Transferring money from Absa to Standard Bank through an EFT typically takes 2 to 3 working days to process.
The timeline excludes weekends, so transfers initiated on non-business days start processing on the next working day.
For example, if a transfer is made on a Sunday, processing begins on Monday, with funds likely reflecting by Wednesday.
The duration aligns with the standard EFT processing time of up to 72 working hours. Factors such as public holidays or high transaction volumes could potentially cause minor delays.
Things That Always Affect Transactions Between Absa and Standard Bank
Several factors can influence the transfer process between Absa and Standard Bank, affecting the speed and success of the transaction:
1. Processing Times
EFTs between these banks follow standard processing timelines of 2 to 3 working days.
Transfers initiated outside business hours or on weekends are queued for the next working day.
Bank cut-off times also determine when a transfer is processed.
For instance, payments after a certain time may only begin processing the following day.
2. Public Holidays
Transactions are not processed on public holidays.
If a transfer is initiated close to or during a holiday, delays occur as processing resumes only on the next business day.
3. Network and System Connectivity
Banks rely on complex digital systems to communicate.
System maintenance or outages on either bank’s platform may delay the transfer.
4. Verification and Security Protocols
To prevent fraud, both banks use extensive security checks.
If a transaction is flagged for review, additional time may be required to complete the process.
5. Incorrect or Incomplete Information
Errors such as incorrect account details, references, or bank codes result in processing delays or failed transactions.
Double-checking this information minimizes the risk.
6. Transaction Amount
Large sums might undergo additional scrutiny due to anti-money laundering regulations.
This could slow processing times as banks ensure compliance with financial regulations.
7. Recipient Account Status
If the recipient’s Standard Bank account is inactive, frozen, or closed, the transfer will not be completed successfully.
Funds are often reversed to the sender.
8. High Transaction Volumes
Periods of high banking activity, such as month-end or festive seasons, can strain banking systems, slightly delaying processing.
9. Interbank Clearing Processes
Banks use clearing houses to settle interbank transactions.
Delays in this process, though rare, can slow transfers.
10. International Transfers or Currency Exchange
If a transaction involves different currencies or originates from abroad, additional processing time applies.
Foreign exchange conversion and regulatory checks add to the timeline.