When moving funds between banks, how long should I expect it to take?

How long does it take for money to be transferred from one bank to another? The amount of time it takes for a bank transfer in Australia can range anywhere from almost instantaneous to more than five days.  

The speed with which you can send money to another person is directly proportional to the technology that you employ. The more advanced the technology is, the more quickly you can transfer your money.  

These technologies can be found in Australia and include:

  • PayId and Osko are two services that enable payments in close proximity to real time; however, these services have their limitations.  
  • Pay anyone services that typically allow transfers to be made within twenty-four hours  
  • BPAY, which, depending on the bank that the recipient uses, can be processed in approximately one day.  

As we will see, these technologies have some shortcomings, which is why they have paved the way for cryptocurrencies to provide a payment mechanism that is both local and international that is quick and efficient. In a later section, we'll go over the essential information regarding the new system that you need to know.  

To begin, let's find out how long it takes Australia's four largest banks to send your money to its destination.  


  • How much time does it take for funds to be transferred from one bank to another in Australia?
  • Why does transferring money from one bank to another take so much time?
  • Cryptocurrencies make it possible for users to make instant, decentralized payments to one another that can be sent anywhere in the world with just a few clicks.
  • The final word on the duration of bank transfers

How much time does it take for funds to be transferred from one bank to another in Australia? A more in-depth look at the transfer times for the "big four" banks

There is a widespread misconception that Australia's four largest banks can be completely interchanged with one another. They provide prices that are not that different from one another, comparable service levels, and safeguards that are virtually identical. Despite the fact that they are comparable, the amount of time it takes to make bank transfers can vary.  

The following is a concise rundown of how long it takes for each of Australia's four major banks to process a money transfer request:

  1. Instantly, or within minutes if you use PayID, CommBank  
  2. NAB: Instantaneously, or on rare occasions within twenty-four hours, when sending money to other banks through the Pay anyone feature.  
  3. Westpac provides customers with many different ways to make payments, including instant bank transfers.  
  4. ANZ: In real time when both the Pay anyone service and the Osko service are operational; otherwise, on the same or the following business day  

1. The times for making bank transfers with Commonwealth Bank (CommBank)

The Commonwealth Bank has been around for more than a century. Let's take a look at how the financial institution is adapting to the changes brought about by the modern revolution.

How much time does it take for the Commonwealth Bank to complete a money transfer?

  • PayID allows for the processing of transfers to BSB and account numbers to take place within minutes, and frequently instantly.  
  • Transferring money internationally takes at least three business days, and the amount of time it takes can vary widely depending on the country and the bank to which the money is being sent.  

On the other hand, these transactions don't always go through; sometimes they get stuck in the "pending transactions" status. CommBank's goal is to resolve these transactions within three to five business days, but the process could take up to ten business days. Additionally, there may be an additional 24-hour hold time for payments made for the first time.  

2. The times for making bank transfers with National Australia Bank (NAB)

The National Australia Bank employs a number of security protocols that, depending on the situation, can restrict the amount of money you can send and the recipients it can be sent to. When you have SMS security enabled with NAB, the process of sending money is significantly simplified.  

How much longer will the NAB take to transfer funds to another party?

  • When used within Australia, the Pay anyone feature makes it possible to send and receive money in an almost instantaneous fashion. When you send money to another person who has an account at a different bank, the recipient's payment may be held up for at least one day. Additionally, there is a possibility of longer wait times over the weekends because transactions are not processed until the following business day.  
  • There is also the possibility of a 24-hour delay with international payments, and the cut-off time for these transactions varies according to the destination country. If you want to send money to another country, you will be required to use the exchange rate that is provided by NAB.  

3. The transfer times for Westpac Bank

There is a selection of payment methods available through Westpac, in addition to integrations with Google Pay and other electronic devices.   

  • You can send money transfers using a variety of methods, including Pay to Mobile, Cardless Cash, BPAY, and online banking; the amount of time it takes to send transactions may vary depending on the method.  
  • If you have the SWIFT code (which is used to identify a specific bank during an international transaction), it typically takes one to three business days for an international payment to be processed.  

When you send money to a foreign country, there is a possibility that you will be subjected to additional fees and charges, some of which you may not even be aware of. These fees and charges may be deducted directly from the amount of money that you are sending.  

4. The times at which bank transfers can be made through the Australia and New Zealand Banking Group (ANZ)

When you send money to another person using ANZ, the amount of time it takes to complete the transaction is largely contingent on the mode of payment that you choose to use.  

How long does it take for a bank transfer, exactly?

  • Through the use of the Pay anyone feature and the Osko service, they attempt to complete the processing in real time; however, if Osko is not used, the payment may take longer. Payments made for today that are received before 6 p.m. are typically processed on the same day, whereas payments received after 6 p.m. are typically processed on the business day that follows.  
  • When you pay your bills with BPAY, the transfer fees are deducted immediately, and the transaction can be completed on the same day if it was initiated before 6 p.m. If a payment is made after 6:00 p.m., it won't be processed until the following business day. The biller's bank determines how long it takes for their account to be credited after an item has been paid.  
  • It may take up to two business days for the transaction to be processed, and then it will need to be processed by the bank of the recipient before the money can be given to the person you sent it to. However, international payments are debited immediately.  

Why does transferring money from one bank to another take so much time?

Even though the Pay anyone and PayID features have made it possible to complete bank transfers in a shorter amount of time, these transactions are still subject to the common delays and holdups that are a source of ongoing annoyance. Not to mention the fact that money transfers across international borders take even longer and cost more.  

This occurs due to the fact that banks can only settle their accounts with other banks at certain times throughout the day, which are always within business hours. Even though you may make a transaction at 11 a.m., it may not be processed by your bank for another seven hours, and it may take an additional day for the recipient's bank to credit the money to their account after it has been sent to them. The implementation of new technologies such as PayID helps to make the process go more quickly, but these technologies do not solve all of the problems.  

Although it is possible, at least in theory, to build a financial system from scratch that enables instant payments to be made anywhere in the world without any friction, the conventional financial system is constructed using technology that is much older. Of course, things are different with crypto, and we'll discuss that in a moment when we get there.  

Why can't all wire transfers be completed instantly?

We are able to communicate with our family members on the other side of the world through the use of instant messaging. Since all transactions now involve digital currency, why aren't instant wire transfers possible? In the end, the fact that not all payments are processed instantly is due to the fact that many different financial systems are built on outdated systems.  

However, finances are more important than a Facebook message, which is why the process of upgrading these systems will be more careful and will take more time to build. When dealing with the money that belongs to everyone, it is important not to "move fast and break things," as Mark Zuckerberg advises.  

How much time does it take to send money across international borders?

When sending money overseas, it can typically take anywhere from one to five days. The processing time for payments is even longer for international transactions than it is for domestic ones. When you put it in this light, it makes perfect sense. When compared to coordinating the financial institutions of the entire world, integrating the banking system of a single nation is a much more manageable task.  

When money is sent from one country to another across international borders, the funds do not always travel directly from one bank to another; rather, the money travels through intermediaries. The SWIFT banking network is responsible for this transaction.  

Since its inception in 1973, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system has been instrumental in providing banks and other financial institutions all over the world with the ability to send and receive confidential transactions. Although it was cutting-edge technology when it was first introduced, it has since become somewhat obsolete.  

Ripple (XRP), now one of the most popular cryptocurrencies, was initially viewed by many people as a potential replacement for the traditional SWIFT system. On the other hand, it's possible that SWIFT will turn out to be another cryptocurrency a part of the Terra ecosystem or a Central Bank Digital Currency (CBDC).

Regardless, there is no question that the crypto industry is coming for the traditional finance industry, and they are bringing with them improved technology.  

Where does Western Union stand?

The international payments processed by Western Union are very well known. It could take anywhere from one to five banking days for the funds to reach their destination, depending on the country to which they are being sent. Even though this isn't the best scenario, things only get worse when you consider the costs involved.  

Jaime Garca was born in El Salvador, but his family was forced to emigrate to Canada when he was eleven years old after his home was bombed by rebels. Because he is an adult now, he sends money to his family every month via wire transfer. In spite of the fact that he uses the Western Union app, he is still responsible for 12 fees of $5, or $5, for every $100 transferred.  

With a count greater than 2 Due to the fact that there are 5 million people living outside of El Salvador who are sending money back to their loved ones there, the total amount paid in fees has reached well into the hundreds of millions of dollars. These lost fees are one of the primary factors that led to El Salvador's decision in 2021 to recognize bitcoin as a form of legal tender.  

Cryptocurrencies make it possible for users to make instant, decentralized payments to one another that can be sent anywhere in the world with just a few clicks.

It should be obvious that there is a problem with the conventional banking system. If the expatriate Jaime Garcia who was mentioned earlier wanted to send $10 to his cousin in El Salvador, a sizeable portion of that money would have been spent on fees under the previous system. Even more than the dozen of them 5% that was mentioned earlier, on a transaction that was only $10, 33% would go toward fees.  

How exactly does the new system function?

If Jaime Garcia were to send $10 to his cousin using a cryptocurrency wallet like Muun or Breez, he would only be required to pay 1% in transaction fees. After that, once his cousin had received the money, he would be able to visit a Chivo wallet in order to trade the digital dollars for actual US dollars. And if he used the Chivo wallet that the El Salvadoran government provides, it wouldn't cost him anything.

According to Alex Gladstein, "No matter where you are right now, you are able to send bitcoin to anyone in El Salvador who has a Chivo wallet, and in a matter of minutes, they will have the value, and then they will be able to go to one of the ATMs and take it out in cash without paying a fee." Senior Vice President and Chief Strategy Officer at the Human Rights Foundation

How quickly can cryptocurrency transfers be completed in comparison to bank transfers?

Using Bitcoin's Lightning Network to send and receive cryptocurrencies results in transactions being processed in real time. Even though transactions on the main Bitcoin blockchain can take up to an hour (which is still significantly less time than they take at banks), when done so through the use of the Lightning Network, they are almost instant.  

The Lightning Network: what exactly is it?

Instant payments are now possible thanks to the Lightning Network, which can be used for anything from buying a cup of coffee at a nearby bakery to compensating a freelance programmer working on another continent. The most significant improvement brought about by the Lightning Network is the elimination of the need to wait for confirmation times. Instantaneous resolution of financial transactions is provided.  

Smart contracts are what enforce the security, and the system can handle billions of transactions per second across the network. It easily surpasses the technical capabilities of the traditional banking system. It gets better It has incredibly low fees that amount to almost nothing, especially when contrasted with the fees charged by banks.

Lightning Network transaction times are measured in milliseconds, whereas bank transaction times are measured in days.  

The movement of money not through banks but directly between individuals.

Direct peer-to-peer communication is used rather than the traditional method of the transaction passing through a number of different international banks. There is no longer a requirement for you to place your financial security in the hands of a financial institution. Self-custody of bitcoin refers to the practice of storing digital currency in a digital wallet that is owned and operated solely by the individual.  

As a culture, we have been successful for thousands of years by employing precious metals as our monetary system. They make it possible for individuals to conduct business with one another without having to rely on money issued by the government. Naturally, the fast-paced nature of the digital age was not conducive to the use of physical metals.  

People are once again given the ability to self-custody their own money thanks to the introduction of cryptocurrencies, which are digital forms of money that can be instantly sent anywhere in the world. Many people are going to have their lives significantly altered as a result of this technology.  

Why will it forever alter your life?

According to Jaime Garcia, "the whole concept behind bitcoin is the decentralization, which is the fact that individuals can take control of their financial health and their money." His is just one example of the many success stories surrounding bitcoin.  

Is crypto risky

In many respects, cryptocurrency is a more secure investment than the conventional banking system, despite the fact that it is not without its own unique risks. To begin, the value of cryptocurrency has shown a greater degree of volatility than either the Australian or the US dollar. Although it is highly unlikely that this will continue indefinitely, most people feel that the significant price increase has been well worth the risk. Second, you are responsible for taking custody of your cryptocurrency, which puts the responsibility for the safety of your funds in your own hands rather than in the hands of the banks. This makes you a prime target for malicious actors.  

Where can one purchase bitcoin and other forms of digital currency?

On a cryptocurrency exchange, such as Cointree, you can purchase bitcoin as well as other cryptocurrencies. A stock exchange is similar to a crypto exchange, except that it is used for buying, selling, and trading cryptocurrencies instead of stocks. You can get going in a matter of minutes.

The final word on the duration of bank transfers

Why not put people's faith in crypto to the test and see if it lives up to the hype for yourself? It's likely that you already have a traditional bank account, so sign up for an account on our cryptocurrency exchange and see how quick and simple it is to send and receive cryptocurrency payments.  

Also, make it a point to educate yourself on stablecoins and the ways in which they represent the future of digital payments in a more equitable world. After all, in order for people all over the world to have access to the most reputable financial services, the banking system ought to be streamlined and run at a low cost.

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