HSBC BACS payment

Buddie

Hi

I need to make a payment from my HSBC personal Current account to my solicitor's LTSB account, to clear by Thursday.
Can I do this by BACS at my branch & if so do HSBC charge for this?

Thanks

bryanb

You can do this online, HSBC operate the fast transfer system, not sure about LTSB.

greenmantle

HSBC usually do immediate transfers, but LTSB are often slower, so it might take two or three days to reach them. If you make it Monday online and it most likely will be in time.

Buddie

Yes, but there's a limit of £10,000 a day for internet payment & there aren't enough days left to do it in £10K per day!

So can I do it by BACS at my branch without charge, anyone?

YorkshireBoy

Even at the branch they may have a £10K limit on BACS transfers. CHAPS would guarantee the payment arrived in time...at a cost.

Buddie

OK - how about if I go to a LTSB branch on Monday & give them my chq & a LTSB paying-in slip with solicitors bank details entered?
Will the solicitors then have the cleared funds by close on Thursday?

Extant

No - cheques take five working days to clear, so it will not be cleared until Friday.

If you need the payment to be cleared on Thursday - and definitely cleared on Thursday - suck it up and pay for CHAPS. By the sounds of it, this is a property transaction? Just pay the £20 and get it done.

Andy_Ches

BarclaysManager wrote: »

No - cheques take five working days to clear, so it will not be cleared until Friday.

If the solicitors bank was HSBC this would have been possible as cheques take 4 working days to clear at HSBC.

OP, the best way is going to be CHAPS.

Comyface

Andy_Ches wrote: »

BarclaysManager wrote: »

No - cheques take five working days to clear, so it will not be cleared until Friday.

If the solicitors bank was HSBC this would have been possible as cheques take 4 working days to clear at HSBC.

OP, the best way is going to be CHAPS.

I think BarclaysManager meant until you get 'certainty of fate' for a cheque. You can generally draw funds from a cheque paid in the day after the third bank working day (so paid in monday available thursday) but the cheque could still be returned unpaid even after you have drawn the money out for a couple of more days I think.

Andy_Ches

Comyface wrote: »

Andy_Ches wrote: »

I think BarclaysManager meant until you get 'certainty of fate' for a cheque. You can generally draw funds from a cheque paid in the day after the third bank working day (so paid in monday available thursday) but the cheque could still be returned unpaid even after you have drawn the money out for a couple of more days I think.

Yes I'm aware.

I used to work in banking and cheques can be returned many days after they have been 'cleared'.

Aegis

Buddie wrote: »

Yes, but there's a limit of £10,000 a day for internet payment & there aren't enough days left to do it in £10K per day!

So can I do it by BACS at my branch without charge, anyone?

If you're looking at transferring more than £30k the total charge for transferring by CHAPS will be about 0.1% of the total amount (i.e. £30). It hardly seems worth the fuss of trying desperately to avoid the charge by using slower and less reliable methods of transfer.

CHAPS will probably be the only way you can do this from HSBC if you need it to be there and fully cleared within 4 working days.