Old Mutual to African Bank Transfer Time

The banking sector recently welcomed the news that Old Mutual South Africa had received a banking license and will soon be trading as OM Bank. All along, Old Mutual was using the Bidvest license for its banking arm. The Old Mutual Money Account has been growing fairly robustly in recent years. If you are one of the millions of people who hold the account, a time may come when you need to make transfers to other banks. So, what is the Old Mutual to African Bank transfer time?

How long does it take to transfer money from Old Mutual to African Bank?

The Old Mutual to African Bank transfer time is 48 hours. On weekdays, you can expect to have the money arrive at the destination account within this timeframe, save for Fridays, Saturdays and Sundays, when EFTs are done at a rather slow pace. For these days, you can expect to wait up to 3 or even 4 days before the money arrives at the African Bank account.

How to get quicker transfers

In the majority of cases, you wish to get the money that is transferred from one bank to the other arrive in the shortest possible time.

You don’t want to have people wait when when it comes to getting money to it’s destination. Let’s assume that you wish to send money to your son.

Or maybe you wish to get money to another person. In that case, what you want to happen is to have the money arrive there and then. But is that possible?

The answer is yes. There is a good way through which you can get faster transfers. If you wish to make an Old Mutual to African bank transfer, you can do an immediate payment.

With that, you pay a little amount to have your money send to its destination quicker. Immediate payments at Old Mutual are charged the same amount regardless of the amount that you are sending.

Other banks charge amounts that vary depending on the amount that you are sending. So, Old Mutual is great in this regard.

What will happen to Money Accounts when OM bank becomes operational?

People may be wondering what is going to happen to Money Accounts when OM Bank becomes operational. Most likely the accounts will be transferred to OM Bank.

In any case, it’s a great thing that another bank has joined the fray. Competition is great, so it’s good that there will be more competition. It will mean cheaper banking for South Africans.

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