No more telling your mates their “transfer is in the mail”; because instant transfers between bank accounts have finally arrived in Australia.
Three of Australia’s big banks have already started rolling out their new $1 billion payment system, which will see customers be able to instantly transfer to businesses, friends and family, no matter their institution.
This means no more hungry tradies, withering away on a Sunday evening, waiting for $weet transfers.
It means no more checking your account every 15 minutes to see if your brother has paid you back for the kebab you bought him on Tuesday night.
It also means when you say that you’ll just ‘transfer it’ to someone, you actually have to. Like right then and there. Interesting.
“This will give consumers new levels of personalisation and innovation not seen before in Australia” Westpac general manager Di Challenor said.
“Payment delays of up to three days can be a real pain point for customers.”
Too bloody Right, Di!
Westpac, Commonwealth Bank, and National Australia Bank began limited use of the system on Tuesday but Bank SA will hold off on the scheme until more testing is done on the platform.