Payments Q&A
For more information on payment timings and why some payments may take longer than others refer to our Payments Q&A below.
This also now includes insight on the impact of different currencies can have and the steps you can take to ensure your payments arrive as quickly as possible.
Why do some payments take longer than others?
Payments will typically be quicker when sending money within the the same jurisdiction of the particular currency.
For example, sending GBP from a UK bank to another UK bank will often be quicker as it involves one jurisdiction (UK). However, sending EUR from a UK bank to a UK bank involves two jurisdictions (EU and UK) and may take longer as a result.
The further afield you go, or the more currencies involved, may impact the time it takes to process. Every bank operates differently, with different risk policies and triggers of correspondent banking institutions that may cause a payment to be reviewed.
How long does it take for a payment to arrive?
A payment will usually arrive on the value date of the payment; however, it is not unusual for payments outside of the UK and Eurozone to take up to two working days to arrive.
When additional information is required on a payment, we are unable to provide a reasonable timescale for when the payment will arrive, however we take all reasonable measures to ensure your payment is processed as quickly as possible.
Can my payments go missing?
No. It is a common misunderstanding that your payment can go missing during processing. There is a set path your payment will follow, and although certain banks may require additional information, we will always be able to identify the location of the payment. It may take time to receive the necessary response, but we will locate your payment and take all reasonable measures to ensure your payment is processed as quickly as possible.
Is there anything I can do to ensure payments are issued as quickly as possible?
Please speak with the beneficiary and/or bank to ensure you have clear instructions. You will only need to quote the minimum required instructions provided by the beneficiary bank to ensure funds are successfully received.
Give yourself plenty of time to process payments. If you’re paying a company or an invoice, ensure you have documentation prepared as this may help facilitate your payment should any further information be required.
Can the same payment take longer to process than it has done previously?
The due diligence requirements performed by other banks can change over time which can result in payments being highlighted for review. Changes may include a change in business risk appetite, political and economic events, and criminal typologies.
For example, increased sanctions have resulted in a significant increase in the volume and complexity of required checks, which impacts the length of time required to review and progress any highlighted transactions.
How do NPW and corresponding banks stay safe from fraudsters?
To address these risks, regulators and financial institutions have worked together to establish stronger due diligence requirements, ensuring that the correspondent banking system remains secure and transparent.
This means that information may be requested on your payment, either by Nedbank Private Wealth before the payment is processed, or by another bank in the payment chain. The information requested is designed to protect you and your money from malicious payees and criminals.
Who should I contact if I have a payment query?
We’ll be delighted to answer any payment queries you may have. To get in touch, please use the following details:
Qwil Messenger: users can get in touch with their private banker or with the Client Services Centre quickly and easily!
Email: [email protected]
Telephone: +44 1624 645000
When contacting us, please have to hand the amount, date, beneficiary and (if possible) payment reference that appears on your statement. This will ensure we can assist you as quickly as possible.