What if a cash transfer from an exchanger fails?

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    Hello Traders:

    This message mostly concerns sellers of Neteller.

    We just felt like giving more explanation for a few instant cash transfer failures we’ve experienced while paying our customers in Naira.

    There are basically two types of transfers: National Electronic Funds Transfer (NEFT), and Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP). The latter we’ll call Instant Transfer.

    NEFT allows you to be paid within 24 hours. You get your money on the same day, provided it’s initiated before 12.00 P.M. If it’s initiated after 12.00 P.M., you won’t get your money until the following day, weekends excluded.

    NIBSS Instant Transfer allows you to get paid within minutes. That’s the only option we use at, in spite of the fact that the cost of using it is higher when compared to NEFT.

    When most exchangers tell you to wait for 24 hours to get your money, or they tell you that you’d get paid on the following day, that means they’re using NEFT to pay you. These exchangers set extremely high spreads already (far higher than what we offer), and yet they want to avoid costs by paying their customers through NEFT, whose costs is cheaper than Instant Transfer. This is willful delay of customers.

    It looks like NEFT has a higher success rate than Instant Transfer. Based on our experience, about 98% of instant cash transfers we make are successful, which means customers get their money quickly. But roughly 2% of the time, some wouldn’t get their money quickly – they get it later.

    Now FAQs:

    Q: You said about 2% of the time, some customers don’t get their money instantly. Why? What causes that?

    A: Yes, 98% of the time, our customers get paid instantly. But when an Instant Transfer fails, the cause is due to the fact that the recipient’s bank is having a downtime or network problem at the time of transfer, and therefore the bank account can’t receive money at that time. It’s a kind of downtime that doesn’t allow even those in the banking hall to cash any money as long as it lasts. This is usually not a problem from our bank, which is Access Bank, because if there’s a downtime or a network problem at Access Bank, we’d simply not be able to transfer money to you. If we’re able to transfer and you can’t get it within 1 hour that means your bank couldn’t receive the money at the time it was sent.

    Q: What would then happen after an Instant Transfer fails?

    A: If a customer doesn’t receive her/his money in an hour’s time, following a transfer from us, then we begin to contact Access Bank to know what the issue is and how it can be solved. This is time-consuming; but we can’t be happy until a customer gets their money. We keep on contacting Access Bank, pestering them, as they work to resolve the issue, and we keep the affected customer updated on every step taken. As it was said earlier, the issue is often with the recipient’s bank, and they may want to help us by contacting their own bank as well.

    If you fail to get your money after an Instant Transfer, it doesn’t mean the money is lost, it simply means there would be an inevitable delay in delivery. Access Bank would usually re-initiate the payment, often using NEFT for the re-initiation. That means the customer would get paid within 24 - 48 business hours, following the re-initiation of the money transfer.

    Once again, if an Instant Transfer fails, Access Bank would usually re-initiate the transfer, using NEFT. You get paid within 24 hours (or 48 hours in extremely rare cases).

    Q: Why do you prefer Instant Transfer?

    A: As said before, we use only Instant Transfer to pay our customers. We don’t use NEFT, because we feel it’s unfair and wicked to deliberately delay customers’ payment till the following day. Certain customers have critical and urgent needs for their money, and the best way to put smiles on their faces is to pay them instantly. Even if they don’t need the money urgently, it’s still rational to pay them instantly, so that they can concentrate on something else.

    We prefer not to buy Neteller, to delaying customers unnecessarily. The only condition that causes delays of few to several hours from our end, is when the manager is not on seat at the time of Neteller sales to us.

    Instant Transfer failures are rare; but it happens once in a while because there’s no perfect technology. There’s no perfect bank, and there’s no bank that can’t have a downtime at any time. However, with good banks, downtimes ought to be very rare.

    Q: Should I change my bank and account number and give you a new one?

    A: Like we said before, there’s not perfect bank. A downtime may occur at any bank, but it’s more frequent with some banks. Downtimes and network problems should be very rare with a good bank. Unless downtimes and network failures are too common with your bank (which often leads to frustration), you mayn’t need to change your bank and account. Unless otherwise indicated, we use only our corporate account for this business.

    Access Bank has the best online customer support system we’ve ever experienced, and that’s why we decided to remain with them.

    A: When an Instant Transfer fails, why don’t you transfer another money?

    Q: We transfer money to an account only once. If we transfer two times, then we’d end up paying you two times. That’s because the first transfer would eventually reach you, no matter how long it’s delayed, we hope you understand this, and we appreciate your patience

    A: If an Instant Transfer is successful why hasn’t an alert arrived from my bank?

    Q: SMS alert is sometimes not a reliable way of verifying payment. We often send email and SMS alerts to our customers. But if you fail to get an alert from your bank, then you’ll need to use other means to check your account, like login into your Internet banking portal, SMS balance enquiry, ATM balance enquiry, etc.

    We fund our customers as fast as they can imagine, like less than 20 minutes (unless the manager isn’t on seat, which can cause a delay for a few hours). Most of our Instant Transfers of cash are successful – like 98% of the time. Some regular customers haven’t had this kind of experience, while a few have had it. The purpose of this article is to shed more light on the issue and the causes, so that customers can understand better.

    Don’t forget we transfer cash to customers’ accounts anytime, any day, whether day or night – 24/7.

    For our current rates and more info, please visit:

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