Old Mutual to Standard Bank Transfer Time
What is the Old Mutual to Standard Bank transfer time? It’s a question that you may be asking yourself if you wish to send money between the two banks. Old Mutual is best known for its insurance offerings. It’s one of the biggest companies in South Africa in this regard. However, the company also has a banking unit that has been growing over the past few years. Meanwhile, Standard Bank is the largest bank in the country when it comes to market capitalization. So, how long does it take to transfer money from an Old Mutual Money Account to Standard Bank?
How long to transfer money from Old Mutual to Standard Bank?
The Old Mutual to Standard Bank transfer time is between 1 and 2 days for normal EFT transfers. The good news is that there is a way through which you can speed up transfers between the two banks. That becomes useful if you need to have the money delivered as soon as is possible.
You can make an immediate payment
A lot of times, when people make transfers from one bank to the other, they need to have the money delivered as soon as is possible. Imagine you want to make a payment for some goods or services.
It would not do to have to wait 2 days before you can get what you have paid for. The same applies if you are the one to whom money is being sent. It would not do to wait long for money to arrive.
In any case, there is a way through which you can ensure that money is transferred from an Old Mutual Money account to a Standard Bank account faster than the normal 2 days.
In order to achieve this, you need to do what is referred to as an Immediate Payment. The option is available to anyone doing an EFT transfer from Old Mutual. There are a number of things that you will need to note, however.
First, immediate payments are not really immediate. It can take up to an hour or two for the money to be delivered at the destination account. This is something that you can expect to happen no matter the bank in South Africa.
Secondly, immediate payments are not free of charge. You will need to pay for the privilege of having your money delivered in the shortest possible time. The amount that you are charged depends on the amount that you are sending.
Summing up
Old Mutual has a banking arm that has been growing over the past few years. In this article, we gave you the Old Mutual to Standard Bank transfer time. It was noted that you need to wait 2 days, which is about standard for normal EFT transfers in South Africa. The good news is that you can do an immediate payment if you wish to have the money arrive earlier.
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