How long will it take for funds to arrive in recipient's account when using funds transfer?
Certain transactions such as cash withdrawals at an ATM are processed immediately to customer accounts by the banks. The vast majority of payments are processed at the end of the day in batch mode. They are dated the current day but do not appear in any online access to the account until the next day. Telpay's credits do, in fact get credited to the bank account under date of the next business day just as we promise, but if the recipient views their account online or tries to withdraw the funds at an ATM, the funds will not appear to be there until the next business day.
On the other hand, if the recipient has a cheque clearing or mortgage payment coming due on that day, the funds will be there because these transactions are posted with the end of day transactions just as our funds transfers are. Since the banks post all credits to accounts first, if the credits cover the debits, then the payment will go through.n short, the funds are available next business day for transactions that the banks process in batch mode, but will not be "seen" by ATM's or online banking access until the day after - though they will be dated the next business day.