delay in transferring money

Losingthewilltolive_2

~Can someone expalin why it takes 3 working days for money to be transferred from one account to another? And more importantly where does the 'money' go? I have just had a bank transfer done and the money has gone out of the other persons account and yet it's not in mine??? Surely it's just a click of a button?????:mad:

ShelfStacker_3

That's how long it takes, and has done since the 1970s. A new system which enables almost-instant transfers is being implemented, but it's a slow rollout and obviously your bank is not one of the ones that has extended this facility to you.

The money "goes" nowhere, it's simply held in limbo in the banking system.

natweststaffmember

Day one is your bank, days 2 is BACS Ltd and days 3 Receiving bank.
Faster Payments though does not take 3 days.