Get ready for your banking experience to become a whole lot easier.
Starting this Friday, we Kiwis will finally be able to transfer money between different banks seven days a week including public holidays.
Yep, you heard it right! Gone are the day of waiting ALL weekend for your mates' IOU payments to come through on a Monday morn!
Payments NZ has confirmed a bunch of banks that are hopping on board the seven-day transfer train. ASB, Bank of China, BNZ, ANZ, Citi, HSBC, ICBC, Kiwibank, Westpac, TSB, and The Cooperative Bank are all ready to make the switch and let you move your hard-earned cash whenever you please.
Now, this change will affect all sorts of transactions including direct credits, direct debits, automatic payments, and bill payments.
However, Kiwibank has said their payment processing times will continue from 9 am to 12 am, as usual.
Urgent high-value payments will also follow the old rules. So, if you're in a rush to send or receive a payment, make sure it's during the usual business days.
Steve Wiggins, the chief executive at Payments NZ told 1News, this move is going to be a "significant change for the industry”.
And hey, he's got a point! We're entering a whole new era where both everyday folks like you and businesses alike can pay and get paid any day of the year.
“We’re excited to see the next evolution of payments in Aotearoa, which is the end of the traditional ‘five business days’ model for electronic bank payments,” Wiggins added.
So, who else is excited about this new change? I certainly am!