Weekend transfer from ANZ


#1

Hi, 

I had a friend who transferred a certain amount of money on a Saturday night around 7pm from ANZ, and I was told I would receive the money today before 10am, however I’ve checked multiple times and the money still hasn’t shown in my account. 
I was wondering if I would be receiving it today & if so, what time?

Thank-you.


#2

Hi Erica, it’ll depend on when ANZ sends the payment through to us - I’m pretty sure they process payments from the weekend at 10pm the next business day (you’ll have to double check with them on this as I’m just going from when I was a customer) so if this is the case then they’ll likely send it tonight and we’ll process it once we receive it (we process regularly throughout the day/evening) so  you’ll see it appear in your account overnight or tomorrow morning.


#3

Between bank payments process on business nights only. So if sent in a weekend the next business night is Monday night so you’ll see it late Monday night or early Tuesday morning


#4

Does sound to me that the remitting customer needs to have a conversation with ANZ and ask why when they make a payment at the weekend that the transaction is stored till late that Monday night or next business day before they send that payment to the other banks, not very customer centric if you ask me.


#5

Westpac do the same thing.
If I make a payment after 10pm Friday it won’t show on another bank account until Tuesday.
I’ve been waiting for years for the banks to catch up to my needs and actually have instant bank account to bank account transfers between different banks.
I suspect they don’t do that because you wouldn’t need to use a credit card as often.


#6

I think it was @Eric that mentioned to me last time I visited the team, that Kiwibank attempted to get ‘instant’ transfers going - they failed because none of the other banks did it, so reverted to sending payments in large batches instead.


#7

Kiwibank would be competing with the aussie banks on its own.
If there was profit in the banks doing bank to bank transfers to competing banks they would do so.
I think if it ever started properly the four aussie banks would start it between themselves first. Because they are not really in competition with each other.


#8

Ford, there is no interchange between banks at the weekend but that should not mean the remitting bank holds on to that transaction for hours and hours. First interchange on the Monday morning and it should be in that, plus the visibility and access to those funds once received is down to how each bank treats that credit, how they wish to display it and more importantly, if they will grant you access to those funds real time. Without sounding to big headed, I honestly believe BNZ leads in this space.


#9

Irrelevant.
From the customers point of view, I would like to make a payment from one bank and have it appear straight way in the other bank.
Maybe if BNZ didn’t place the importance of leading the way ahead of what products and services its customers actually want, we might actually have some decent banking products that we can all use.
I live for a world that puts customers first. After all we are paying your wages.


#10

I agree with you 100% Ford, what we need to do always has to be at the heart of the customer, however it does need 2 to Tango and it is no good if we could get the funds there but the counterparty can not manage this. All banks are looking at these person to person payments and where we can go but at the moment sorry to say nothing granular at present.


#11

Then your case is not strong enough. Do your counterparts not see the tremendous value and benefit to our communities that “person to person payments” could help to achieve. Some communities in NZ and where I live in Chch would substantially benefit including small business owners from person to person payments.
It just starts with a tiny step - what about including “the heart of the community”

At a Community Patrols meeting in Lincoln, of which I am a member, they spoke of Partnerships and communities. “Customers” are joining together for the good of their communities. Community and togetherness is the way of the future.


#12

Ford, I will pass on your feedback. I myself am but a small cog in a big wheel and do not have the power to make these changes and I appreciate your open and honest feedback.


#13

Great


#14

TSB does same day.
I made a payment from my TSB account this morning to my Westpac account and its in there at 8.20pm this evening.
Don’t know how many hours lapsed but it was done the same day.


#15

Ford, BNZ have been doing this with our customer initiated payments like this for years. As previously mentioned, depending on which bank receives the transaction, will depend on whether you see that transaction and can have access to those funds


#16

I’ve only just opened another BNZ account.
Haven’t had a transactional account with BNZ for years.
One day there will be person to person payments immediately.