How long does it take for an EFT payment to clear?
There is a 24 hour period maximum clearance time for transfers between Standard Bank accounts, while payments to other banks may take two to three business days to reflect on the beneficiary's statement. Payments made into a MasterCard account take 24 hours to reflect on a statement.
What is the clearance period for international payments?
International transfers take between 2 to 3 business days to clear.
Why are clearance times on money transfers taking longer than 48 hours (SB to SB) and longer than 72 hours to other banks?
The clearance process is a security measure. It is important to remember that weekends and public holidays are not considered business days and should funds take more than 3 business days a client is welcome to call the payer to request tracing with the paying bank.
I have received a payment confirmation but the money still does not reflect in my account.
A payment confirmation from the sender is not an indicator that the money is available, merely that the sender has activated the transfer via internet banking.