Last week we covered the part of a first transfer that trips people up: getting your money to us, and why your own bank can hold that first payment. This post is about everything after that. You have paid, the confirmation has come through, and now you are watching for the money to land on the other side.
Here is what is happening in between, step by step, and what to do if something does not look right.
Step 1: your funds arrive
Every transfer is paid by a normal bank transfer from your Australian bank into your own payment account with our payment partner. The moment those funds arrive, you get an automatic confirmation. That confirmation is the signal that the first half of the job is done: your money is with us, and nothing else is needed from your bank.
If you have already requested and accepted a quote, the funds are applied to that transfer straight away. If you have not, they simply sit as your balance until you do. Either way, nothing is lost and nothing expires on the money itself.
Step 2: your transfer settles
A transfer is ready to go when two things line up: an accepted quote, and enough balance to cover it. Once both are there, we process your transfer as soon as the funds are settled. You do not need to press anything else.
This is where the rate lock matters. When you accept a quote, that rate is locked for 3 hours. If your funds are in before the lock runs out, the transfer settles at the rate you accepted. If the 3 hours pass before the funds arrive, that transfer is cancelled. You do not lose anything: when the money arrives it is held as your balance, and you request a fresh quote at the current rate and send from balance.
That is also why we suggested, last week, sending funds first on a first transfer and confirming the quote once they have landed. With the balance already there, settlement happens as soon as you accept.
Step 3: we send it on
Once settled, the transfer goes out for payout to your recipient’s bank account. The amount they receive is the amount shown on your quote, in their currency, with no deductions on our side.
How soon it shows in their account depends on the receiving bank, and we would rather tell you honestly that it varies than promise a time we do not control. What we can say is that once your transfer has settled, there is nothing further for you to do, and nothing further for the recipient to do either. The money arrives in their account the same way any bank deposit does.
What you can see along the way
You can check where a transfer is at any time in your Kangaroo account, and if you would rather ask a person, message us on WhatsApp. One of our team will look it up and tell you exactly where it is. Our team is available Monday to Friday, 9am to 6pm Melbourne time.
If something does not look right
You sent more than the quote. The extra stays as your balance. Use it on your next transfer, or message us if you would like it back.
You sent less than the quote. The transfer cannot settle until the balance covers it. Top up the difference, keeping an eye on the 3-hour lock. If the lock expires first, request a new quote once the full amount is in.
The confirmation has not come through. Check your own bank first. On a first payment to a new payee, many Australian banks hold the payment or ask you to confirm it, which is the subject of last week’s post. If your bank shows the payment as sent and you still have no confirmation after a reasonable wait, message us with the amount and the time you sent it.
Your recipient says nothing has arrived. First, check the account number on your transfer against the one they gave you, digit by digit. A payment to a wrong account number is the hardest kind to put right, which is why we ask you to double-check it before you confirm. If the number is correct, message us and we will trace it with the payout side.
The short version
- Your funds arrive and you get an automatic confirmation.
- With an accepted quote and enough balance, the transfer settles inside the 3-hour rate lock.
- We pay it out to your recipient’s bank account. Nothing more is needed from either of you.
- Not sure where it is? Check your account, or message us on WhatsApp, Monday to Friday, 9am to 6pm Melbourne time.
Ready to send? Get a quote, or read the FAQ for destination banks and limits for your corridor.
Photo: Ahmad Syahrir / Pexels
