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New speedy system for bank transfers launched; account to account in under 2 hours
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It gives a 24/7 service, once bedded, for 'immediate' payments ..... but SOs (and possibly bill payments) remain at Bank working days. As my Bank doesn't support FP .... I'm a bit unsure how you choose 'immediate' ...... so have you checked that's what you selected? As it (logically) shouldn't have a date selector on that one?
With Natwest there is no SEPARATE online banking interface for immediate/faster payments. As above i need to select a payment date (usually next working day if after 5pm) and then the confirmation screen tells me how the payment will be handled and so far it has always been immediate despite the selected 'payment date'
Perhaps Natwest need to update their online banking interface to reflect the faster payments but so far hasnt made much difference to me - i.e. faster payments work fine anyway- to accounts accepting them0 -
Thanks. That got me motivated to just try it - and it worked! Here's how the confirmation of details (next screen) shows itThis is exactly what would happen with instant transfers to other Natwest accounts before faster payments. i.e. payments made at weekend would need to have Mondays date selected as earliest payment date but the money was there instantly in another Natwest account (as stated by confirmation screen)
So Natwest just need to make the changes to avoid giving misdirections....Payee name
Payee account number
Payee sort code
Payee reference
From account
Amount £0.01
Payment date 2 Jun 2008
Settlement period The money will leave your account immediately and the funds should normally reach the payee's account today......under construction.... COVID is a [discontinued] scam0 -
Nothing like a bit of confusion left over from the previous interface?
Perhaps that's why Halifax are leaving it a mere extra 3/4 months before joining in the outward fun! If you want to test the depth of the water .........don't use both feet !0 -
I tried this the other day from HSBC -> Halifax. It worked fine.
However, just now, I transferred some money and HSBC site said it will take about 3 days. I've checked Halifax and my account has not received the money yet.
Strange that it worked the other day, but not now. Is it because it's a Sunday? I wouldn't have thought that would matter?Amo L'Italia0 -
HSBC's limit is £20 at the moment. Will go up from 3rd June. By end of June will be £10,000. http://www.hsbc.co.uk/1/2/popups/faster-payments0
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it's a shame banks like Kaupthing and ICICI aren't involved in this yet!!!:mad:0
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I currently have a standing order for my rent from HSBC to the landlord's Lloyds account on the 4th of each month so it gets there by the 7th. Will the bank tell me whether this money will in future get there within one day? Because then of course I would amend the date of my standing order as it only has to arrive at my landlord's account on the 7th.Reclaimed thanks to this site:
£175 Abbey Mortgage Repayment Fee, £170.03 Capital One Bank Charges £418.07 Lloyds TSB Bank Charges, £2,671.55 Mis-sold Endowment Policy, all for OH0 -
See post #17 in this thread, and ring them for confirmation?I currently have a standing order for my rent from HSBC to the landlord's Lloyds account on the 4th of each month so it gets there by the 7th. Will the bank tell me whether this money will in future get there within one day? Because then of course I would amend the date of my standing order as it only has to arrive at my landlord's account on the 7th.0 -
Faster Payments from HSBC are today limited to £100 per transaction (just see the change of information when amending the amount from '100' to '101')
All HSBC payments and transfers (including internal) seem to have a problem with Firefox browser at them moment (but work fine in IE Tab)
The HSBC way of listing payees - and allowing their amendment seem about the best I have come across. It was very easy to 'copy and paste' into their field from (say) a notepad list of payees - but the main benefits are the Faster/Slower payment indicaton given and the readability of all payees making it easy to find the one you want. I used them for some building society 'standing orders' (all those having the FP accepting sort codes) for June and, of course, they don't use the card reader yet to slow everything down......under construction.... COVID is a [discontinued] scam0 -
My experience in a commercial concern is that whilst a Faster Payment can be made on the same day and that the credit can be seen immediately on the receiving account, there is no way (according to NatWest) that the details of who made the transfer can be seen until the bank update their records in the early hours of the following day.
I am confised by DaveO's comment (#13) regarding a limit on £10k on BACS transfers. Perhaps he could explain why mortgage lenders like Halifax and Nationwide use BACS for their mortgage advances to property conveyancers?0
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