1 00:00:03,760 --> 00:00:06,080 Speaker 1: Welcome to Ask Fear and Greed, where we take your 2 00:00:06,160 --> 00:00:08,920 Speaker 1: questions and do our best to answer them. I'm Michael Thompson, 3 00:00:08,960 --> 00:00:10,720 Speaker 1: and good afternoon, Sean Aylmer. 4 00:00:10,880 --> 00:00:12,440 Speaker 2: Good afternoon, Michael. 5 00:00:12,680 --> 00:00:15,760 Speaker 1: Sean, great question today. It has come from Chris on 6 00:00:15,840 --> 00:00:19,720 Speaker 1: LinkedIn and you can jump onto LinkedIn or Facebook or 7 00:00:19,720 --> 00:00:22,239 Speaker 1: Instagram or head to our website Fearangreed dot com dot 8 00:00:22,239 --> 00:00:24,919 Speaker 1: au if you would like to ask your question. But 9 00:00:25,000 --> 00:00:27,440 Speaker 1: Chris has done that, says morning Fear and Greed team. 10 00:00:28,040 --> 00:00:33,440 Speaker 1: A personal bugbear of mine. Why on earth does a 11 00:00:33,640 --> 00:00:37,559 Speaker 1: bank in Australia still take up to three days to 12 00:00:37,720 --> 00:00:42,560 Speaker 1: transfer money from one account to someone else's account? He goes, 13 00:00:42,800 --> 00:00:45,440 Speaker 1: I know there are fast options now with Osco and 14 00:00:45,479 --> 00:00:48,760 Speaker 1: the like, but that's often for smaller sums and I'll 15 00:00:48,800 --> 00:00:51,480 Speaker 1: often still get an alert anyway, saying it may take 16 00:00:51,640 --> 00:00:55,520 Speaker 1: two maybe three business days to clear. What's there to clear? 17 00:00:55,800 --> 00:01:00,920 Speaker 1: It's my money, it's digital and it should be instant. Yes, 18 00:01:01,000 --> 00:01:03,800 Speaker 1: I feel I feel better after reading Chris's question. It 19 00:01:03,840 --> 00:01:06,280 Speaker 1: just feels like this is a universal bug bear, not 20 00:01:06,360 --> 00:01:07,240 Speaker 1: just one for Chris. 21 00:01:08,240 --> 00:01:13,480 Speaker 2: Yeah, so I totally agree it should never take three days. Now, 22 00:01:13,680 --> 00:01:16,800 Speaker 2: there are some reasons for it. There used to be 23 00:01:16,880 --> 00:01:18,479 Speaker 2: reasons for it, but I just don't know where they 24 00:01:18,520 --> 00:01:22,080 Speaker 2: hold sway anymore. In a digital world, so there's a 25 00:01:22,080 --> 00:01:25,280 Speaker 2: bunch of processing steps when you transfer money. If I 26 00:01:25,319 --> 00:01:29,199 Speaker 2: was transferring money to you, or far far far less 27 00:01:29,280 --> 00:01:33,160 Speaker 2: likely you are transferring money to me, right, Yeah, that's true. 28 00:01:33,319 --> 00:01:37,600 Speaker 2: There's things like security checks, verification of my account, your account. 29 00:01:38,680 --> 00:01:41,800 Speaker 2: Often there's an intermediary bank. So if you were with 30 00:01:41,840 --> 00:01:44,080 Speaker 2: Commonwealth Bank. I was with Commonwealth Bank. It's quicker than 31 00:01:44,080 --> 00:01:46,520 Speaker 2: if you were with Westpac. It's even quicker than if 32 00:01:46,560 --> 00:01:50,120 Speaker 2: you were a Bank of Bendigo and I was Commonwealth Bank. 33 00:01:50,240 --> 00:01:53,920 Speaker 2: That takes often even slower. There's you know, time zones, 34 00:01:53,960 --> 00:01:57,960 Speaker 2: bank cutoff times, weekends, holidays, all that sort of stuff. 35 00:01:58,200 --> 00:02:00,440 Speaker 2: So they're kind of the reasons that they've all been 36 00:02:00,480 --> 00:02:06,960 Speaker 2: given for the three days. But I'm not really buying that. 37 00:02:07,000 --> 00:02:10,040 Speaker 2: And we're not talking about international transfers. We're not talking 38 00:02:10,040 --> 00:02:15,200 Speaker 2: about changing currencies. Sometimes when you're doing things like swift 39 00:02:15,280 --> 00:02:19,239 Speaker 2: or why bank transfers, I understand that they would take 40 00:02:19,280 --> 00:02:22,600 Speaker 2: more time. Maybe PayPal takes more time, but just to 41 00:02:22,639 --> 00:02:28,639 Speaker 2: transfer between an account one to the other, I don't 42 00:02:28,680 --> 00:02:32,120 Speaker 2: see any reason why that shouldn't happen immediately. And I 43 00:02:32,200 --> 00:02:36,600 Speaker 2: must say, if I transfer money, mostly if you've done 44 00:02:36,600 --> 00:02:39,440 Speaker 2: it once before, it actually remembers that you've done it before, 45 00:02:39,840 --> 00:02:43,080 Speaker 2: and so you can, like so when I transfer between 46 00:02:43,080 --> 00:02:45,680 Speaker 2: my accounts, and you know, some stupid idiot like me 47 00:02:45,800 --> 00:02:49,960 Speaker 2: has banks with three different banks, so if you're shifting money, 48 00:02:50,120 --> 00:02:53,240 Speaker 2: that happens instantaneously because they're used to it. But if 49 00:02:53,280 --> 00:02:57,080 Speaker 2: I was giving money to you, which I have never done. 50 00:02:56,720 --> 00:02:59,280 Speaker 1: I have noted you don't even have a bank account details, 51 00:02:59,320 --> 00:03:03,000 Speaker 1: you've never needed them in the past. But okay, I 52 00:03:03,040 --> 00:03:06,239 Speaker 1: can understand then why that would be faster going from 53 00:03:06,320 --> 00:03:09,200 Speaker 1: say one of your own accounts to another account with 54 00:03:09,200 --> 00:03:11,600 Speaker 1: a different bank, because they would only need to do 55 00:03:11,639 --> 00:03:14,960 Speaker 1: the security checks once, for instance. And it's happening from 56 00:03:14,960 --> 00:03:19,639 Speaker 1: Australian Bank to Australian Bank. But again, it is all 57 00:03:19,680 --> 00:03:22,520 Speaker 1: digital now and these checks should be able to happen. 58 00:03:22,880 --> 00:03:25,640 Speaker 1: You wouldn't think there would be too much too much 59 00:03:25,760 --> 00:03:30,520 Speaker 1: manual processing involved in any of this international different story altogether. 60 00:03:30,600 --> 00:03:32,880 Speaker 1: I get that as well. But then when we're talking 61 00:03:32,919 --> 00:03:36,920 Speaker 1: locally about kind of bank closures and kind of business days, 62 00:03:37,160 --> 00:03:40,120 Speaker 1: why does a business day even come into it? For 63 00:03:40,200 --> 00:03:43,960 Speaker 1: Australians when it is all digital. I'm as fired up 64 00:03:44,000 --> 00:03:44,640 Speaker 1: as Chris is. 65 00:03:44,720 --> 00:03:48,040 Speaker 2: Now. What nooys me is that I have regular payments 66 00:03:48,080 --> 00:03:50,200 Speaker 2: from one of my accounts in one bank to another 67 00:03:50,640 --> 00:03:54,440 Speaker 2: account every month. It takes well, not three days. It 68 00:03:54,440 --> 00:03:56,160 Speaker 2: takes about a day and a half. And this is 69 00:03:56,200 --> 00:03:58,840 Speaker 2: a regular from one of my accounts to another. If 70 00:03:58,880 --> 00:04:02,920 Speaker 2: I actually did it on my phone, it would be instantaneous, 71 00:04:02,960 --> 00:04:06,480 Speaker 2: but when it's a scheduled payment, it takes longer. I 72 00:04:06,520 --> 00:04:07,480 Speaker 2: have no idea why. 73 00:04:07,760 --> 00:04:10,040 Speaker 1: And doesn't it throw your life out when it just 74 00:04:10,040 --> 00:04:11,800 Speaker 1: suddenly it doesn't turn up for a day and a 75 00:04:11,800 --> 00:04:14,360 Speaker 1: half and all of a sudden, that's got things that 76 00:04:14,640 --> 00:04:17,480 Speaker 1: would then kind of flow on from there, automatic deductions 77 00:04:17,480 --> 00:04:18,599 Speaker 1: that are going to come out of that, or you 78 00:04:18,680 --> 00:04:20,520 Speaker 1: just need to pay the groceries or something and you're 79 00:04:20,520 --> 00:04:23,760 Speaker 1: standing at the checkout going why hasn't this money come across? 80 00:04:23,960 --> 00:04:25,480 Speaker 2: Yes, very frustrating. 81 00:04:25,880 --> 00:04:28,560 Speaker 1: So this is less of an asphere and greed and 82 00:04:28,640 --> 00:04:32,200 Speaker 1: more what grinds what grinds my years? Anyway, I don't 83 00:04:32,200 --> 00:04:34,240 Speaker 1: know Chris, whether we've actually given you an answer. We 84 00:04:34,640 --> 00:04:37,359 Speaker 1: have actually, to be fair and Sean, you have actually 85 00:04:37,400 --> 00:04:39,960 Speaker 1: answered why it has historically been the case. There are 86 00:04:40,040 --> 00:04:42,919 Speaker 1: all those those factors in terms of the processing, the 87 00:04:42,960 --> 00:04:46,240 Speaker 1: manual component of at time zones security checks all of 88 00:04:46,240 --> 00:04:49,240 Speaker 1: those bits and pieces. But you are absolutely right, Chris. 89 00:04:49,600 --> 00:04:53,360 Speaker 1: We can't see any reason why in this day and age, 90 00:04:53,440 --> 00:04:57,000 Speaker 1: in the digital age, that it cannot and should not be. 91 00:04:57,120 --> 00:05:01,640 Speaker 2: Ever ever because it is instant sometimes, but there are 92 00:05:01,640 --> 00:05:04,240 Speaker 2: a bunch of times that it's not, and I don't understand. 93 00:05:03,800 --> 00:05:06,000 Speaker 1: That, and it should be consistently instant. 94 00:05:06,600 --> 00:05:08,159 Speaker 2: Yes, yes, yes, yes, yes. 95 00:05:09,080 --> 00:05:11,960 Speaker 1: Anyway, I've had a chest feeling good. I need to 96 00:05:12,000 --> 00:05:14,880 Speaker 1: take a break now, Sean. Anyway, look, thank you Chris 97 00:05:15,240 --> 00:05:17,520 Speaker 1: for your question, and thank you Sean for answering it 98 00:05:17,600 --> 00:05:19,200 Speaker 1: and getting as fired up as I was. 99 00:05:19,400 --> 00:05:20,599 Speaker 2: Thanks Michael, Thanks Chris. 100 00:05:21,160 --> 00:05:23,520 Speaker 1: If you have your own question that you would like 101 00:05:23,600 --> 00:05:25,800 Speaker 1: us to answer them, please jump onto the website Fear 102 00:05:25,800 --> 00:05:29,240 Speaker 1: and Greed dot com dot au or head to LinkedIn, Instagram, Facebook, 103 00:05:29,279 --> 00:05:30,880 Speaker 1: send us a message and we will pop it on 104 00:05:30,880 --> 00:05:33,360 Speaker 1: the list, and chances are we will get quite angry. 105 00:05:33,480 --> 00:05:35,840 Speaker 1: I'm Michael Thompson and this is ask Fear and Greed.