Transfer money faster with RTGS

RTGS stands for Real-Time Gross Settlement. It is an electronic fund transfer system, where funds. 

RTGS and ACH are both electronic fund transfer systems in Jamaica, but the main difference is that RTGS allows transfer of funds faster (credited within two hours), while ACH operates in batches and may take some time (up to 24 hours) for funds to be credited.

You can transfer amounts through RTGS up to your permissible transaction limit on the online platform. You may view transaction limits at https://jm.scotiabank.com/campaigns/scotia-support/transaction-limits.html 

No, there is no minimum amount for an RTGS transaction in Jamaica.

Start and Cut-off times for RTGS transactions is 8:00am to 2:30pm daily. RTGS transactions processed by 2:30pm will be credited to beneficiary’s account the same day. 

Yes, transactions can be submitted after cut-off times and on weekends and public holidays, however transactions will be processed on the next business day. 

Yes, banks usually charge a fee for RTGS transactions. The charges may vary depending on the bank. The fees charged by Scotiabank may be found in the schedule of rates.

The funds are credited within hours to the beneficiary's account. However, it is possible that a recipient bank may encounter internal delays crediting payments which may result in longer than the expected time.