How long does it take to receive funds from another bank into my ASB account? (2024)

FAQs

How long does it take to receive funds from another bank into my ASB account? ›

How long does it take to receive funds from another bank into my ASB account? Payments will generally be received the same day they were sent as banks will exchange payments throughout the day. This will occur at least every hour from 9am to midnight, every day including weekends and public holidays.

Being paid by people from other banks

ASB will process inward payments every hour, so we'll put the money in your account usually within an hour of ASB receiving them. In most cases the payments you receive will be immediately available for use.

Payments between banks may happen right away, or the next morning. If your money is going to a different bank from your own, the receiving bank may get your money on the same day or the next morning, depending on whether you made the payment early in the day or later in the day.

Transfers typically happen quickly. Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes.

Log in to the ASB Mobile Banking app and select Transfers on the bottom bar. Scroll to choose the accounts you wish to transfer from and to. Enter the transfer Amount, add a Description (optional) then tap Transfer to complete. Tip: Transfers to credit cards and your ASB KiwiSaver Scheme account cannot be reversed.

Your specific bank transfer time will vary depending on a range of factors, including fraud prevention, different currencies, different time zones, and bank holidays/weekends. In general, the bank transfer time will be around one to five working days.

Daily payment limits are a security precaution. You can make payments of up to $100,000 per day (or a lower amount as chosen by you) if you have Netcode-verified the device that is using the ASB Mobile Banking app. If you do not Netcode verify the app, your daily limit is $1,000 (or a lower amount as chosen by you).

The receiving bank is still processing the money

But some banks are slower than others — they might take up to 1 working day for them to release the money. So your money's safely on its way, but the recipient bank is still processing it. Your recipient can ask their bank to speed this up.

Delayed bank transfers can be caused by a number of factors, including global events, natural disasters, different currencies, missing paperwork, time differences, and many more. Bank holidays, weekends, and different banking regulations may also contribute to delays.

If the bank initiated the transfer, notify the bank immediately so that it can investigate your claim. If you first contact the bank by phone, it is a good practice to follow up in writing. If you wired the funds through a third party (e.g., Western Union), contact that party to find out what their procedures are.

How long does it take for Kiwi bank to transfer money to ASB? ›

ASB will credit or debit your account within an hour of a payment being received from another bank. NZ banks exchange payments between 9am and midnight. If the payment has been made after midnight, funds may not arrive from another bank until the morning of the following calendar day.

Bank to bank transfer times can vary across financial institutions depending on the type of transfer you make. If you're making a traditional inter-bank transfer it will take 1-3 business days. If you use NPP Faster Payments or a PayID it can be near real-time.

For sending a large amount of money, wire transfers can be a solution. To make a wire transfer, you'll need the recipient's name and address and their bank account and routing numbers. Call, visit or go online with your bank or a trusted wire-transfer company.

Bank to bank transfer times can vary across financial institutions depending on the type of transfer you make. If you're making a traditional inter-bank transfer it will take 1-3 business days. If you use NPP Faster Payments or a PayID it can be near real-time.

The money leaves your account immediately. It's usually available within 2 hours. For some banks, it can take up to close of business the next working day.

Transfers usually take 1-3 business days. An international transfer can take longer though, depending on the bank and country you're sending the money to. It's also worth noting that transfers made on a weekend, a public/bank holiday, or after the currency cut-off time will be processed the following business day.