7-day Payments

From 26 May 2023, New Zealand banks, including ASB, are able to process domestic electronic payments to and from other banks seven days a week, 365 days a year. This means we are now processing your incoming and outgoing domestic electronic payments on non-business days, including weekends and public holidays.

Making and receiving payments just got easier

From 26 May 2023, New Zealand banks enabled 7-day payments processing for domestic electronic payments. This means that now, when someone transfers money to you from another bank on a weekend or public holiday, you don’t have to wait until the next business day to see the payment in your account.

This change affects automatic payments, bill payments, direct credits and direct debits. You can now receive and make electronic payments between participating New Zealand banks, every day of the year, whether you're transferring money through ASB or another bank. 

What has changed?

Payment processing is improving. Prior to the change, as an ASB customer, you could only make payments seven days a week between ASB accounts. Now, payments made to and from another bank will also show up in the receivers account on the same day, even on weekends and public holidays.

This change gives you the convenience and flexibility of making and receiving payments between banks every day.

  • Payments made into your account from another bank participating in the 7-day payments change, are processed every day rather than be delayed until the next business day. Refer to Payments New Zealand for a list of participating banks.
  • Payments made from your account to any other bank in NZ can be made seven days a week, 365 days a year. Ensure you have sufficient money in your account every day to cover potential payments.
  • You can schedule payments for due dates, even if these fall on weekends or public holidays.
  • You can manage your cashflow more effectively, whether it's a business day, weekend, or public holiday.

Additional information

  • Each participating bank processes payments throughout business and non-business days, at least every hour, from 9 am to the cut-off time. The daily cut-off time varies depending on the banking service and bank.

  • If the payment has been made after the cut-off time, funds may not arrive and be processed until the morning of the following day.

  • The exact time of day a payment transaction is received by customers, or deducted from an account, can vary between banks.

  • Cross-border and NZ same-day cleared payment processing remains unchanged.

  • Make sure you have sufficient funds in your account to cover deductions, which could be processed on any day and any time, e.g., direct debits or automatic payments.

How this affects you

Receiving a payment

  • Payments are processed every day, so you should receive payments made to you on the same day. For example, if you sell something on a non-business day, the payment will show up in your account the same day as long as the buyer has paid before the daily cut-off time and banks with a participating bank.

Making a single payment

  • When making a one-off payment or bill payment, you can send money every day of the week. The payment is processed and reaches the recipient's account on the same day providing the other bank processes transactions seven days a week. Make sure you have enough money in your account when you make the payment.

Making recurring/regular payments

  • Regular payments (i.e. automatic payments) are sent on their due dates even if it falls on Saturdays, Sundays, or public holidays. Make sure you have enough money to cover the automatic payment on the due date.

Direct debit deductions from your account

  • Businesses commonly use direct debits for payments like electricity bills or gym memberships. These payments may now be processed on weekends. Your provider will let you know when the direct debit is due to be made. Make sure you have enough money in your account on the due date to cover the direct debit, including Saturdays, Sundays, and public holidays.

What does this mean for our business customers?

  • If you do your banking online using FastNet Business, Payments Pre-Processor (PPP), ASB Direct and batch payment systems, you can schedule and initiate payments any day of the week.
  • What does this mean for your cashflow?
    • Inward payments such as customer bill payments  are processed to your account every day, so you should receive the payment on the same day, even on Saturdays, Sundays and public holidays.
    • Outward payments are paid on the due date, even if this date falls on a weekend or public holiday. Ensure your account has sufficient funds to cover the payment on the due date.
  • If you have any questions about the move to 7-day payments please contact your relationship manager.


What payments are included in the change?

NZ domestic electronic payments: automatic payments, bill payments, direct credits, direct debits.

What payments are not included in the change?

  • High-value clearing system payments (includes international money transfers and same day cleared payments e.g. used for house settlement), as these will continue to be processed on business days.
  • EFTPOS card, debit card and credit card payments, as these already process 7 days a week.
  • ATM withdrawals and cash deposits, as these already process 7 days a week.
  • Transfers and payments between accounts at ASB.
  • ASB KiwiSaver contributions and withdrawals will not be impacted by this change.
  • ASB Loan repayments will continue as they currently do.

Are payments instant, in real time?

Payments are not processed in real-time. The transfer time from ASB to other banks and vice versa usually takes up to an hour. The exact time of day a payment transaction is processed and received by customers, or deducted from an account, can vary between banks. Payments submitted after cut-off may not arrive the same day or be processed until the morning of the following day.

Do payments process 24 hours a day?

Payments do not  process 24 hours a day. Payments are processed at least every hour throughout the day, from 9 am to cut-off time. Cut-off times vary between payment types, banking services and banks.

What is the cut-off time?

Cut-off times vary by banking service and by financial institution.

Are there changes for calculating interest?

There are no changes to the way ASB interest is being calculated.

Why has a payment not come through to me on the weekend?

Confirm with the payer if the payment has processed on their side.

How do I change or delete my payment(s) so they don’t process on a weekend/public holiday?

Refer to the relevant pages below:

What happens if I do not have sufficient money in my account to cover a payment?

The payment will not go through. Please note that it is very likely that the service provider (not ASB) may charge late payment fees, waive early payment discounts or charge other admin fees for overdue payments. ASB does not charge personal or business customers for dishonours.

Will property settlements use 7-day payment processing?

Property settlements still use same-day cleared payments which process on business days. 7-day payment processing gives you more flexibility and can be used for payments when same-day cleared payments are not available on weekends. It would be your choice and the choice of other parties involved in the settlement.

Same-day cleared payments provide a confirmation to all parties that the transaction has been processed. Payment confirmation is not available when transferring funds via 7-day payment processing.

Do I get a notification if my automatic payment or direct debit doesn’t go through due to insufficient funds on the day?

You can set up alerts in FastNet Classic in the Bank Alerts Feature to receive notifications when an automatic payment doesn’t go through. There’s no notification for Direct Debits.

We're here to help

Personal banking

Our Contact Centre is open 8am - 8pm on weekdays or 8.30am - 5pm on weekends and holidays.

0800 803 804

Business banking

We're available to help Monday to Friday, 8.30am to 5pm. For relationship managed accounts and new customers, please call 0800 272 222. For existing Business Centre customers, please call 0800 272 287 (or overseas +64 9 300 7447), to contact our regional team of specialists.

Alternatively you can email mybusinessbanker@asb.co.nz.