How long does a telegraphic transfer take?

Primrose

I'm arranging for a financial provider to make a telegraphic transfer of some funds to our current account today. Their department does the transfers after 12 noon. How long will it take to hit our current account? We need to hand over a cheque for this amount to another organisation today. This is supposed to be a "same day" transfer. Are there any possible hiccups in the TT system which could prevent the money arriving as we need to be 100% certain that the funds are there before the cheque is cleared.

chambta

There is always the chance of human/technical error but if it was done today it would have happened almost as soon as the button was pressed.

Mikeyorks

The cheque can't debit your account until overnight on the 12th / 13th - at the earliest (assuming they pay it in today) - so that gives you a buffer. But the TT should be viewable by 1600hrs today.

Crystallady

As I understand it the "same day" payments are exactly that and the banks have up to 5pm to get the payment to your account.It can happen staright away but can take several hours depends on how busy they are.