One of the more complex challenges business owners face is cash flow. It’s a constant balancing act of ensuring that enough money is coming in to cover the money going out, that you don’t overspend, and that you’re strategically investing any savings.
The very foundation of cash flow, and business finances at large, are bank transfers – the act of moving your money from one place to another. There’s nothing more frustrating than trying to keep all these financial balls in the air, only for delayed weekend bank transfers to cause everything to crash to the ground.
Let’s take a look at the realities of Australian bank transfers, and answer a simple but important question: do bank transfers work on weekends?
What is a bank transfer?
Before we go any further, let’s first define exactly what a bank transfer is.
It is the process of moving money from one account to another. These accounts don’t necessarily need to be bank accounts – they might be held with a credit union, a trading platform, or any other form of financial institution.
Since its introduction a couple of decades ago, online banking has seriously improved the convenience and simplicity of bank transfers – the days of speaking to tellers are long gone, and you can now flick money to another account in a handful of clicks.
But one thing that hasn’t changed much over the last couple of decades is how long some of these transfers can take.
How long does it usually take for banks to transfer funds?
In Australia, business bank transfers tend to take anywhere from one to ten days. While the introduction of Osko, BPAY’s instant transfer platform, has made the majority of transfers between individuals immediate, the service isn’t currently in widespread use amongst businesses, who continue to face delays in receiving payments and moving their money.
Do bank transfers work on weekends?
Do bank transfers go through on weekends? If you’re a business, the answer is probably no.
Banks and other financial institutions work almost exclusively during ‘business days’, what the Australian Acts Interpretation Act – yes, we have an act to interpret all our acts – defines as ‘any day other than a Saturday or Sunday, or public holiday’.
This means that if you find yourself needing to move money on the Thursday before Easter, the very earliest it will get to its destination will be on the following Tuesday, or if you’re in Tasmania, on the following Wednesday (who knew Easter Tuesday was a thing? Tassie, that’s who!)
Even waiting from Friday until Monday – another best-case scenario – can prove inconvenient for businesses in an increasingly fast-paced world.
5 Benefits of transferring funds on weekends for businesses
Imagine a world where you always get your funds the next day, no matter what day of the week that day might be. The benefits of weekend money transfers are many and varied, but include:
Becoming more agile: With ultimate control over how your money is received, where it goes, and when it gets there, you can greatly increase organisational agility.
Capitalising on more opportunities: Whenever a golden purchasing or investment opportunity presents itself, you can capitalise on it straight away.
Avoiding late payment fees: Did you forget to pay a bill? Weekend and instant transfers can help you to avoid late payment fees, by getting the money where it needs to be sooner.
Greater cash flow control: Do whatever you want with your money over the weekend. No waiting, no worries!
Getting yourself out of a pickle: If an emergency situation presents itself over a weekend, you can move money around in order to solve it.
How can I transfer funds on weekends? (Step by step guide)
While Australia’s big banks remain stuck in their ways, innovative companies like Square are committed to making life easier for Australian business owners. One way we do that is through Square Payments.
With Square Payments, your money can be deposited into your bank account as fast as the next day, no matter whether that next day happens to be a Saturday, or a Sunday or. You get paid fast every time, granting you greater agility, flexibility and financial control.
Ensuring you get paid the next day as a Square seller couldn’t be easier – you simply:
- Activate a Square Point of Sale account
- Link your preferred bank account
- Go to your dashboard
- Click ‘Instantly Transfer $’
- Click ‘Confirm Transfer’
With Square Payments dropping in the previous day’s earnings directly into your nominated bank account, what you do with that money is entirely up to you! What’s more, setup is easy and free, pricing is clear and consistent, and support is always on hand.
If you’re ready to make the most of your weekends as a business, Square is ready to help!