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How long does an online bank transfer take?
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# 1
GSDog
Old 03-05-2010, 7:56 PM
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Default 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.
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# 2
richard9991
Old 03-05-2010, 8:04 PM
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Quote:
Originally Posted by GSDog View Post
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
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# 3
stclair
Old 03-05-2010, 8:07 PM
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3 working days im under the impression santander do not send faster payments at present.
I Work For NatWest
However Any Opinion Given On MSE Is Strictly My Own
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# 4
buses7675
Old 03-05-2010, 8:07 PM
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Default

Quote:
Originally Posted by GSDog View Post
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!

Last edited by buses7675; 03-05-2010 at 8:10 PM.
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# 5
GSDog
Old 03-05-2010, 9:49 PM
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Quote:
Originally Posted by buses7675 View Post
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?
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# 6
agsnu
Old 03-05-2010, 9:53 PM
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Quote:
Originally Posted by GSDog View Post
Do you know where I can find a list of banks who are using Faster Payments?
http://www.ukpayments.org.uk/faster_.../value_limits/
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# 7
zoo20000uk
Old 02-07-2010, 7:54 AM
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Default My payments are quick!

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.

Last edited by zoo20000uk; 02-07-2010 at 8:01 AM.
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# 8
smjxm09
Old 02-07-2010, 5:33 PM
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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
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# 9
G_M
Old 03-07-2010, 3:47 PM
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For a list of which banks send or receive faster payments see this thread.
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# 10
LittleVoice
Old 03-07-2010, 4:03 PM
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Quote:
Originally Posted by smjxm09 View Post
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.
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# 11
allan673
Old 04-07-2010, 1:14 PM
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when i transfer from hsbc to first direct its instant. probably because they are the same group.
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# 12
preable
Old 04-07-2010, 4:26 PM
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knowing santander 3 days hahaha
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# 13
mintrubber
Old 31-08-2011, 8:58 PM
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I apologise for adding to an older thread, however, I am still unclear on the step-by-step process that banks follow for on-line, inter-bank transfers. I am particularly curious as to what happens to transferred sums which do not qualify for Faster Payments (and are therefore subject to several days processing time), but which are immediately withdrawn from the initiating bank account when a transfer is made. Where are such amounts held and by whom? For example, I made a transfer of 25k yesterday from Halifax to a newly opened Santander account. The money has been withdrawn from Halifax, but it seems that I have no indication of where it currently is. It is certainly not now in the Santander account! Being that it is a new account, I am a bit worried about it.
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# 14
agrinnall
Old 31-08-2011, 9:36 PM
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Please start your own new thread, you'll have a much better chance of getting replies as people don't like old threads being resurrected.

Edit: Having had a quick look at your question the answer is that it's now in the BACS process. 25K is above the maximum allowed for FP from Halifax. Have a look at this for info on how it works BACS

Last edited by agrinnall; 31-08-2011 at 9:39 PM. Reason: Answered question
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# 15
M K
Old 14-11-2011, 8:37 AM
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Default Santander

I recently moved to Santander and discovered this annoying fact. They do FPS transfers up to a maximum of 250 or 300. However, a normal normal transfer takes 3-4 WORKING days.

It's faster to walk to a branch, withdraw the cash, and pop into a brand of the destination bank. Bonkers isn't it?

Has anyone heard why this is still the case? Nearly all other banks are part of the FPS.
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# 16
BAA1
Old 14-11-2011, 9:17 AM
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Quote:
Originally Posted by M K View Post
I recently moved to Santander and discovered this annoying fact. They do FPS transfers up to a maximum of 250 or 300. However, a normal normal transfer takes 3-4 WORKING days.

It's faster to walk to a branch, withdraw the cash, and pop into a brand of the destination bank. Bonkers isn't it?

Has anyone heard why this is still the case? Nearly all other banks are part of the FPS.
A Santander Faster Payment will go through the same day (usually in around 2 hours)

If the amount is outside the limits, then it will go via BACS which is at least 3 days, just like all the other banks.

Yes, the Santander FP limit on the amount is lower than many other banks, but you must have known this when you joined Santander, if you didn't know this, then you should have read the T&Cs.
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# 17
GentleGiant
Old 18-11-2011, 12:51 PM
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MK,

Santander is between 300 & 1000

http://www.santander.co.uk/csgs/Sate...COM_TemplateA1

Only problem is - which account is 300 and which is 1000 - best bet is to send 3 or 4 payments at say 300 each rather than 1 at 1000
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