Instant Bank Transfers

[Benjamin]

I used this sytem for the first time today between two UK accounts. I was warned it could take up to two hours to happen.

It actually took 10 minutes. Well done the UK banks as I've long been a whinger about the length of time banks hang on to money being transferred.

[Jacqui Too]

I am always moving money between my accounts in different banks [6] and noticed several months back that instead of saying the money will leave my account immediately but to allow up to 3 days it now says should be in recipients bank today.

I moved some money from Natwest to Halifax the other day and it only took the time it took me to log in and look, almost instant![:D]

[Baz]

[quote user="Benjamin"]I used this sytem for the first time today between two UK accounts. I was warned it could take up to two hours to happen.

It actually took 10 minutes. Well done the UK banks as I've long been a whinger about the length of time banks hang on to money being transferred.


[/quote]

Yes this is very good, in fact it has been happening for some months now. I would say in many cases 10 minutes is too long between clearing Banks, I find it is usually instantaneous. Between Credit card companies and non clearing banks it usually next day or 48 hours, how the UK banks have improved.

Baz

[AnOther]

I wish someone would tell Lloyds because a recent transfer from there to Nationwide took 4 days [:(]

[ngh]

I can now get money from my HSBC account into my Banque Populaire account within 2 days for £9 . Brill.

PS all i need now is some MONEY

he he

 

nichthewood

www.howittgites.com

[suein56]

[quote user="ngh"]

I can now get money from my HSBC account into my Banque Populaire account within 2 days for £9. 

[/quote]

OK, spill the beans ... I paid £25 for the last transfer - though it did arrive the same day; but the real question is: how did you manage to do this for £9?

Sue

[Baz]

[quote user="ErnieY"]I wish someone would tell Lloyds because a recent transfer from there to Nationwide took 4 days [:(]


[/quote]

Nationwide is not a clearing bank, so transfers will take 2-3 days as previously.

Baz

[Gardian]

This is all complete nonsense, surely?

I don't mean people's various experiences, I mean the time that it takes and the charges made.

It's worldwide electronic now and has been for years.  If you're at a screen and you plug in the right IBAN No and amount, hit go, then it's in your a/c wherever in the world more or less immediately. My mthly tsfr ex UK money broker hits my CA a/c within minutes of me receiving the email notification from the UK. It's totally automated.

All I'm saying is that the time to make (delay) the tsfr and the charge made, is at the whim of the sending institution.

I have no problem with a reasonable charge being made, but £20, £30, or even more is daylight robbery.

[AnOther]

Phoned HiFX on a Friday afternoon - money transferred from Nationwide to HiFX same day - money arrived in my CA A/C Monday PM - fees zero.

As it should be [:D]

[suein56]

[quote user="ErnieY"] - fees zero.  As it should be   [/quote]

Yes agreed, but I have in the past chosen to pay my bank a fee as the rate they were offering was so much better than that available from a broker; enough of a difference in my favour to warrant paying the fee, plus same day delivery too.

Sue

[Benjamin]

Chocolate teapot time!

I know I shouldn't have said anything at the time.

On Monday I tried to transfer £1,000 from the same UK bank account to another UK account. This was accepted but I then noticed the action date was shown as Tuesday (17th).

Cancelled that and inputted everything again but with the same result so I 'phoned the help line.

Sorry Sir but the maximum amount you can transfer via this system is £500. Do you think I could transfer two amounts of £500?

Not sure Sir but give it a try.

Wouldn't even let me transfer £500 so back to plan A and input the amount of £1,000 again and accept that it wouldn't leave my account until the 17th.

I was expecting an email sometime yesterday from Moneybookers to say it was in my account (yes, I know Moneybookers can sometimes be a bit slow but read on).

This morning I 'phoned the help line again just to ensure it had gone via their Faster Payments system only to be told it hadn't as they don't guarantee to make transfers that way every time.

Chocolate teapot of a system or what !!!!!

[Ron Avery]

The transfer of money beween UK clearing banks is now almost instantaneous as it used to be for same bank to same bank transfers.

There are limits for security and delays can sometime happen because the "incoming" funds to fund the transfer are not cleared although showing on your account as cleared funds.

HSBC have really been playing about recently not only with international transfers but also internal ones.  I got a cheque and paid it into my bank, then when it appeared on my on-line statement I transferred it on-line to a savings account and the transfer was accepted by HSBC.  A few days later I noticed the money had not gone and so did it again, this time no problems.

Later I got a letter telliog me I had been charged £25 for having insufficient funds to pay a bill.  Not having any bills to pay in the UK I phoned Calcutta, to be told that although the system had accepted the transfer to the savings account it had not been possible on the date I had tried to do it as the incoming money was not cleared despite it showing in my current account.

HSBC did however refund this charge as I was a long standing customer[:$].

[Phil & Pat]

[quote user="suein56"]

OK, spill the beans ... I paid £25 for the last transfer - though it did arrive the same day; but the real question is: how did you manage to do this for £9?

[/quote]

HSBC charges £9 to transfer amounts up to and including £2000, above that a higher charge is made.