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Rabobank
 

General

What’s changing?

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From Saturday 27 May 2023, we’ll begin processing incoming payments from other banks 7 days a week. This means you’ll start receiving payments on weekends and public holidays, rather than just on business days, as you do now.  

Payments New Zealand (the organisation that governs New Zealand’s payments system) has announced that direct participants of Payments New Zealand are required to extend the processing of electronic payments between banks from 5 days a week to all 365 days of the year, including weekends and public holidays.

For Rabobank clients, an incoming electronic payment will be either a direct credit or direct debit that is made in New Zealand dollars. Refer to our Payments Processing Country Banking tab about how direct debits will work.

Rabobank is not a direct participant of Payments New Zealand, but we want to ensure our incoming payment model aligns with the other major banks, so we will start receiving incoming payments 7 days a week and payments will be processed and valued to your account on the day the payment is received.

What’s not changing?

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For Rabobank, the sending of outgoing payments to other banks or financial institutions will not be delivered as part of the end of May changes. Outgoing payments will continue to be processed as they are today.

Other banking services that will continue as they do today include:

  • Transfers between Rabobank accounts
  • Term deposits
  • Fixed rate bookings (for our Agribusiness clients)

We are committed to delivering competitive banking services to our clients, and will be working towards providing you with the ability to send outgoing payments as well as receiving them on weekends and public holidays. We will provide clients with updates on future improvements as they become available.

What is a business day?

For Rabobank, business days mean every day except weekends and nationwide New Zealand public holidays.

What are the benefits of this change?

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This change will deliver a better experience for you by providing you with:

  • The ability to receive incoming payments 365 days a year
  • Visibility of incoming payments on weekends and public holidays
  • Value for the payment on the day the payment is received into your account
  • Future focussed banking services, aligned with the other major banks and the digital age

Which payment types are included in the change?

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 This change only relates to incoming electronic domestic payments. 

Is 7-day payment processing the same as real-time payments?

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Not quite. Currently, payments are processed between banks, on business days over a 16-hour period (08:30 – 00:55). 7-day payment processing extends this to include weekends and public holidays, but over the same time period.

For Rabobank, this means we’ll be receiving and processing incoming payments daily within this 16-hour window. Any incoming payments that are sent to you outside of this window will be picked up and processed the following calendar day.

Will I see anything different in Internet Banking or on my bank statements?

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Internet Banking will continue to display account activity as it does today, but you will have visibility of incoming payments from other banks, that you receive on weekends and public holidays in your transaction history.

The same applies for clients who receive paper bank statements.

Payments scheduled to go out over the weekend or on public holidays will continue to be processed on the next business day and will display in Internet Banking and on paper statements with a date of the next business day.

Can I make a payment to another Bank on weekends and public holidays?

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No. Our outgoing payment model will remain the same as it is today, meaning that any payments set-up during the weekend or on public holidays will continue to be processed on the next business day.

You can still continue to set-up payments to other banks or financial institutions on weekends and public holidays via your Internet or Mobile banking.

Things to know

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Our products and services terms and conditions have been updated to reflect the above changes. These can be found here.

Our current operating hours will not be changing.

The material on this webpage is provided for information purposes only and is not a recommendation or opinion in relation to any of the products mentioned above.