General > General Technical Chat
Cheques being phased out in Australia by 2030
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jfiresto:

--- Quote from: Bicurico on October 10, 2023, 08:11:58 pm ---... Electronic transfers take one day so seller and buyer would have to trust a lot in using this.

--- End quote ---
Has it been so lately? When I push electronic transfers from one German bank to another, it just takes a few seconds for the money to appear in the receiving account – even without paying for a real time transfer. U.S. transfers seem to wait until the next batch job runs. Combine the two and you can watch banks create and destroy money – and be electronically wealthier for a few hours. :)
coppice:

--- Quote from: SiliconWizard on October 11, 2023, 01:17:15 am ---
--- Quote from: coppice on October 11, 2023, 01:13:05 am ---The daily limits are usually adjustable. I set my daily limit on line to an extremely high value in preparation to buy this house. At the right time I transferred hundreds of thousands of pounds to our solicitor, without any other preparation. It was immediately in their account. I then set the daily limit lower, to reduce the risk of anything bad happening.

--- End quote ---

That sounds nice. Your bank is probably better than mine. I bet there is a significant difference depending on the country anyway.

--- End quote ---
There are probably country specific regulations affecting this, which may or may not have caught up with current technology.
coppice:

--- Quote from: jfiresto on October 11, 2023, 05:52:53 am ---
--- Quote from: Bicurico on October 10, 2023, 08:11:58 pm ---... Electronic transfers take one day so seller and buyer would have to trust a lot in using this.

--- End quote ---
Has it been so lately? When I push electronic transfers from one German bank to another, it just takes a few seconds for the money to appear in the receiving account – even without paying for a real time transfer. U.S. transfers seem to wait until the next batch job runs. Combine the two and you can watch banks create and destroy money – and be electronically wealthier for a few hours. :)

--- End quote ---
He might be talking about international transfers. If you make a SWIFT transfer to a bank account in another country its usually constrained to only go out during the working hours of the source bank, and only appears in the target account during working hours of that bank. So, they are often a 24 hour operation for accounts across time zones.
Dan123456:

--- Quote from: coppice on October 11, 2023, 10:00:11 am ---
--- Quote from: jfiresto on October 11, 2023, 05:52:53 am ---
--- Quote from: Bicurico on October 10, 2023, 08:11:58 pm ---... Electronic transfers take one day so seller and buyer would have to trust a lot in using this.

--- End quote ---
Has it been so lately? When I push electronic transfers from one German bank to another, it just takes a few seconds for the money to appear in the receiving account – even without paying for a real time transfer. U.S. transfers seem to wait until the next batch job runs. Combine the two and you can watch banks create and destroy money – and be electronically wealthier for a few hours. :)

--- End quote ---
He might be talking about international transfers. If you make a SWIFT transfer to a bank account in another country its usually constrained to only go out during the working hours of the source bank, and only appears in the target account during working hours of that bank. So, they are often a 24 hour operation for accounts across time zones.

--- End quote ---

In Aus it often can take a day or two to transfer between banks domestically!

The common reason I hear for this is that the banks hold the funds in their own account so they can make money on the interest of it or what not but not sure if that is just a conspiracy theory  :P
Halcyon:

--- Quote from: Dan123456 on October 11, 2023, 10:28:16 am ---
--- Quote from: coppice on October 11, 2023, 10:00:11 am ---
--- Quote from: jfiresto on October 11, 2023, 05:52:53 am ---
--- Quote from: Bicurico on October 10, 2023, 08:11:58 pm ---... Electronic transfers take one day so seller and buyer would have to trust a lot in using this.

--- End quote ---
Has it been so lately? When I push electronic transfers from one German bank to another, it just takes a few seconds for the money to appear in the receiving account – even without paying for a real time transfer. U.S. transfers seem to wait until the next batch job runs. Combine the two and you can watch banks create and destroy money – and be electronically wealthier for a few hours. :)

--- End quote ---
He might be talking about international transfers. If you make a SWIFT transfer to a bank account in another country its usually constrained to only go out during the working hours of the source bank, and only appears in the target account during working hours of that bank. So, they are often a 24 hour operation for accounts across time zones.

--- End quote ---

In Aus it often can take a day or two to transfer between banks domestically!

The common reason I hear for this is that the banks hold the funds in their own account so they can make money on the interest of it or what not but not sure if that is just a conspiracy theory  :P

--- End quote ---

That's old-school. Most banks now connect to NPP either via Osko (or there is another system which I forget the name of). Inter-bank transfers are usually instantaneous these days. There are still a few banks out there dragging their heels with the old system. Even between my bank (Macquarie), that doesn't use Osko to a bank that does, it takes seconds.
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