Receive Bank Deposits Faster

Spennyrich on 21/03/2022 - 09:21

What is the standard practice for financial institutions in Australia to receive international deposits in their account?

It seems like that most banks clear these deposits 2-3 times a day ( at certain times) and not on the weekend. Are there any banks that allow these deposits to clear 24/7 as soon as they are received?

I currently run an online business and receive my payouts as an international deposit into my ING account. I have been thinking of changing institution to something else that might be better suited for this.

Any 2 cents would be appreciated.

Financial

Comments

  • Muzeeb on 21/03/2022 - 09:23
    +5

    Any 2 cents would be appreciated.

    Ok. Report your payid and I'll send you 2 cents via Osko.

    Then we can see how long it takes.

    • johninmelb on 21/03/2022 - 14:00

      As far as I know, Osko only works in Australia, not for international transfers into Oz accounts.

      • jackary on 21/03/2022 - 20:04

        Whoosh!

  • brokenglish on 21/03/2022 - 10:22
    +3

    Because SWIFT (contrary to its name) is slow.
    Manual way, find a local bank that has branches overseas where the money is sent from (e.g. CBA or ANZ).

    If you go the millennial way, you can use Wise.
    They wrote an article here for comparison with CBA:
    https://wise.com/au/blog/receive-international-transfer-comm…
    TLDR; Wise has a bank account setup in almost every country and they let you use it.
    Note that Wise is not a bank, so do your due diligence.
    I am not sure it’s meant for a regular payout, but I’m sure Wise won’t reject you there.

    I’ve personally sent money overseas many times with Wise and it’s indeed instant and their estimate is very accurate in the destination account.
    Receiving, I have not tried. Please let us know.

    • Spennyrich on 21/03/2022 - 11:06

      Thanks for this info. I'll look into this.

  • dtc on 21/03/2022 - 10:56
    +1

    Banks are working on it but they are hamstrung by entrenched international systems. Local deposits are getting there

    Is your issue that you need to see cleared funds before proceeding with a service or sending a product, and that 2 day delay is creating customer issues? Or that your business cash flow situation is such that a 2 day delay in receipt of payment is causing business issues. Because one of those is not a great sign for business success

    • Spennyrich on 21/03/2022 - 11:06

      Nice answer thanks!

      I'm more just wondering if there is an institution I am sleeping on. With the payments sector changing very rapidly I'm surprised that banks in Australia haven't overcome this hurdle yet.

  • holdenmg on 21/03/2022 - 12:01

    Look @
    https://wise.com/au/business/

  • Stingo on 21/03/2022 - 13:30

    Have you looked into the Paypal charges and clearing times? Accepting credit cards? An account in your buyers currency/country/bank? If you can't control how funds are sent the best you can do is avoid intermediary banks in the transfer. That might not make the transfer faster but should reduce costs.

    '

  • ln28909 on 21/03/2022 - 17:43
    -1

    Deposit usd into ftx, withdraw to binance smart chain, deposit into binance, convert to aud, withdraw via osko

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