Transfering Money for IP Payment

Hi, a payment for one of my IP's is due any day now but there is a holdup with some funds. I will try to explain and I hope someone can tell me what I should do etc....

First thing is I'm overseas travelling and my money has got a little low temporally but I have enough for the payment and next month will pick up again. So last week (Wednesday) I transfered over $550 from my PayPal account to my Westpac account as I have done before but it is still not showing up in my Westpac account although it says in PayPal it was completed on the 2nd which is when I processed it. In the past the funds usually show up 2 days later but I have noticed Westpac became slower in showing the funds recently.

Now the problem is I will then have to transfer the money over to my ANZ bank account when they show up in Westpac as that is where the loan repayments are taken from. I couldn't transfer from PayPal to ANZ as I had not set up the ANZ account in PayPal although I have now.

I think once the money shows up in Westpac and once I transfer it then it should be available the next day or 2 business days later in ANZ. The problem is that I don't know exactly what day the payment will come out and I have only about half of the money needed for the payment currently in my ANZ offset account. I checked my banking history and the last 3 payments were:

May 13th
April 12th
March 10th

Please suggest what I could do or will they just overdraw my account and everything will be ok once the funds are transfered?

Yes I know I should not have got in this situation but I did and I will be ok after this. :)
 
>>In the past the funds usually show up 2 days later but I have noticed >>Westpac became slower in >>showing the funds recently.

All depends on when the direct entry file has been released, also did the file meet the exchange between the banks, there are set times for this, if one bank is late they may have to wait until the next available time.

>>I think once the money shows up in Westpac and once I transfer it then it >>should be available the >>next day or 2 business days later in ANZ.

If you do it before 6pm Sydney time the payment should go via the overnight exchange and so should show in the ANZ account next business day.

>>Please suggest what I could do or will they just overdraw my account and >>everything will be ok >>once the funds are transfered?

Not sure about ANZ but when I was at Westpac most accounts had a shadow limit, usually $200, some accounts could be higher, if the overdrawn amount was over and above this then the transactions would be dishonored.

It’s all automated, so you might want to ring your bank and advise them to manually stop the payment, better to advise them and perhaps not have to pay a dishonor fee, you just might get some default interest, usually only few cents.

This has been my experience, hope this helps.
 
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