How the Reserve Bank's new payment's platform will make our money fly (http://www.smh.com.au/comment/how-the-reserve-banks-national-payments-platform-will-make-our-money-fly-20171013-gz09n5.html)
I remember reading about this months ago. It was promised to be available August this year.
Typically it now is an overnight (or over weekend with most banks) process but can sometimes take a couple of days. I had a transfer recently that happened within a few hours on the same day -never one that quick previously.
Interesting,last week i had a PayPal withdrawal in my Acct. the next day,normally it was at least 2 days,sometimes 3 depending on your withdrawal time.A Thursday withdrawal wasn't in your Acct. until the next Tuesday.
Actually my paypal withdrawals have entered my account overnight for at least a year.I've even
had transactions complete the same day
My PayPal transactions have moved funds from Bank on same day for over a year now, but takes an extra day or 2 if the weekend is involved.
I've never had Paypal transfer to account as fast as overnight.
One wonders how the funds are accounted for while in limbo -overall must be a very substantial amount. Has some smart operator figured a way to get it on the overnight money market? At a place I worked the wholesale account was a multi-million dollar sum to be paid monthly. Customer payments came in anytime and the accountant set aside a proportion to pay the wholesale account. That money was invested in the overnight market and more than paid his salary. The organisation never gave him a bonus for finding a source of extra income.
Quote from: 'JeffH' pid='112413' dateline='1508372576'I've never had Paypal transfer to account as fast as overnight.
Yeah,same here,i don't sell much but last Week was the first time its gone in the next day,it was a CTB acct with Cheque and CC attached if that's makes a difference. I don't think its happened to me before,always 2 days.
The money out,debit,after a purchase on Ebay is overnight on my Acct.
Oh, the money out is immediate for me.
Financial institutions are good at getting the money out quick but usually slow at getting it to the recipient.
Quote from: 'JeffH' pid='112418' dateline='1508385432'Oh, the money out is immediate for me.
Financial institutions are good at getting the money out quick but usually slow at getting it to the recipient.
All my PP transactions are money out. I never sell anything, so no money coming in. :shok:
Speaking of overnight markets....
Back in the day, IBM came up with a program that calculated mail delivery times and bank processing times across the USA (and possibly globally, though the bulk of their business was in the US back then). When making payments, they drew the cheques on the banks which would take the longest to settle, and invested the money in the meantime. They made millions in extra income this way.