Instant Bank Transfer

DistortedVision

I just transferred £1000 from my HSBC account to my Natwest account online and it said it would be done within 2 hours. Its first time I've seen this and it normally takes 3 days.

Anyway, I logged into my Natwest account straight away and the money had been transferred. I couldn't believe it! Has there been some new system introduced recently?

Just really curious!

Many thanks!

Lokolo

Yes. About a month ago.

Depending on banks, BACS transfer (well what they were called) can go between banks within 2 hours instead of days.

But as I said, it depends who you are transferring from and to.

jd87

Yeah it's called faster payments. Seems to have started to be fully rolled out earlier this month. Not all banks/accounts can do it.

http://en.wikipedia.org/wiki/Faster_Payments_Service

Inactive

There is actually information on the HSBC Web Site about it...;)

emma396

same happened to me when i transferred money to BOS from HSBC, well chuffed!!
same didn't happen when it was hsbc to abbey tho. you can check using the sort code checker http://www.apacs.org.uk/sortcodechecker/index.html

nightofjoy

I was looking online and although HSBC is signed up to a faster transfer programme, not all banks are on board with it yet. Which I'm guessing means that though they get your money almost instantly now, they're still holding on to it for three days to collect interest (some banks will show the funds have transferred providing it's under a tenner - £9.99 transfer will go through in 2 hours, £10.01 in 3 days)

Shouldn't all the banks have got with this new system at the same time? It's like sending trains to places with no stations.

Isn't it just terrific? Even in these times where people's confidence in banks is at an all time low, they're still fleecing us so obviously?

willo65

if thre days then it goes by bacs - day 1 you request transfer and bank sends to bacs overnight then day two bacs sends to receiving bank and again arrives overnight so it doesn't just sit around there is a reason it takes 3 days. Thats why FP was created but as you say not all banks have the capability to do so yet.

scouselad1974

I can normally transfer instantly from my co-op ac to my natwest ac as long as the amount is under £100, I set up a standing order of £45 to leave my co-op ac every wednesday to be transferred to my natwest ac to pay some bills, only to discover it hasn't gone instantly, strange as a funds transfer does and the co-op website states standing orders will be sent using our fastest service. :rolleyes:

willo65

scouselad1974 wrote: »

I can normally transfer instantly from my co-op ac to my natwest ac as long as the amount is under £100, I set up a standing order of £45 to leave my co-op ac every wednesday to be transferred to my natwest ac to pay some bills, only to discover it hasn't gone instantly, strange as a funds transfer does and the co-op website states standing orders will be sent using our fastest service. :rolleyes:

Think you'll find this is co-ops inability to implement the full FP system at present and nothing to do with receiving bank, RBS and Natwest, Barclays and HSBC are as far as i'm aware the only ones implementing a full FP system at present upto the recomended limit of £10k per day.

stclair

This article may be of interest to you guys and gals.

http://news.bbc.co.uk/1/hi/programmes/moneybox/8074379.stm