Old Mutual to Absa Transfer Time
One of the most exciting pieces of news on the South African banking scene in recent years was the announcement that Old Mutual now has a banking license. It will soon be operating as OM Bank. All along, the company was using Bidvest as its banking partner. Having it’s own license means the company will become a major competitor on the market, with products that rival those of any other bank. But what is the Old Mutual to Absa transfer time?
How long does it take to transfer money from Old Mutual to Absa via EFT?
According to Old Mutual, it takes up to 2 days for money to be transferred from a Money Account to an Absa account via EFT. The number of days may be greater if the transfer is initiated towards or during the weekend.
Ways to make the transfer faster
When people make transfers, it’s normal that they wish to have the money arrive at the destination account quickly. Let’s say you wish to send money to a family member, as an example.
Having them wait 2 or even 3 days before receiving the money would not be ideal. But that’s what happens when you do a normal EFT transfer. Each day on this site we get messages from people anxiously wondering where their money is.
In most instances, we advise them to be patient. Normal EFTs take time, and there is nothing that you can usually do to expedite the process. This situation does not obtain at Old Mutual or OM bank only. It’s the same whatever the bank that you are using.
So, what can you do to ensure that the money arrives faster? The good news is that you can initiate what is referred to as an immediate payment. With this product, your money is sending to the receiving account faster.
You are charged a small fee, which we have previously discussed. But the advantage is that the person getting the money won’t have to wait long to get it. That can come in handy in cases of business transactions.
Transfers on weekdays are faster
So far in this post, we focused on the Old Mutual to Absa transfer time. It was noted that it takes about 48 hours for money to arrive at the destination Absa account. We also noted that you can do an immediate payment.
It’s worth noting that immediate payments are not immediate. It can take up to 2 hours for money to arrive at the Absa account from an Old Mutual account. So, you need to be patient again. This is not just an Old Mutual thing. It happens with any other bank.
Another thing that we need to point out as a final thought is that transfers that are done over the weekend tend to be faster than those done over the weekend. If you send money on Saturday, as an example, you may have to wait till Monday or Tuesday for it to arrive. The same applies for transfers late on Friday. So, it’s something to keep in mind regarding the Old Mutual to Absa transfer time.
Monthly fee for Old Mutual bank account