Inter-bank payments, especially IP ones





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  1. #1
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    Default Inter-bank payments, especially IP ones

    What are your experiences in this regard lately, especially with immediate payments? I have had some exceptionally bad experiences lately, struggling to get money paid over and useless communication from the banks.

    Why can our banks be so far behind businesses like Takealot, who keeps you informed by email throughout the transaction and even delivery stages, whilst I have now lately in two instances never received any confirmation that the money was paid over to the other party. Only way I could see it must have been paid, was by the decrease in my account balance!
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  2. #2
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    Default Re: Inter-bank payments, especially IP ones

    Banks seem to go through periods of slow eft movement, even within that same bank. I'm assuming it's technical issues. One of the most reliable for efts in my experience is interestingly Capitec, they clear them the earliest and fastest.
    Last edited by Skylark; 2020/07/12 at 06:47 PM.

  3. #3
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    Default Re: Inter-bank payments, especially IP ones

    Quote Originally Posted by Skylark View Post
    Banks seem to go through periods of slow eft movement, even within that same bank. I'm assuming it's technical issies. One of the most reliable for efts in my experience is interestingly Capitec, they clear them the earliest and fastest.
    I can't speak for local transactions, but my Forex into Capitec was a disaster. 4 days to clear, my FNB is normally available within an hour or so if done before midday.

    From Capitec to FNB took less than 5 minutes, on the other hand and cost a whole R8 extra.
    Cheers,
    John

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  5. #4
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    Default Re: Inter-bank payments, especially IP ones

    Lots of banks have put checks and gateways in to stop fraud and corruption. Don't blame them.
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  6. #5
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    Default Re: Inter-bank payments, especially IP ones

    Quote Originally Posted by jelo View Post
    Lots of banks have put checks and gateways in to stop fraud and corruption. Don't blame them.
    Not blaming therm at all, just not going to use them at all.
    Cheers,
    John

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  7. #6
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    Default Re: Inter-bank payments, especially IP ones

    Then they must just stop promising that the money should reflect in the account of the beneficiary in one or two hours' time ... whilst still happily taking your money for the extra cost associated with so-called "immediate payments" ... but as said, it can also depend whereto you are paying, in my case I found out it was the receiving bank that rejected the money four times in a row.

    Eventually changed the account (and thus the receiving bank as well) and it went through within reasonable time. Still, I have not yet received ANY email confirmation that the money was paid over.
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  8. #7
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    Default Re: Inter-bank payments, especially IP ones

    Never had issues with Capitec immediate payments and find even their normal payments to clear faster than others. Just yesterday I paid money over to a FNB account a normal EFT, this was around 13:00, last night just after 20:00 he sends me a message saying the money already cleared in his account.

    If I remember in the business all banks were always more or less equal, except for Absa, payments to and from Absa were always slower than the rest.
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  9. #8
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    Default Re: Inter-bank payments, especially IP ones

    Nedbank to Capitec or Absa as a normal payment seems to go through on the same day if I release the EFT before about midday. And likewise when ABSA payments are made to my Nedbank account.

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  10. #9
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    Default Re: Inter-bank payments, especially IP ones

    Certain banks are always a problem to some people.
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  11. #10
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    Default Re: Inter-bank payments, especially IP ones

    My issue with Capitec is the INBOUND clearance.
    So far, I have paid to Capitec, FNB and ABSA and the R8 immediate option has been half an hour at the worst case.
    Cheers,
    John

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