The Mysteries of The Bulk Clearing System - Bank Transfers That Don't Occur Overnight

OzyBe on 10/10/2025 - 17:22

Has anyone had a standard bank transfer (EFT) take longer than one working day to move from one bank to another?

My experience has always been that all interbank transfers (initiated on a working day) that don't take place instantly, will occur overnight - this is despite the 3 working day disclaimer that banks always seem to quote. (I know some banks put a 4 hour hold on funds when a new receiving account is involved, but this does not apply to me).

By that I mean if the transfer (withdrawal) is initiated on the sending bank's side before 6pm, it will appear in the receiving bank account the next day, with a deposit date matching the withdrawal date from the sending bank.

I had funds transferred from Bankwest to Bank Of Queensland yesterday, where the funds left the sending account, but did not arrive in the receiving account the next day.

Bankwest's preferred method of contact is via their online chat - and this turned out to be a terrible experience. While waiting for a rep to join the chat, you get logged out for inactivity. Also the reps seem to work in slow motion, and I am sure they make trips to the restroom while in mid chat.

Anyhow, after an hour, and escalating to a supervisor, they basically advise the 3 working day transfer can apply to an EFT transfer without there being any specific reason.

I was advised the path taken is Bankwest to CBA, CBA send the funds through the Bulk Clearing System to the Reserve Bank of Australia (the same way payments are all sent in Australia) and the RBA forward it to the Bank of Queensland.

So making the assumption that both banks are telling the truth when they say the funds are not with them, the RBA must have the funds. and no one has to pay any interest while funds are in the twilight zone, so that is convenient.

Financial

Comments

  • sghetti on 10/10/2025 - 17:52
    +2

    Both the sending and receiving banks need to process payment files. A lot of banks changed their processes to do this multiple times a day, sending and receiving. The bank sending the payment, debit it from your account immediately, but this remains in a file to be processed at their scheduled time. The receiving bank receives this file and processes at their scheduled times.

    But there’s quite a few reasons that this may not always work out perfectly.

    1. The timing of the sending and receiving banks could equate to a longer wait

    2. The sending bank had errors and the payment file didn’t leave on time, possibly errors that need to be looked at by someone before it’s sent

    3. The receiving bank had errors processing the file inbound and needed to be looked at by someone before it was received

    4. There’s logic used to match payments to the name on the account, the receiving bank may not have matched it correctly and it needed to be verified manually

    Probably many more reasons for the hold up.

    • OzyBe on 10/10/2025 - 18:05
      -1

      I agree with the points you have made. Finding out what has actually contributed to the delay seems to be impossible.

      Both the sending or receiving banks either don't know or don't wish to share the information.

    • bigmudcake on 10/10/2025 - 19:52
      +5

      With performing over 25 years of EFTs in my life as a customer with different banks from past experience I can tell you that overnight transfers happen on the night of a business day. So Monday night to Friday night (except public holidays), which is why they say it can take up to 3 days. Most of the banks have a cut-off time of 6PM (some as early as 4PM) that day for the transaction to be included in the overnight batch. Knowing these facts, if you do an EFT at 7PM on Friday (or Sat & Sun), you will not see it in the other bank account until Tuesday morning. If there is a public holiday on Monday, then you wont see that transaction until Wednesday morning.

      If the transaction looks suspicious or an overly one off large amount it may get flagged and delayed further.

      If a Credit Union is using CUSCAL as an intermediary then it can get delayed further.

      Other than that, In the 25+ years, I have never came across an issue with unexplained delays between banks as long as the BSB and Account number is correct. I believe they may now do account name matching (I could be wrong about this, I know there were discussions to introduce it) to help eliminate sending to wrong accounts so that could also explain it.

      So I dont believe its overly mysterious :)

  • djkelly69 on 10/10/2025 - 18:00

    I always thought you had to get the transfer in by 4pm EST to receive it the next day, but as above, there is a lot else at play.

  • OzyBe on 10/10/2025 - 18:05

    I thought I would play it safe, and do the transfer at 7am. Not safe enough it seems.

  • brendanm on 10/10/2025 - 18:06
    +1

    Bankwest (as with CBA) takes longer than most for some reason. I've personally found their help thing works well. If I need transfers asap I use my ANZ account. The Bankwest/CBA transfers are annoying.

    • OzyBe on 10/10/2025 - 18:29
      -4

      My issues with their help thing (online chat), is that while you are waiting you will get logged out. There is no indication of how long you will be waiting - at least a something saying you are 7th in line, would be better than no indication at all.
      Then when a person joined the chat, they just sat there in silence. Maybe that is how they get a break, but that is little consolation to the poor customer waiting. And then when prompted, for them to say they are reviewing your record, before even knowing what the issue is, sounds like another excuse to get a break.

      Maybe I was just unlucky?

      Sometimes, it is difficult to know if the real person is a real person, or some AI chatbot. The information you get sounds scripted.

      Also, they would hesitant to escalate to a supervisor. I had to ask a second time when they declined the first time.

      I found BOQ to be quicker to get onto, but that was via phone.

      • brendanm on 10/10/2025 - 19:23

        Do you have notifications turned on? It will notify you that you have a message even when not logged in. I stuffed up the BSB when making a transfer and they were good to deal with.

  • jv on 10/10/2025 - 18:51
    +1

    Should be instant… This is 2025…

    • OzyBe on 10/10/2025 - 19:06
      +2

      I am happy with overnight if the amount is greater than the varying Osko safety limits that banks have in place.

      3 working days definitely is not acceptable in 2025.

      • jv on 10/10/2025 - 19:30
        +1

        varying Osko safety limits

        How much are they?

        I thought it was $5K ?

  • joka on 10/10/2025 - 19:15
    +2

    Next weeks post: “I got hacked and my money was cleared to the hackers account too quickly, who can I sue?”

    • jv on 10/10/2025 - 19:31
      -1

      who can I sue?

      The Russian hackers.

    • ssfps on 10/10/2025 - 21:47
      +2

      Given that it's all fungible digital fun-money, yes, it's reasonable to expect it to appear instantly and for hacked accounts to be refunded in full.

    • tenpercent on 10/10/2025 - 21:54
      +1

      There's always some apparatchik who puts forth this strawman nonsense whenever anyone complains about being given BS antiquated service or the third degree by Australian banks.

  • Moneyinthebank on 10/10/2025 - 19:23

    why you need it so quick
    if you need it quick just give to me and i will give to other person directly

    • jv on 10/10/2025 - 20:39

      Username checks out.

  • Ave Maria on 10/10/2025 - 21:50
    +3

    Standard (non NPP) transfers are done via BECS, according to the below schedule. I always had transfers via BECS received same day. The only bank that I know that will receive the funds same day but show & make them available next day is St George because their antiquated systems process everything overnight.

    BECS bulk file exchanges occur at 10:00 am, 1:00 pm, 4:00 pm, 6:30 pm, 8:45 pm, and 10:30 pm Monday to Friday, excluding public holidays
    Settlement for the first five exchanges occurs same day with the last exhange processed on the next business day.

    Some banks leave large transfers until the 4pm exhange, other banks process immediately with the next available exchange. If done early I usualy receive funds between 11:45am and noon. The latest I ever received funds same day was after 9pm. Time zones matter as well, for example BankWest does all their banking based on WA time.

    The 3 day disclaimer is a standard out of the box statement by banks to cover their ass and is outdated. If you do a transfer late on Friday then yes it will take 3 days (processed on Monday) but that is the exception and not something banks should keep quoting as the expected norm.

    As you used BankWest (owned by CBA) what you may have experienced is the CBA 24hour hold for 1st time payments to another account (even if held with CBA).
    To avoid that always make sure you do a small transfer (say $1) between your CBA/BankWest and other accounts at least a week before your planned larger transfer.

    You should have received the money today already (it is after 10pm)

  • surfingedge on 10/10/2025 - 22:07
    +1

    For OSKO, bankwest delays new transfers over approx $400 by 4 hours. $100 to a new payee should arrive immediately unless there is something else suspicious. From the next day, $5000 will arrive immediately.

    BECS from bankwest to BOQ done at 7am (even if it's Perth time), should arrive by the end of the day. Typically arrives between 3pm and 7pm (Sydney time) in my experience. However, if it's a new payee, it's possible they implemented the 4 hour delay or maybe 24 hour delay which might push the time of the actual transfer beyond the day's cutoff. And if it was today (a Friday) then that would mean no arrival until Monday, or possibly later if there are bank holidays.

  • Marty156 on 11/10/2025 - 11:44

    Isn't it the case that transfers (excluding eg Osco) is referred to as "Tomorrows money" "TOM) and the middle man (read bank) uses it on the overnight money market?

    • Ave Maria on 11/10/2025 - 14:21
      -1

      No that is not the case. Only if you are doing standard transfers on non business days (processed next business day) or after the daily cut-off time that is bank specific (generally transfers before 4pm will be processed same day & if done before noon assured to be same day unless other "security" holds come into play, like 1st time payments, unusual suspicious activity etc. etc.). The 3 day transfer is a myth sold by banks when it suits them as an excuse for bad service..

      • YesPleaseThankYou on 12/10/2025 - 10:41

        The 3 day transfer is a myth sold by banks when it suits them as an excuse for bad service.

        I'd argue that the banks have adopted this approach because customers don't read terms and conditions and/or cannot comprehend plain English.

        This 3-day period keeps the explanation 'simple' and commensurate with customers' understanding.

    • YesPleaseThankYou on 12/10/2025 - 10:42

      Osco

      What's 'Osco'?

      • Marty156 on 12/10/2025 - 13:54

        Oops.
        Osko.
        Intra bank money transfer service.

  • YesPleaseThankYou on 12/10/2025 - 10:38
    -2

    Yet another ill-informed post and responses. There is no 'mystery'.

    Payment scenario Payment types Cut-off time (AWST) Funds available in recipient's account
    Send money to an account at another Australian bank Pay Anybody 3pm Within 3 business days

    Source: https://www.bankwest.com.au/support/payments/cut-off-times

    • Ave Maria on 13/10/2025 - 14:18

      Experience proves otherwise.

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