money transfer question

Stavros_3

I'm with one of the high street banks which is linked to my on-line savings account. I'm trying to transfer a large amount of cash from the high street account to the other. The online account isn't 100% set up yet til they receive my ID docs and so left with transfering by BACS, there is a max daily limit that I can transfer, I sent some over yesterday which has arrived, am I able to transfer today (Saturday) or is it just Mon - Fri that counts as a daily limit?, hope that makes sense

Lokolo

Try it and see.

BACS is done all computerised, so I would say it would work, but not 100% on this.

YorkshireBoy

Hmmm, tricky one.

Pre-faster payments it didn't work with Yorkshire Bank (and, I'd assume all other banks) because any transfers requested on a non-working day were 'stacked' and sent on the next bank working day. Even on a bank working day, with YB I had to leave a full 24 hours between requests, ie action at 09:00 Monday...next transfer request not allowed until 09:01 Tuesday.

However, now that *some* banks can send FP's maybe the rules have changed.

To get a more specific answer, and assuming it isn't a secret (;)), you're going to have to divulge the name of "one of the high street banks".

Stavros_3

Its the HSBC

Apreciar

Depending upon how much you want to transfer the better option for LARGE amounts would be to use CHAPS which has no limit and is same day transfer. The only problem is that CHAPS costs £25 with HSBC, so as I said this is only to be used if the amount to be transfered would incur a loss of interest of around £25. For example on £70k the loss of interest at 6% for three days would be around £27 after tax. So for amounts of seventy plus, CHAPS would pay.

Mikeyorks

If you 'sent some yesterday' and 'which has arrived' - that implies it went Faster Payments. In which case you should be able to do it again today as the 'immediate' version of FP (for those Banks fully implemented) is available 24/7. But it is restricted to a max of £10k (from full implementation, but possibly artificially restricted to a lower limit currently).

SOs by FP will only work on Bank working days.

Lokolo

I transferred £100 from HSBC to Lloyds with FPS. 2 hours there and done so I assume you can do weekends and shizzle.