IMB Does Not Support Domestic Telegraphic Transfer

aaronaldo on 14/07/2020 - 14:35

I am in the process of refinancing my home loan out of IMB and into St.George Bank. I have an existing offset account which I would like to transfer from IMB to the new St.George offset account. I just found out that IMB does not support domestic telegraphic transfer!! Only international TT is supported.

This means my only option is to transfer via EFT, which can have up to a 2-3 days delay, which means I can incur interest for that period in limbo. (TT generally completes the transfer within 2-3 hours).

Wow… just wow. This is the first time I've heard of a bank worldwide that does not support domestic TT, and they advertise themselves as being 150 years old.

Anyway, end of my rant, but hopefully this can help someone else in a similar situation in the future.

Poll Options

  • 2
    Shocked like me?
  • 21
    Meh...
Financial

Related Stores

IMB Bank
IMB Bank

Comments

  • GG57 on 14/07/2020 - 14:52

    According to this on their site, you can make payments via Osko with immediate effect.
    https://www.imb.com.au/oskopayid

    • aaronaldo on 14/07/2020 - 14:54

      Their Osko daily limit is $1000. Doesn't quite cut it in my use case ;)

      • Kyle-K on 14/07/2020 - 15:22
        +2

        Talk to your bank your limit should be able to be temporarily increased to complete this transfer using Osko or doing an assisted transfer. Provided both banks support Osko it should be able to go instantly.

        • aaronaldo on 14/07/2020 - 15:38

          You're probably right, but they said no and my only option is EFT.

  • MrHyde on 14/07/2020 - 15:00
    +1

    How much is 2-3 days interest anyway?

    • aaronaldo on 14/07/2020 - 15:18

      Rough calculations, but say someone had $300k in the offset account and say interest rate is at 3.5%, that comes to around $86 for 3 days.

      • valleyrain on 14/07/2020 - 16:11

        $86 is 0.029% of $300k. How much are you losing as a percentage?

        • aaronaldo on 14/07/2020 - 16:30

          Not really getting your point…. I'm losing $86 potentially (if it was a $300k). Why does percentage matter?

  • GG57 on 14/07/2020 - 16:10

    Are there any banks that support "domestic telegraphic transfer"?

    • aaronaldo on 14/07/2020 - 16:29

      TT is TT. It should just go to any bank worldwide. I've done it plenty of times with other banks when I refinanced.

  • bluesky on 15/07/2020 - 02:01
    +2

    Banks always say that EFT is 2-3 days, just to cover themselves. But actually, most EFT, if done on a business day before the processing cut-off time, will be available at the other bank account by the next day (sometimes, later in the same day). In addition, it is usually dated the same day as the transfer date at the destination account (although in a minority of cases the next day). So if the destination account is an interest-bearing one, you might even get interest for the date of transfer.

    In other words, usually, you won't lose 2-3 days of interest. Just make sure you transfer before the processing cut-off time of IMB. Since some banks process a few times a day, you might also want to transfer it very early in the morning, to increase the chances of it hitting the other bank on the same day.

    I have done many transfers in the early morning, where they are available at the other bank account by afternoon, like say 1 or 2 pm. This is dependent on the banks of course, in particular, how often they process the transfers.

    • aaronaldo on 15/07/2020 - 14:13
      +1

      Yeah, I guess I was coming from a worst case scenario.

      Made the EFT yesterday at 4PM. No sign as yet on St.George side. Hopefully it'll come later today.

      • bluesky on 15/07/2020 - 18:02

        Out of curiosity, I did a casual search for their cut-off times. Only their BPay cut-off time was easily found (4 pm), haven't been able to find their specific EFT cut-off time. If they are the same, you may have just missed yesterday's interest at the destination account. However, you will still very likely see the funds later today, or early morning tomorrow. Good luck!

        • aaronaldo on 16/07/2020 - 13:21
          +1

          You're spot on. I made another payment yesterday noon. Both payments got through this morning.

Login or Join to leave a comment
Login Join