How long does an online bank transfer take?

I'm wanting to send some money from my Santander bank account to a Lloyds TSB and HSBC account via online bank transfer.

How long should it take to complete?

I know a couple of years ago it was 3 or 4 days, but I seem to remember reading a year or two ago that the process was going to be speeded up.
«1

Comments

  • richard9991
    richard9991 Posts: 1,618 Forumite
    GSDog wrote: »
    I'm wanting to send some money from my Santander bank account to a Lloyds TSB and HSBC account via online bank transfer.

    How long should it take to complete?

    I know a couple of years ago it was 3 or 4 days, but I seem to remember reading a year or two ago that the process was going to be speeded up.
    Should be pretty instant but can take upto 2 hours with faster payments
  • stclair
    stclair Posts: 6,844
    Name Dropper First Anniversary First Post
    Forumite
    3 working days im under the impression santander do not send faster payments at present.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • buses7675
    buses7675 Posts: 837 Forumite
    edited 3 May 2010 at 7:10PM
    GSDog wrote: »
    I'm wanting to send some money from my Santander bank account to a Lloyds TSB and HSBC account via online bank transfer.

    How long should it take to complete?

    I know a couple of years ago it was 3 or 4 days, but I seem to remember reading a year or two ago that the process was going to be speeded up.

    Sadly, as yet Santander don't send payments using Faster Payments at the moment (most other banks do in some form, even A&L which is part of Santander, but even they only allow £250 per transaction), so it'll still take 3 working days.

    The other way of course would arrive instantly as HSBC and LTSB do send payments via FP and Santander do accept FP (all parts of Santander accept FP payments, except Cahoot accounts I believe)

    Thank
    completed Uni in 2004 without any student debt - woohoo!
  • GSDog
    GSDog Posts: 162 Forumite
    buses7675 wrote: »
    Sadly, as yet Santander don't send payments using Faster Payments at the moment (most other banks do in some form, even A&L which is part of Santander, but even they only allow £250 per transaction), so it'll still take 3 working days.

    The other way of course would arrive instantly as HSBC and LTSB do send payments via FP and Santander do accept FP (all parts of Santander accept FP payments, except Cahoot accounts I believe)

    Thank

    Thanks, that's annoying that Santander are not using it.

    Do you know where I can find a list of banks who are using Faster Payments?
  • agsnu
    agsnu Posts: 1,457 Forumite
    GSDog wrote: »
    Do you know where I can find a list of banks who are using Faster Payments?

    http://www.ukpayments.org.uk/faster_payments_service/value_limits/
  • zoo20000uk
    zoo20000uk Posts: 4 Newbie
    edited 2 July 2010 at 7:01AM
    I pay money into my son's bank account with the Natwest. It's there by the next day. I was surprised to begin with because it used to take 4 working days. I used to be an Abbey National customer until the changeover. Also, it used to take a while for payments to show on my statement page, even though the balance would change immediately. Now, when I make payments, they are listed as soon as I go back to view my statement page...just seconds after confirming. I hope this helps.
  • smjxm09
    smjxm09 Posts: 663
    First Post First Anniversary Combo Breaker
    Forumite
    I set up a transfer at 10pm last night (Thursday) from the Halifax to Intelligent Finance. Both are part of the Bank of Scotland Group.

    The earliest the Halifax would allow the money to leave my account was Monday then another 3 days to arrive at Intelligent Finance. 40 years ago it took 4 days to put men on the moon yet in 2010 it takes a week to electronically transfer funds between Bank of Scotland Banks
  • G_M
    G_M Posts: 51,977
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    For a list of which banks send or receive faster payments see this thread.
  • LittleVoice
    LittleVoice Posts: 8,975
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    smjxm09 wrote: »
    The earliest the Halifax would allow the money to leave my account was Monday then another 3 days to arrive at Intelligent Finance.
    Halifax do remit by FP - but the availability of the service is patchy.
  • allan673
    allan673 Posts: 1,213
    First Post First Anniversary Combo Breaker
    Forumite
    when i transfer from hsbc to first direct its instant. probably because they are the same group.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards