Quote:
Originally Posted by scottybuzz
How come when I transfer funds from one account to another it takes 4 days?
I mean this is online I am doing it. I didnt go into a bank and fill out a paper form to get transfered to head office or anything. I dont understand, surely with todays technology it should be instant(like sending funds to someone on paypal or epass), yet it tells me it will take under 4 days for the funds to get transferd.
I remember hearing from a friend that the bank does this because they can hold the money for themselves to invest with etc. but I dont believe him as surely the competition of other banks would cut the waiting time in order to get the business of those who do not want to wait.
Could someone shed some light for me please?
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In my country, if its transfer between same bank and different accounts. Its instant.
But if its between different banks, it takes some time. I guess because they do not want free-flow of money (and fraud prevention) and post the transactions manually.