How Long Do Bank Transfers Take?

Many people don't know how long it takes to send money from one account to another. Technologically, it is possible for bank transfers to be completed instantly, however, many banks would rather hold your money "in transit" for a little longer to earn daily interest.

The answer to how long it takes really depends on the bank. ING Direct has become our preferred bank account for everyday transactions because it offers instant transfers between your own accounts as well as transfers to other ING Direct customers. Commonwealth Bank also offers this. The mystery about how long each bank takes for the money to reach the recipient has sometimes been revealed. For example, on the Bankwest website, they have provided a table below showing the delays.

Payment scenario	Payment types	Cut-off time	Funds available in recipient's account
		(AWST)*
Transfer money between your Bankwest accounts	Internal Transfer, Linked Account transfer	8:00pm	Immediately
Make a credit card or loan repayment between your Bankwest accounts	Internal Transfer, Linked Account transfer	8:00pm	Immediately
Send money to another Bankwest account	Pay AnyBody	8:00pm	Same business day
Transfer money between your linked account at another bank	Linked Account Transfer	3:00pm	Within 3 business days
Send money to an account at another Australian bank	Pay AnyBody	3:00pm	Within 3 business days
Pay your bills via BPAY®	BPAY	4:00pm^	Within 3 business days
Send money overseas	International Transfer	5:00pm	3 – 5 business days

How good is your bank with unnecessary delays when it comes to bank transfers? If you want to sign up to the free ING Direct Orange account, get $100 cash by using this link.