Last editedJune 20222 min read
One of the most crucial aspects of running a business is managing cash flow. This involves paying constant attention to revenue streams and expenses, ensuring that you don’t overspend and that you’re making smart investments with any surplus liquidity.
The bedrock of cash flow is bank transfers, which allow money to flow in and out of a business. It can be very frustrating when transfers are delayed over the weekends and public holidays.
In this article, we’ll look into the rules and regulations in Australia surrounding bank transfers over weekends and answer the question: do bank transfers go through on weekends? We’ll also look into some ways you can make payments in other ways, and evade any bank transfer delays.
What is a bank transfer?
Before we discuss whether or not bank transfers can occur on weekends, let’s define what a bank transfer is.
A bank transfer is basically the process of transferring money across from one account to another. However, an account doesn’t strictly have to be a bank account, it might be a credit union or trading platform.
Due to the rise of online banking, bank transfers have become increasingly convenient for users. Whereas in the hospital transfers required your physical presence at your local branch, now all you need is an app or access to your online banking website. Sending money between accounts is now a matter of a few clicks, drastically altering how banking is done. However despite its relative ease, something that hasn’t changed much is the time it takes for money to be transferred between accounts.
How long does it usually take for banks to transfer funds?
In Australia, business bank transfers take between one to ten days. This will vary according to whether or not the issuer and recipient are with the same bank, as well as on what day of the week the transfer is made.
Do bank transfers work on weekends?
The short answer to this is no, at least for businesses. Banks and financial institutions in Australia typically only operate on business days, which excludes Saturdays, Sundays and public holidays.
This means that if you are hoping to see a transfer take place over the weekend, you will sadly be disappointed. In all likelihood, you will have to wait until the next business day for your money to move or for your payment to arrive. This, in addition to the fact transfers can take several days even on normal business days, means transfers are far from speedy when made with banks.
The best way to avoid finding yourself with cash flow problems as a result of transfer delays is to plan well and anticipate weekend delays. Whenever you make a transfer or are expecting a transfer from a client, make sure that it is issued well in advance of when you will need it. It is also good practice to make bank transfers at the beginning of the week to decrease the likelihood that they will be delayed by weekends.
How can I transfer money on a weekend?
However, fret not, there are alternative transfer methods businesses can use to transfer — and receive — funds any day of the week.
While bank transfers don’t go ahead on weekends in Australia, fintech companies like the London-based Wise allow individuals and businesses to make instant transfers.
We can help
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