Getting prepared for banking payments all year round
April 4, 2023
From 26th May 2023, all electronic banking payments will be processed on the same day, seven days a week, between most New Zealand banks – including public holidays.
These new changes mean you will be able to make or receive same day payments any day of the year, even if you are transferring between different banks.
So if for example, you’ve sold something over the weekend, you won’t need to wait for Monday to receive the money from the purchaser. It will arrive on the same day.
Payments will still take an hour or two to be processed and are only relevant for New Zealand (domestic) payments such as direct debits, direct credits, automatic payments, bill payments and online/mobile banking payments.
We recommend going through any automatic payments or scheduled payments you have set up before the changes come into play, to make sure you have sufficient funds on the day of payment.
For example, if you have payments scheduled to come out on a weekend or public holiday, you will need to check you have enough money in your account on the day the payment is scheduled to go out.
If you don’t have enough money in your account on the day the payment is processed, the payment could fail which could result in late payment fees.
If you need support making payment changes, we recommend getting in contact with your bank.