Banking Nonsense
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<p>Thanks JC - I have some understanding of the IT side of things, but good to know why it's set up like this from the business POV.</p>
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<blockquote class="ipsBlockquote" data-author="JC" data-cid="587400" data-time="1465789173">
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<p>Australia was one of the very first in the world to have what's known as Real-Time Gross Settlement of any kind, back in the 1990s. </p>
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<p>And we did that because our banking sector was (relatively) small and uncomplicated in terms of number of products. When you look at the US banking system - mainly due to the sheer number of institutions - implementing standards-based transactions is more difficult.</p>
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<p>New Zealand is now well ahead of us on the electronic banking side only in part due to the smaller population. Mostly, NZ institutions (and not just banks) see the benefits of serving customers with a minimum of cash transactions and the associated logistics that creates. Also a better nationwide telecoms network and the appetite to take advantage of it.</p>
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<p>I think I said while I was on holiday, the only place I really <em>needed</em> cash was at a little cafe in Foxton Beach where they didn't have Credit facilities and I was out of cash.</p>
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<p>Oh and Siam: don't use a non-ANZ ATM unless you want to pop a vein :)</p> -
<blockquote class="ipsBlockquote" data-author="NTA" data-cid="587431" data-time="1465799999">
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<p>LOL. Wasn't that bad. Summer, plenty of sun, the windmill was cool, and the beach was great. Broke up the drive from Whanganui to Welly nicely.</p>
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<p>It could be a really nice little spot, the beach is nice but horrible to launch boats on, Its got more than its share of gang issues <a data-ipb='nomediaparse' href='http://www.stuff.co.nz/national/crime/2506390/Police-clamp-down-on-Horowhenua-gang-violence'>http://www.stuff.co.nz/national/crime/2506390/Police-clamp-down-on-Horowhenua-gang-violence</a></p>
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<p>The windmill is a pretty cool tourist stop, apparently there some sort of town tradition for couples to break in and bonk in the other tourist attraction which is horse drawn tram. It was driving the old coot who runs it nuts because they had no money to up the security.</p> -
<p>I worked on the Faster Payments Process in the UK basically legislation that made it mandatory for transactions between banks of a certain size to take place instantaneously. We had a target of under 7 seconds with any of the partners and would normally perform it under 1.</p>
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<p>Then I moved to France. 2 days is standard. If your lucky.</p>
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<p>Mooshld </p> -
<blockquote class="ipsBlockquote" data-author="jegga" data-cid="587464" data-time="1465805947">
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<p>It could be a really nice little spot, the beach is nice but horrible to launch boats on, Its got more than its share of gang issues <a data-ipb='nomediaparse' href='http://www.stuff.co.nz/national/crime/2506390/Police-clamp-down-on-Horowhenua-gang-violence'>http://www.stuff.co.nz/national/crime/2506390/Police-clamp-down-on-Horowhenua-gang-violence</a></p>
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<p>Well, we weren't there during night time hours. </p>
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<p>Fuck that was a good trip. Long days of sun (until we got to ChCh) and plenty of shit to see with the family. Awesome food and locally brewed beer. Must get back...</p> -
Just checked ANZ's website - they process payments to other banks on the same day as long as the payment is made before 10pm, so that's all of the major trading banks here. Kiwibank also process hourly. Not sure about the smaller banks, but there's no reason not to. This doesn't apply on weekends, but some banks transfer within themselves on weekends as well. <br><br>
Cash deposits are also instant. -
<blockquote class="ipsBlockquote" data-author="Godder" data-cid="587514" data-time="1465812791"><p>Just checked ANZ's website - they process payments to other banks on the same day as long as the payment is made before 10pm, so that's all of the major trading banks here. Kiwibank also process hourly. Not sure about the smaller banks, but there's no reason not to. This doesn't apply on weekends, but some banks transfer within themselves on weekends as well. <br>
Cash deposits are also instant.</p></blockquote>
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Sure but a delay between 2 ANZ accounts from the same branch is pretty pisspoor for 2016 I would have thought -
<blockquote class="ipsBlockquote" data-author="Siam" data-cid="587523" data-time="1465813792"><p>
Sure but a delay between 2 ANZ accounts from the same branch is pretty pisspoor for 2016 I would have thought</p></blockquote>
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ANZ to ANZ is instant here. Apparently the Australian parent is a bit behind its NZ counterpart... -
<blockquote class="ipsBlockquote" data-author="Godder" data-cid="587514" data-time="1465812791">
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<p>Just checked ANZ's website - they process payments to other banks on the same day as long as the payment is made before 10pm, so that's all of the major trading banks here. Kiwibank also process hourly. Not sure about the smaller banks, but there's no reason not to. This doesn't apply on weekends, but some banks transfer within themselves on weekends as well.<br><br>
Cash deposits are also instant.</p>
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<p>Negative, they mean they process the payment that night as long as it is before 10PM. After 10PM... then the following night. E.G. ANZ -> Westpac at 10AM will go through overnight. BNZ -> Westpac at 10AM will go through by midday.</p> -
<p>I was with ANZ, I left them due to a change in financing requirements rather than being disgruntled with ANZ and went to CBA.</p>
<p>I wasn't expecting to see such a dramatic difference between the two.</p>
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<p>Transfers between any CBA accounts is instant.</p>
<p>CBA offers an excellent iphone app that gives you the ability to send money via phone numbers (CBA Account Holders only), cardless cash collections from ATMs, fingerprint authentication, and near real time transaction updates (I see my in-store purchases hit my Credit Card account on my iphone within a second which wasn't possible at the time with ANZ).</p>
<p>CBAs online webservice is also much better than ANZs (better functionality, availability and performance).</p>
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<p>CBAs biggest downfall is its awards program (only because I am with Frequent Flyers).</p> -
<p>I switched to Westpac at the start of last year when I got a mortgage with them. One thing that annoyed me was if someone put, say, $500-600 in my account (be it wages or just a friend putting cash in for rugby tickets), only $200 of it was available until the next day. I never had this problem with National/ANZ, and likewise with Kiwbank now (refinanced my mortgage at the end of last year but keep a couple of accounts and a credit card with Westpac), all funds are cleared immediately. So I emailed Westpac, they came up with their bullshit excuse of making sure payments to me aren't dishonoured by the banks of the payee, and then told me they're taking off the $200 limit anyway seeing as I asked. </p>
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<blockquote class="ipsBlockquote" data-author="phoenetia" data-cid="587717" data-time="1465875651">
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<p>I was with ANZ, I left them due to a change in financing requirements rather than being disgruntled with ANZ and went to CBA.</p>
<p>I wasn't expecting to see such a dramatic difference between the two.</p>
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<p><strong>Transfers between any CBA accounts is instant.</strong></p>
<p>CBA offers an excellent iphone app that gives you the ability to send money via phone numbers (CBA Account Holders only), cardless cash collections from ATMs, fingerprint authentication, and near real time transaction updates (I see my in-store purchases hit my Credit Card account on my iphone within a second which wasn't possible at the time with ANZ).</p>
<p>CBAs online webservice is also much better than ANZs (better functionality, availability and performance).</p>
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<p>CBAs biggest downfall is its awards program (only because I am with Frequent Flyers).</p>
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<p>No they're not (I assume CBA is Commbank). They may show instantly, but the cash is often not available. I can't compare with ANZ as I don't have an ANZ account. I haven't tried the iPhone app tapping other phones thing that M4L spoke about but I'll give it a whirl later this week. </p>
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<p>Cardless cash is great though. Hooroo - if you don't have your card you can withdraw cash from an ATM with a text code.</p> -
<p>Westpac is my hatiest bank.</p>
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<p>All the separate Horse bank accounts are with Westpac and they just seem so behind on the tech front.</p>
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<p>Eventually I will set up new horses with Kiwibank but haven't found the time to do so yet</p> -
<blockquote class="ipsBlockquote" data-author="Nepia" data-cid="587724" data-time="1465876137">
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<p>Cardless cash is great though. Hooroo - if you don't have your card you can withdraw cash from an ATM with a text code.</p>
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<p>That's awesome! </p>
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<p>Do we have that in NZ, anyone?</p>
