The thing that allows near-instant transfers is NPP (New Payment Platform). PayID is built on top of it, but there are banks on the NPP that haven’t enabled the PayID feature.
For transfers to happen instantly requires you to initiate the transfer electronically, both sender & receiver banks need to be on the NPP, and the amount transferred is below a limit set by your bank (usually $5k?).
Otherwise it’s the usual slow transfer. Either next business day, or two, depending on what time you make the transfer… A Thursday evening transfer may arrive Monday morning if you’re unlucky.
What’s worse is that I don’t know what qualifies as a “business day”. Would this Friday count as a business day in Victoria? (especially when the BSB is pointing to a local branch id)
The thing that allows near-instant transfers is NPP (New Payment Platform). PayID is built on top of it, but there are banks on the NPP that haven’t enabled the PayID feature.
For transfers to happen instantly requires you to initiate the transfer electronically, both sender & receiver banks need to be on the NPP, and the amount transferred is below a limit set by your bank (usually $5k?).
Otherwise it’s the usual slow transfer. Either next business day, or two, depending on what time you make the transfer… A Thursday evening transfer may arrive Monday morning if you’re unlucky.
far out! in 2023 thats pretty crap! yeah hit the PayID limit so hard to default, massive PITA.
What’s worse is that I don’t know what qualifies as a “business day”. Would this Friday count as a business day in Victoria? (especially when the BSB is pointing to a local branch id)