- 1 Transfer time between BKK and DMK airport @ early am - Bangkok Forum
- 2 Why Do Bank Transfers And Deposits Take So Long?
- 3 Заказать трансфер по всему миру!
- 4 Заказать трансфер по всему миру!
Transfer time between BKK and DMK airport @ early am - Bangkok Forum
Hello fellow travellers,
My flight into Bangkok (BKK airport) arrives at 6.40 am on Bangkok Airways and I was hoping to take the Air Asia 10.30 am flight to Krabi from DMK airport (Air Asia moving to DMK after October 12) on the same day.
Is it possible to collect bags, get visa on arrival, do the transfer and check in at DMK in the space of 3 hrs and 50 mins if we arrive at 6.40 am?
Is it rush hour at this time of the morning? We would be happy to take a taxi but not sure if they use the expressway and what traffic will be like..
Many thanks in advance!
It depends on many things which to a large extent are out of your control.
1 Your incomming flight may be late (and even if it isn't the arrival time is usualy at touch down and does not include taxying the plane or de planing)
2 How long before your luggage comes up (not usualy too bad at BKK but I have waited over 30 mins in the past)
3 The immigration queue which at some times can take a fair amount of time to clear.
4 Yes it will be rush hour by the time you clear BKK airport and then there is no telling how affected you will be by the inevitable traffic snarl ups.
5 How long before your Air Asia flight takes off do you have to check in?
In short you might make it if everything goes reasonably smoothly but if you get a hiccup or 2 in the system you are going to struggle. I would not take the chance personaly if there was any alternative (You can call me Captain Cautious)
Why Do Bank Transfers And Deposits Take So Long?
I f you're anything like me and you've ever had to transfer money from one bank account to another – especially from an online account to a bricks and mortar bank – you may have noticed how long it takes for the money to show up in your account. In some cases when you transfer money it can take 3, 4, or even 5 days for the money to show up.
If you're transferring a large amount of money from an online savings account to a checking account, for example, like we were when were when we bought our new car last year, it can be frustrating to have to wait while the banks take their sweet time with your transfer or deposit.
So why is it that those bank transfers take so long? What can you do to ensure that they happen as quickly as possible?
Bank Transfers Slowed Down To Avoid Fraud, And To Make Some Money
We live in an age where you can make a purchase at your local grocery store and have the charge show up on your online account register within minutes, but we can't transfer money from one bank to another in less than a few days. Wouldn't you think it'd be possible to transfer money almost instantaneously? That probably is the case, but banks don't allow those instant transfers in order to reduce the risk of fraud.
But in a remarkably interconnected, instantaneous world, where a debit-card purchase shows up in our bank accounts right away, it's equally remarkable that online transfers can be so slow. Here's the hitch: Funds transferred between two different banks or a bank and a brokerage firm aren't really sent “online” in the way we have come to expect. Instead, these large transfers move in steps. Banks have slowed down the process further to reduce the chance of fraud, even though such fraud is fairly rare. (Years ago, Congress forced banks to speed up the clearing of checks and the availability of deposits, but it hasn't addressed electronic payments.)
So banks are slowing down the process in order to ensure there isn't fraud happening when the transfer is made. Others, however, have suggested that the time the funds are held overnight allow the banks to invest your money and keep that unearned profit. This could also be a reason why the process won't be speeding up anytime soon – the banks don't want to give up that profit center.
Transferring Money Happens In Steps
So what exactly happens when you transfer money?
- Your originating bank sends transactions in batches during the day to an automated clearinghouse.
- The automated clearinghouse sorts the transactions and the moves them on to the receiving bank, usually in a few hours.
- In many cases the receiving bank will have the funds the same day. Depending on when the transactions are sent in a batch, the funds may not be available until the next day.
There is an association for these automated clearinghouses that sets rules for transfers, called Nacha. Their rules say that money transferred on one day, should be available by the end of the following day. So if you send money on Monday, it should be available by the end of Tuesday.
Three Day Good Funds Model
The problem is that the wait doesn't always end there. The receiving banks often take 2-4 days for funds to be released to customers because they are following what they call the “”three-day good funds model”, which basically means they'll hold the funds for three days to make sure it's not a fraudulent transaction.
Fraud, while it is only a small fraction of transactions, is still a big problem. There was over 1.848 billion dollars worth in debit and check related fraud in 2010.
Deposits Take Even Longer At Times
Deposits can take even longer to happen at times, in part because the bank wants to ensure that the funds are good. They won't know that the funds are good until the money actually arrives, so many banks will hold deposits for up to 5 business days at times. So be aware of that, and know what your bank's policy is.
Plan Ahead When Transferring Or Depositing Money
There are things you can do to ensure that you have access to your money as soon as possible.
- Do your best to send your transfer early in the day to give yourself the best chance of the money being sent to the clearinghouse that day.
- Have a checking account from the same bank, often transfers within the same bank will happen the same day.
- If your transaction takes longer than a couple of business days, complain to the bank where the transfer originated. If funds aren't credited quickly to the receiving bank the originating bank can be fined by Nacha.
When it comes down to it, your best bet for having quick turn around time on transfers and deposits is to either have a checking and savings at the same bank, or to deposit a check using the bank's remote deposit feature as those can have quicker turn around times.
How long do your bank transfers typically take? Have you ever had one take longer than 5 days?
Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his little boy, Carter. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Google +, Pinterest, Twitter or Facebook!
Brent Pittman says
This is frustrating at times, but seems the price of doing business with an online only bank. I wonder if it is a conspiracy of the brick and mortar banks to punish those using online banks? I think the slow transfers also stop those hopping from bank to bank to get the best interest rates.
Good article, I have often wondered about the delays in transfer/deposit transactions. Just always figured the banks were profiting from the float.
I should probably write a post on how AWESOME USAA Bank is. I have several accounts at different banks, with USAA being my main institution. When I initiate the transfer from my USAA account, the funds are deposited instantly, no waiting. For instance, I might have $300 sitting in my Ally mutual fund and I need it in my USAA account. If I were to initiate the transfer from Ally, it would take a minimum of 3 business days…so if I did it on a Friday it would be Wednesday of the next week at the earliest before I would get it. However, should I initiate it from USAA, the funds are credited instantly.
On top of all this, their customer service is second to none. I’ve never had a poor interaction, and I’ve been banking there for two years. When I call I’m greeted by a human, and handled by that person…no transferring!
The common misconception about USAA is that you have to be affiliated with the military to have an account there, but that is untrue. USAA has offered their checking and savings products to the general public for years. However, in order to use all of their services, such as home and car insurance or mortgage services, you do have to be affiliated. This affiliation could be as simple as your mother or father having prior service – it doesn’t mean you have to have been enlisted….
I absolutely love them, and will be a customer for life….you can enroll online in a matter of minutes…when is the last you’ve heard that from someone about a bank??
oh yeah…and another totally sweet perk is that your direct deposits are made available a full day before any other bank makes them available….I get paid every other Thursday, while my co-workers have to wait until Friday….woot woot!
Now, if only they would offer “perks” like Perkstreet…. hmmm.
Ian Eberle says
I also have USAA and love their service. My step-dad is in the Air Force and I have one of their “Teen Checking” and “Teen Savings” accounts. I’m not really sure what the difference is, but that’s what it’s called. Anyway, I love their service. If I’m standing at Best Buy trying to buy an $800 computer and I only have $700 in my checking account, I can get on the USAA app on my phone and transfer the $100 to my checking right there at the cash register before swiping my card. The funds go instantly and are available as soon as I tap “Transfer” on my phone.
Another thing that’s instant is cashing checks. Again, I use the USAA app for this and all you do is take a photo of the check with your phone’s camera. The funds are available instantly and can be spent as soon as you snap the photo. Also super nice.
The only thing that’s annoying with USAA is transferring money from PayPal. When I initiate a PayPal transfer to either my checking or savings account, it takes about 3 or 4 days to show up in my account. But I know my mom can transfer funds from her Bank of America account to USAA instantly, so maybe it’s a PayPal thing.
The only problem I have ever had with them is an ugly series of overdraft fees and it was PayPal’s fault. I was supposed to have overdraft protection with my savings account, but apparently something got screwed up along the way. Anyway, I bought something on eBay and paid via PayPal. They attempted to make an ACH withdraw from my account for $50 or something like that and it was a case where my balance in my checking was $47 or something. Very close. The payment didn’t go through, but USAA charged me a $25 overdraft fee. Then PayPal tried again. Another $25. And again. Another $25. I logged onto my account and saw that I had negative $24 or so and thought it was funny. So I called USAA and they not only reversed all $75 I had in fees, but they fixed my overdraft protection so it wouldn’t do that again.
I’m 15 years old now and when I end up moving out of my parents’ house and go to college I will most likely stay with USAA. I’m not planning on being military, but my step-dad will be retired Air Force by then, so I should be okay according to what you said. The only issue I have is they don’t have a physical bank in Florida so if I have $500 in cash I want to put into my savings, I can’t.
Thankfully we do not have these problems in Australia. Checks (cheques) are nearly a thing of the past – we send all payments & transfers electronically, including internationally and if sent by the cut off time (ususally around 3-5pm depending on the individual bank) is processed overnight.
In my office we are six of us including myself, Company head office is in NSW we get paid every second Wednesday. Everyone in my office receives their wages by 9 am where my bank can be as fast as 18 hours later if I am lucky. I am with BankWest and live in Perth. Any suggestions how to fast track my salary transfers… Or should I change my bank? All 6 six of us banks with six different banks and they all get their pay by 9 every Second Wednesday.
Have your wages deposited to a CBA account. They are probably the fastest I know of.
QUESTION? Asking for a little help.
Where do you put your savings so that it is SAFE, NO RISK, but that it is growing consistently 4 to 5%, that is still liquid so you can use it if you need it. Preferably the growth should be tax free. Please help me out on this friends or who ever.
DC @ Young Adult Money says
Good overview. I always wondered why the processing happened so slow. Initially setting up an account for deposit from, say Fidelity to a different financial institution takes forever as well, likely because of the security issues you pointed out.
Bitcoin will nuke all that. Open source decentralized banking through a simple cryptographic currency will make the banks as obsolete as telegraph is in this age of social media and instant fast communications.
I already live 90% through bitcoins and will never ever look back.
A friend of the family sent some money to a different country, daughter got sick while she was there…
The bank want let the person have it he sent it to and want send it back to the owner been 6 weeks…
Who do you talk to to get the ball rolling…?
USAA is horrible for HOLDING deposits. Last night I deposited a $795 check and my balance was over $2,000, and they are still holding the check for 7 days. They even hold some checks for 10 days. I also deposited a check from a hospital for $8.00 and they are holding that one too for 7 days!! I complained, but that never helps. She just asked if I read the user agreement. The bank to bank transfer time is acceptable with USAA. I am not at all happy with the check deposit procedure via mobile deposit and I will be looking for another bank.
The wait is because banks are thieves. That’s no secret. We are forced to use banks even to cash our work paychecks, not allowed to receive cash, soon there will be no cash. They charge outrageous fees for everything you do there and they hold your money for 3 – 5 days in an account full of peoples money gaining interest.
They have really great excuses explaining fraud because they know plenty about that. They can transfer money with the push of a button instantly. The same thing is done with 401k. Give them your money to save. That’s great, that way they can make money off everyone’s money for their whole life, not just 3 – 5 days. All of our money, which is worthless backed by nothing, is in the bank. They are thieves and I think we’re all smart enough to know that by now. That’s why banks have the biggest buildings in every town and city. They own your car and house too, not you. Keep using them banks!
Brian Ubben says
^^^^ yep….all about the bank making more money and nothing about the risk of fraud. Especially when the money is being transferred within the same banking system…i.e. WellsFargo. Why is this not illegal? They make buckets o’ money just by virtue of ‘keeping it ‘safe’ in an account as they invest our funds and give us a measly .01% savings account interest! What a joke.
Dee Potter says
Community bank NA in NY, has been refusing to release my money. I’m 83 years old and moved from NY to SC 2 years ago, I never switched banks when I moved out of state cause I had a debit card with community bank for 4 years that I’ve been using with no problems until July 2017 when I realized that my debit card would be expiring ( had it 4 years) the end of the month so I called community bank on July 3rd, 2017 and asked them to mail me a new debit card before mine expires on July 31st, 2017. Community bank told me they would send me out my new debit card but the branch Manger “Accidentally” put it through the bank system as lost/stolen instead of requesting replacement expired card. Community bank locked down my funds and I’ve been over a month with no access to any of my money. At 83 I’ve got several medical conditions that’s requiring me to take medications for open heart surgery and insulin for diabetes. I can’t buy my medication with the bank locking down my entire account. I asked Community bank to transfer it to my daughters bank in SC where I’ve been living the past two years but the community bank manager told me I would need to come into their bank branch office which is 13 hours from me and at 83 I’m not able to drive or take long trips. It’s now August 5th, 2017 and community bank has still not released any of my funds or mailed me a new debit card. My social security check is my only monthly income and it was direct deposited to community bank na in NY on August 3rd 2017. I recently opened a bank account in the state of SC where I’ve resided the past two years and social security is aware not to deposit my money with community bank NA in NY beginning September 3rd, 2017. I guess community bank na can’t be trusted for elderly to be baking with them. Poor customer service. Worder if community bank is hoping I’ll pass away and they can keep my money.
My fiance and I are looking to book our venue for our wedding, and for the venue to hold our date they required a $3000 deposit down. So ok, we thought no problem let me just put that on the credit card. Oddly enough they didnt take credit card only checks. ( which I thought was odd being that you rarely hear about checks being used anymore) I was not going to have the immediate $3000 cash for a few weeks in my checking account to write a check. We decided to transfer the cash against the CC to the checking account. The CC shows on Friday 8/18/2017 that it was accepted ( and shows 3 grand less on my CC limit) and that it would take tops 2 days to clear and show in my checking. its now 8/23/2017 and no sign at all of money being transferred. Is this normal? My bank was not much of any help with this matter.
Hoping you could shed some light on this.
Peter Anderson says
Not sure what to tell you on this one. Typically within 3-5 days the deposit would be showing up in your bank. Any longer than that and I would be on the phone until they found the money, especially if it has been shown by your credit card to have been accepted.
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