Internet Banking

Where does my money go?

Have you ever wondered where your money goes once you hit ‘Yes, Transfer’ on your online payment in Internet Banking?

Many people mistakenly believe that this money is sitting in the Bank’s account earning a whole lot of interest, but here’s what really happens!

When you submit a payment in Internet Banking the details are grouped into a file with all other payments going to the same financial institution.  Then at specific times during the day, we send these payment files off to the other financial institutions.

When the other financial institution receives the file, they verify the payments and then credit the funds to the recipient’s account.

It’s as simple as that!

At Beyond Bank, we process the payment file from other financial institutions as soon as we receive it, which means payments are deposited in your account not long after we have received them.

To assist you with sending payments as fast as possible, below is a list of our payment processing cut off times.   If you make a payment prior to the cut off time, it will be sent to the other financial institution on the same day for processing.  If you miss the cut-off time, your payment details will be sent the next business day.

Financial institutions are only able to process payments on days when the Reserve Bank of Australia (RBA) is open because all payments must be settled through the RBA at the end of each day.  As a result, all financial institutions are unable to process payments on weekends and public holidays.

Beyond Bank payment cut-off times Monday to Friday

 Payment scenarioCut-off time (ACDT)Funds available in recipient’s account*
Between your own accountsNoneImmediately
To another person’s account using OskoNoneLess than a minute
To another person’s account not using Osko5:30pmWithin 3 business days
Paying bills via BPAY®5:30pmWithin 3 business days

Do you have any questions about this process? Feel free to leave a comment below.


  1. Barry Barreau

    I have just read your article re transfer of funds to another institution. It really is simple so why is there a 3 day waiting period? If one misses the 5.30 cut-off then it should still be only 1- 2 days surely. The money always seems to be debited to my account the same day so who has the use of it for the other one or two days. I have even heard of some banks enforcing a 5 day wait before funds can be drawn. This seems to be over the top when the funds are “clear” and cannot be dishonoured as in the old cheque days??

  2. Beyond Bank

    @Barry A transfer can take a maximum of 3 business days to reach another financial institution. However, it may arrive a day or so before. During this time, the transfer is processed through the system and the other financial instituation will verify the payment before crediting the money to the recipient’s account. If you would like to discuss this further, simply provide your contact details at and a consultant will be in touch. ^Julia

  3. Cassie

    Hi I was wondering what happens if money was transferred at 4.15 Qld time to a bendigo account on a Friday? Cause bending is open on Saturdays.

  4. Beyond Bank

    @Cassie: Transfers from one financial institution to another can take up to 3 business days to complete. Unfortunately, we are unable to provide you with more specific times with processing funds transfers. If you would like to discuss this further, simply provide your contact details at and a consultant will be in touch^Luke

  5. Matthew

    I was just wondering whether saturday is classified as a buisness day for you as your branches are open on Saturdays

  6. Beyond Bank

    Hi Matthew, Saturday is not considered a business day for banking purposes, despite certain beyond Bank Branches operating on Saturdays. To find out exactly which of our branches are open on Saturdays, please refer to the Locate Us section of our website. ^Coedy

  7. Bryana

    How long does it take for you to process a payment from another financial institution and for the money to be put into accounts? I’m waiting for a payment from a bank that processes transfers on the same day. Does that mean I should get the money the same day if not the next?

  8. Beyond Bank

    Hi Bryana, yes we process incoming payments straight away, so if it was received before our cut off time of 5:30pm (ACDT) you would get it the same day, otherwise it would be the next business day. ^Aimee

  9. Abbey

    Hi someone put a transfer thur today Saturday at 7.30am their back sends them off same day!!! Will beyond process that if they receive today???

  10. Beyond Bank

    Hi Abbey, your payment will be processed as soon as it is received by us. Saturday is not considered a standard business day so it is quite unlikely that other banks and credit unions will process an outgoing payment over the weekend. However, if your payment was processed then we would process it as soon as it is received. ^Jack

  11. Sharon

    I have just purchased a vehicle & paid using bank transfer. The previous owner will not release the vehicle till the funds show in their account. I feel we may be at a high risk of losing our money due to the delay in processing especially when it is automatically deducted from our account.

  12. Beyond Bank

    Hi Sharon, it is common practice for the seller to wait for the transfer to be deposited into their account before releasing the car to you. Your transfer should take no longer than 24-48 business hours to be completed. If you are at all concerned that your payment may not have been sent correctly please contact our service team in the Customer Relationship Centre on 13 25 85. Our team is available from 8am-8pm ACST weekdays, and 9am-3pm ACST on Saturday. ^Jack

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