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Settlement Date = T+3
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VituVingiSana
#31 Posted : Monday, February 14, 2011 9:50:34 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,354
Location: Nairobi
githundi wrote:
JabaBoeku wrote:
@Outvestor - I thot SCB limits it to one funds transfer per month? (and RTGS may be wee categorised as a transfer) Confirm....

i can confirm that the number of free rtgs is unlimited for this a/c while online banking is free for all a/cs. I can confirm also apart from doing even international tranfers, you can also order cheque books and set up standing orders within scb a/cs.

This is looking good!!! The free RTGS by themselves! Plus there is a branch in Westie open 7 days/week...!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Outvestor
#32 Posted : Thursday, March 03, 2011 1:55:50 AM
Rank: Member

Joined: 8/8/2009
Posts: 171
JabaBoeku wrote:

How long does an EFT transfer to other banks take to be effected?
Do you have to complete a form & submit via email or its done on Internet-banking platform?

@Jaba, Incidentaly, I've done all my transfers later in the day (close to normal COB). In all cases, the transactions were effected on the following day, mid-morning mostly.

I've had mixed results with the transfers reflecting on the recipient's end.
- KCB prepaid card once reflected the transfer almost immediately.
- Equity takes 2-3 days
- Barclays took 3 days (I guess the recipient may have taken longer to confirm.

There's no paperwork/mailing involved. U just set up the beneficiary accounts from your internet account(if they don't exist) & proceed with the transfer. Someone from SCB Customer Care will later call your pre-registered line to confirm the transaction before it is effected. That's all.

I guess other queries have been addressed by others.
¡ʇɹoɟɟǝ ƃuıɟɟǝ ǝɥʇ ɹoɟ ɥɔnɯ os ؛uıɐʌ uı ɔıqɐɹɐ ƃuıuɹɐǝן pǝıɹʇ ı
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Genghis Khan
#33 Posted : Thursday, March 03, 2011 3:54:02 PM
Rank: Member

Joined: 8/5/2010
Posts: 335
Location: Nairobi
VituVingiSana wrote:
kyt wrote:
How much is an rtgs 4 a million?
500/- but the annoying part is having to go into a branch to do it. Whether this means sending someone there or going by yourself!

Please note I think the 'risk' of fraud is HIGHER with an RTGS

1) My chqbook is in a safe place. I do not leave it lying around. My letterhead can be copied by a good color photocopier OR printed in a River Road shop!

2) There is a NUMBER for every chq. It is [or should be unique] so easy to keep track of. Most accounting software uses the concept of paying by chqs [i.e. a unique number]. How unique are RTGS instructions?

3) I can 'STOP PAYMENT' a chq if there is fraud i.e. missing chq, non-delivery of goods, etc

Anyway, KShs 1,000,000 for many businesses [& individuals] is NOTHING to write home about with the inflation we have seen! Only 500 TranCentury shares!


RTGS is actually not that bad although its expensive to remit small amounts...

1.Cheques are capped at 1,000,000
2.You need your signature on the letterhead. Your bank should call you to confirm any instructions for amounts above a threshold you want... do even for all instructions, a quick call, no harm done, no charge.
3.you can do email instructions if you have a secure address and you dont leave your laptop / phone lying around with outlook / mail browser open. You bank will require you to sign off on email indemnity.
4.Cheques give value after 4 (working) days.
"I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
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Genghis Khan
#34 Posted : Thursday, March 03, 2011 4:08:36 PM
Rank: Member

Joined: 8/5/2010
Posts: 335
Location: Nairobi
chaliwong wrote:
Cheques are beeing faced out polepole. TZ is almost there.
Currently you are not allowed to draw a cheque exceeding 999K unless its beeing paid out to an account within your own bank.

RTGS is also old school and is not real time and most banks have upgraded their IT platforms and have started rolling out internet banking where you will be doing all your transactions real time at the comfort of your PC.
All you need is an email address and a PIN that will be provided by your bank.
Once you transact via internet a confirmation will be done from the contact centre.And just like Mpesa the PIN will be the security for your money.
But one thing I know for sure, interbank cheque transactions are beeing faced out polepole.


You cannot use internet banking to "transfer" funds from one account to another. No bank can allow any outsider to post transactions from outside the bank.... internet banking allows us to give instructions from "the comfort of your PC". It helps the customer initiate the transaction... traditional remittance media (EFT, TT & RTGS) still have to be initiated by the bank's operations staff.
"I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
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Genghis Khan
#35 Posted : Thursday, March 03, 2011 4:20:10 PM
Rank: Member

Joined: 8/5/2010
Posts: 335
Location: Nairobi
VituVingiSana wrote:
@chaliwong - What stops the accountant doing the same with RTGS instructions?

Or that matter a forger [who may be assisted by Bank Employees or your accountant]?


RTGS instructions are printed not written in hand?

RTGS instructions are sent directly to the drawee (this reduces but does not eliminate interception risk). they also contain payee's account number, bank and branch in addition to name (this reduces but does not eliminate fraud and error risk)
"I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
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atiriri
#36 Posted : Thursday, March 03, 2011 4:34:38 PM
Rank: Member

Joined: 12/7/2009
Posts: 320
Location: nairobi
@Outvester, help me with the schools list yawa
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The optimist
#37 Posted : Wednesday, March 11, 2015 4:45:27 PM
Rank: Member

Joined: 6/14/2010
Posts: 521
Location: Nairobi
VituVingiSana wrote:
Starting 18 March 2011, the Settlement Date will be T+3 [vs T+4]. Good news for traders.

Hopefully, they will go towards T+0 by 2012. I hate waiting for my cash after I sell though have to pay upfront when I want to buy shares!

What's the current settlement duration.
Forgive my basic question but I need to know how long it should take to credit my bank account(RTGS) after a sale order has gone through.
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The optimist
#38 Posted : Wednesday, March 11, 2015 6:59:21 PM
Rank: Member

Joined: 6/14/2010
Posts: 521
Location: Nairobi
The optimist wrote:
VituVingiSana wrote:
Starting 18 March 2011, the Settlement Date will be T+3 [vs T+4]. Good news for traders.

Hopefully, they will go towards T+0 by 2012. I hate waiting for my cash after I sell though have to pay upfront when I want to buy shares!

What's the current settlement duration.
Forgive my basic question but I need to know how long it should take to credit my bank account(RTGS) after a sale order has gone through.

Anyoned'oh!
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mwekez@ji
#39 Posted : Wednesday, March 11, 2015 7:41:44 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
The optimist wrote:
The optimist wrote:
VituVingiSana wrote:
Starting 18 March 2011, the Settlement Date will be T+3 [vs T+4]. Good news for traders.

Hopefully, they will go towards T+0 by 2012. I hate waiting for my cash after I sell though have to pay upfront when I want to buy shares!

What's the current settlement duration.
Forgive my basic question but I need to know how long it should take to credit my bank account(RTGS) after a sale order has gone through.

Anyoned'oh!

After sale order has been excecuted, some brokers insist that the funds take 2 days to clear. After that, the funds sent via RTGS will reflect in your bank account the same day they are sent.
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The optimist
#40 Posted : Wednesday, March 11, 2015 8:12:57 PM
Rank: Member

Joined: 6/14/2010
Posts: 521
Location: Nairobi
mwekez@ji wrote:
The optimist wrote:
The optimist wrote:
VituVingiSana wrote:
Starting 18 March 2011, the Settlement Date will be T+3 [vs T+4]. Good news for traders.

Hopefully, they will go towards T+0 by 2012. I hate waiting for my cash after I sell though have to pay upfront when I want to buy shares!

What's the current settlement duration.
Forgive my basic question but I need to know how long it should take to credit my bank account(RTGS) after a sale order has gone through.

Anyoned'oh!

After sale order has been excecuted, some brokers insist that the funds take 2 days to clear. After that, the funds sent via RTGS will reflect in your bank account the same day they are sent.

Thanks @mwekez@ji
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