How long will my bank to bank transfer take? Bank to bank transfer times can vary across financial institutions depending on the type of transfer you make. The New Payments Platform allows you to receive a faster payment from anyone whose financial institution is a participant and who has an eligible account.
Alternatively, your sender could use a traditional inter-bank transfer which will take business days from any financial institution. If you can't see this option, then the account you are sending to is not eligible to receive an NPP transfer. The transfer must go as a traditional inter-bank transfer and it could take business days. The invention and uptake of online bank accounts has made everything from transferring money to friends and family to paying rent and bills a breeze.
Despite the ease and convenience online banking provides there is one snag — it does make transferring money to the wrong account a lot easier. So what happens if you do make a mistake and send off your hard-earned funds to the wrong account? It may seem like common sense, but every time you go to transfer money to a new recipient in your phone app or on your bank's website, make sure you double check the BSB and Account Number are correct. What about the Account Name you ask? Aside from assuring them that you will pay up, what should you do next?
If you make a claim within the first ten business days of the transfer going out your money will be returned to you in full, so long as it's still in the recipient's account. The recipient's bank is obliged to put a freeze on the disputed money and notify the recipient that they have up to 10 business days in which to prove they are actually entitled to the funds. This is where it gets really tricky.
So basically your funds are completely in their hands. Plenty of Aussies use BPAY as an easy way to pay their rent or energy bills, so is there any difference between making a mistake using BPAY as opposed to making one with your regular bank account? Unfortunately there is. While the vast majority of Australian banking providers in total are subscribers to the ePayments Code , payments made with BPAY are not covered.
However, if you do make a mistake while using BPAY and end up transferring money to the wrong recipient, you should still get in contact with your bank or credit union as they may be able to assist you.
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