Money & You

Heads up about same-day payment processing

July 12, 2023

Exciting news! Starting from May 26, 2023, banking in New Zealand is about to get a whole lot more convenient. Imagine this - all electronic banking transactions will be processed on the same day, every day of the week, and yes, that includes public holidays too!

The Awesome

So, what does this mean for you? Well, whether you're sending or receiving payments, even between different banks, there's no need to wait for the next business day. Sold something over the weekend? No problem! The payment from the buyer will reach you on the same day. How cool is that?

Remember that payments might still take an hour or two to process, and this change is only for domestic transactions within New Zealand. This includes direct debits, direct credits, automatic payments, bill payments, and online/mobile banking payments.

One last thing: not every bank is participating. Here’s a list of the ones that are.

Just a Heads Up…

If you have automatic or scheduled payments, you need to read this!

Before this change, automatic or scheduled payments that fell on a weekend or public holiday wouldn’t process until the next business day. This meant that, even if you didn’t have enough funds in your account to make the payment, you had a day or two to top up.

That buffer is goneburgers with this change, so it’s more important than ever to keep payment accounts nice and healthy. If there's not enough money in your account when the payment is processed, the payment could fail, and you might get hit with late payment fees (which sucks).

Overall though, this will mean you can receive and transfer money faster, which we reckon is a win-win. You just have to take some extra caution around scheduled payments, simple as!

Related articles

Demystifying Debt: A Simple Guide to Smart Financial Choices
Debt jargon can be overwhelming, but understanding it is key to getting ahead financially.
February 13, 2025
Gambling & Debt: When Hope Turns Into Harm
As household debt rises to 165% of disposable income, some are turning to gambling, hoping for a big win to solve their money worries.
February 4, 2025
Back to School Costs: Start Smart & Stay on Track
Make back to school a breeze, not a burden. Here are a few smart money tips to ease the financial load.
January 21, 2025

Join Our Tribe

Sign up for our newsletter to receive exclusive money tips, educational resources, and the latest updates on personal finance. Join our tribe today and take control of your financial future!

* indicates required
Money Sweetspot provides financial reset debt consolidation loans to help you take charge of your financial life, reduce debts and get on with living.

You are protected by responsible lending laws. Because of these protections, the recommendations given to you about our loan products are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed. Responsible lending criteria, rates, fees and contract terms apply. For more information visit useful information.

© 2025 Money Sweet Spot Limited