- Beyond Bank Blog - https://www.beyondbank.com.au/blog -

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 [1], 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.