How long do transfers take between diff banks

flossieflipflop · 26 July 2011 at 8:42AM

Morning,

Does anyone know how long an online payment/transfer takes between 2 different banks?

My Dad has transferred some money into my account (think he's with santander and I'm with Natwest) to pay for car repairs. He did this yesterday morning but not showing yet on my account - I thought these things nowadays were supposed to be pretty quick so just wondered how long they usually take?

Thanks for any help

jalexa · 26 July 2011 at 9:04AM

flossieflipflop wrote: »

Morning,

Does anyone know how long an online payment/transfer takes between 2 different banks?

My Dad has transferred some money into my account (think he's with santander and I'm with Natwest)

Depends whether the payment was sent via BACS (3 to 4 days) or was a Faster Payment (2 hours). That would have been clear from the confirmation message. More info about Faster Payments here...

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

Unfortunately I see the Santander transaction limit is £300, so unless it is a banger you are buying...the transfer will be by BACS.

I cannot believe that so long after the introduction of Faster Payments, Santander still has a transaction limit of £300. Best banks have a £10,000 limit.

ixia · 26 July 2011 at 9:15AM

I sometimes use Santander and they are very slow at moving payments- can sometimes take up to 3 days evev with what they say is faster payments, very frustrating!

problemcashback · 26 July 2011 at 9:23AM

jalexa wrote: »

Unfortunately I see the Santander transaction limit is £300, so unless it is a banger you are buying...the transfer will be by BACS.

I cannot believe that so long after the introduction of Faster Payements, Santander still has a transaction limit of £300. Best banks have a £10,000 limit.

and you cant get round this by making muliple payments, they only allow (or used to) you to make one payment per day to a beneficiary. Hopeless its your cash why cant you make 100 payments to the same person if you wanted to.

flossieflipflop · 26 July 2011 at 9:42AM

Thanks,

It must be because it's santander then as when other people have made payments to me it's been instant. Grrr bit annoying - I wonder why santander have such a lower limit compared to other banks?

Saints2011 · 26 July 2011 at 11:20AM

jalexa wrote: »

I cannot believe that so long after the introduction of Faster Payments, Santander still has a transaction limit of £300. Best banks have a £10,000 limit.

TSB is £25,000

typistretired · 26 July 2011 at 12:40PM

I have just tried to move money out of my savings account with santander and despite originally setting up a linked current account an error message comes up stating I have no payees listed. I am not given the option to set up a new payee. I have sent them a secure message 2 hours ago still not heard from them. This is annoying never had any problem when it was an Alliance-Leicester savings account. Once I have got this sorted I intend to take all money out and not touch Santander again with a barge pole they are a disgrace!!

typistretired · 28 July 2011 at 11:07PM

Finally spoke to Santander on telephone and they set up a new payee for me (Hsbc account). I was then transferred to online help desk who assured me that I could make a faster payment for £300. I made a transfer for £300 to HSBC which accepts and sends faster payments. Whilst I was making the transfer the only information I was given was that payment date was today. When I confirmed the payment it came up as 1st mandate payment which means it was sent by bacs so won't be with HSBC until Tuesday next week. What a mess!!! The best faster payments banks are First Direct and Natwest as money is transferred in seconds.

missladyannie · 30 July 2011 at 11:19AM

Natwest and HSBC seem to me immediate transfers x

How long do transfers take between diff banks

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