What is the Absa to Standard Bank transfer time? It’s a question that you will be asking yourself if you wish to send money from Absa to Standard Bank in South Africa using EFT. The two banks are some of the biggest and most popular across the country. They command over 15 million customers between them. That’s the reason why there are so many transfers being made from one to the other. But how long does it take to transfer money from Absa to Standard Bank?
Absa to standard bank eft transfer time
The Absa to Standard Bank transfer time is between 2 and 3 working days. If your money is send out over the weekend, that day does not count. As an example, if an EFT is done on Sunday you can start counting from Monday and the money will arrive in your account most likely on Wednesday.
What can you do to speed up the transfer?
That’s the Absa to Standard Bank transfer time. We have previously written on a transfer coming from Standard Bank to Absa. You will notice that the transfer time is usually the same, regardless of the bank from which the money is coming.
But is there a way through which you can improve the speed of the transfer? In most instances, you will be looking to get the money to its destination as quickly as possible. Waiting 3 days may not be ideal, particularly for business transfers.
The good news is that Absa offers what are referred to as Immediate Interbank Payment (IIP). These allow South Africans who bank with this bank to “instantly,” transfer money via EFT without having to wait several days for the money to reflect in the receiving account.
Note that instant payments are not really instant. According to Absa, it takes up to 2 hours for an immediate payment to be cleared. During this time, the bank will be verifying the beneficiary’s details.
In this post, we showed you the Absa to Standard Bank transfer time. It was noted that you need about 72 hours for money that you send via EFT to reflect in the receiving account. That may not be good enough, particularly when you are paying for goods and services.
The great thing is that you can opt for immediate payments, which reflect in the receiving account within 2 hours. However, you will need to pay a small fee for an immediate payment.