Why does it take so long to transfer money?

swizzle_2

I did a transfer from my barclays a/c to my Nationwide flex a/c, although it has `gone` from barclays it will take atleast 3 working days to appear in my flex a/c why? and who gains from my money in the mean time-cause it`s not me.

Wish i had paid a chq in now

virgin_moneysaver

its the BACS system - day 1 funds leaves barclays, day 2 clearing house computer, day 3 nationwide - if you had paid in a barclays chq to your nationwide account you are looking at 4 days minimum, & depending on the amount, some financial institutions require minimum 6 - quickest way? walk into barclays, cash the money then walk into nationwide-all same day transactions - welcome to the Great Antiquated British Banking System!!

BenL

Here you go, from page 2 in this forum

http://forums.moneysavingexpert.com/showthread.html?t=114786

HGLTsuperstar

As opposed to the much slated ICICI, where the money arrives in my account the day before leaving my linked account with Barclays

grumbler

swizzle wrote:

...Wish i had paid a chq in now

This does not change anything. You cannot use money and gain interest untill cheque is cleared. And guess how long it takes the cheque to clear ... the same 3-4 working days :rotfl:
The quickest way of doing this is to withdraw money (within daily limit) with your Barclays card in Nationwide branch and deposit it over a counter to your Nationwide account ...

BTW - transfer from Barclays to Nationwide takes only 2 working days - as based on my experience (money transferred 28/11 arrived 30/11) ...

newfoundglory

virgin_moneysaver wrote:

its the BACS system - day 1 funds leaves barclays, day 2 clearing house computer, day 3 nationwide - if you had paid in a barclays chq to your nationwide account you are looking at 4 days minimum, & depending on the amount, some financial institutions require minimum 6 - quickest way? walk into barclays, cash the money then walk into nationwide-all same day transactions - welcome to the Great Antiquated British Banking System!!

I think you will actually find it is sat on by barclays (as all banks do), until day 3, when the payment is settled between banks. Only files are sent through BACS, which represent the payment, the money is just removed from your account so you dont go spending it before day 3.

They DO sit on it, and claim they make no money out of it.

I recently had a payment made to me from France (it was a chaps payment). It took an amazingly fast 3 weeks to arrive. Haha.

homersimpson_3

The quickest way of doing this is to withdraw money (within daily limit) with your Barclays card in Nationwide branch and deposit it over a counter to your Nationwide account ...

out of curosity would nationwide charge for using barclays card to withdraw money in nationwide branch or do you mean put card in link machine. does barclays own nationwide? don't understand.

grumbler

homersimpson wrote:

out of curosity would nationwide charge for using barclays card to withdraw money in nationwide branch or do you mean put card in link machine. does barclays own nationwide? don't understand.

I mean using ATM. Every branch has ATM(s) inside and usually outside too. You are not charged for using ATM ...

Rafter

It is daft and it is being changed. Seems to be a problem with the interfaces between the banks and their has been no incentive to sort it out because of all that lovely interest they earn for 3 days.

I think 'link' ie the ATM network are one of the people bidding to build the new system.

Does seem daft that you can authorise your bank to pay money and that is takes so long to arrive - should be instantaneous.

Cheques are a different matter because of manual processing and fraud checks - but still should be faster.

R.

dchurch24

This is one of the reasons I only deal in cash now - except for exceptional circumstances (I get a £25 discount each month for paying my Mortgage by DD - other than this, it's all cash).