online banking and live chat with us so our team can look into this. Thanks!
on 01-07-2016 08:01 AM
No use at all . I need a specific answer not just woffle about processes .Is there a daily limit - yes or No and if so what .Its by nu means clear on the website .
on 01-07-2016 10:31 AM
Hi @DesHill, you can view the daily limits via your online banking and if you’re registered for SMS code you’ll enjoy higher daily limits up to $20,000. To view your daily limit/s and how much of the limit/s you have used today, select payment limits from the payments & transfers menu. You can view more here: http://goo.gl/UZ8HXH