How long it takes for money to transfer between banks in Australia
There are a few factors that impact how long it takes to transfer money in Australia. It varies between banks, or even between account types depending on the form of money transfer service. The transfer time will also vary from instantaneous to more than five days depending on whether it’s a national or international transfer and where you’re sending the money.
If you need to send money internationally, you can use CurrencyFair with an Australian bank account to send money abroad at rates up to eight times cheaper than the banks. Our transparent fees and exchange rates end up saving you more, as seen in our comparison assessment of money transfer companies in Australia.
You can access great exchange rates in Australia from any device, at any time, and send and receive international money transfers in over 20 currencies and 150 countries with a CurrencyFair account.
What impacts how long it takes to transfer money between banks in Australia?
The technology used to send your payment will affect how long it takes to arrive. In Australia, these options include:
PayID and Osko — a PayID is a unique identifier linked to you, it can be your email address, mobile number or ABN. Osko payments are made using banks’ online banking platforms and send transfers quickly between participating banks.
Pay Anyone — Pay Anyone enables people in Australia to transfer money from their own account to another account in any form of Australian financial institution, such as a bank, building society or credit union.
BPAY — BPAY is a bill payment method that allows you to pay and manage bills using your online banking.
How long does it take for money to transfer between the ‘Big Four’ banks in Australia?
The “Big Four” banks in Australia are Australia and New Zealand Banking Group (ANZ), Commonwealth Bank (Comm Bank), National Australia Bank (NAB) and Westpac. If you’re new to Australia and wondering which to open an account with, check out our guide on how to open a bank account in Australia with one of the Big Four banks.
1. Australia and New Zealand Banking Group (ANZ) bank transfer times
Sending money within Australia: ANZ supports PayID and Osko payments which can take as little as 60 seconds. If your payment isn’t able to be processed using Osko, it can take up to five days. Payments processed using BPay will be processed on the same day as long as they’re requested before 6.00 pm AEST, otherwise, it’s possible they won't be processed until the next business day.
Sending money internationally from Australia: Sending money abroad with ANZ takes two-four business days to arrive in your recipient’s account. As it varies depending on where you need to send money, and the currency you’re sending, you can check out CurrencyFair’s transfer times as well to see if you can save time and money that way.
2. Commonwealth Bank (CommBank) bank transfer times
Sending money within Australia: CommBank supports PayID and states that PayID transfers and most transfers made to a bank state branch (BSB) and account number are generally processed instantly or within a few minutes. A BSB code is a six-digit number specific to local transfers in Australia. Similar to a SWIFT code, it’s used to identify the individual branch of an Australian financial institution.
Certain transfers may have a 24-hour delay, for example, if it’s your first time transferring with CommBank.
If you’re sending money to another account that you have authority to access, for example, a business account or a shared account with a child or parent, the transfer will generally take between 24 and 48 hours depending on the time of day it’s sent.
Sending money internationally from Australia: It can take up to three business days for CommBank to process an international money transfer as it depends on the recipient's country and bank. Check out CurrencyFair’s transfer times to send money abroad from Australia and you could get your money there faster and cheaper.
3. National Australia Bank (NAB) bank transfer times
Sending money within Australia: NAB uses Pay anyone and PayID and Osko payments to transfer funds. Transfers within Australia are processed overnight with Pay anyone, so if you send money before the cut-off time of 6:00 pm AEST/AEDT, your money will usually arrive in your recipient's account the next business day (depending on the recipient’s institution). If you’re sending money using Pay anyone to another NAB account for the first time it will have a 24-hour delay. NAB’s “Fast Payments” include PayID and Osko payments and can take as little as 60 seconds.
Sending money internationally from Australia: Sending money abroad using your NAB account may also have a 24-hour delay. International payments also have varying cut-off times depending on the currency. After that, it can take up to three business days to get to your recipient.
4. Westpac bank transfer times
Sending money within Australia: Westpac supports payments using Osko, Pay anyone, BPay and general funds transfers. The delivery time depends on which method is used and when it’s sent. For example, BPay payments made after 6 pm AEST are received the following business day, but Osko payments could be received within a minute.
Sending money internationally from Australia: Sending money abroad with Westpac generally takes one-three business days.
How long does it take to transfer money with CurrencyFair?
CurrencyFair offers an online cross-border payment and foreign exchange service to customers globally. You can transfer money internationally with CurrencyFair with rates up to eight times cheaper than the banks. The processing times vary based on the currency and payment method you need, and you can check all our processing times here.
As we have local bank accounts across the globe, most international money transfers from Australia with CurrencyFair are treated as domestic transfers, saving you time and money.
This information is correct as of May 2022 This information is not to be relied on in making a decision with regard to an investment. We strongly recommend that you obtain independent financial advice before making any form of investment or significant financial transaction. This article is purely for general information purposes. Photo by Priscilla Du Preez on Unsplash.
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