Faster Payments Advice Needed

Axel

Hi to save me numerous experiments can any one advise on the faster payments status for the following banks, all current accounts.

Halifax: Tried sending online and works great. Limit is £1,000. Have not tried receiving but assume this will work fine also.

Lloyds: Receives instantly from Halifax. Have not tried sending but according to their help line this is by telephone banking only??

Abbey: Receives instantly from Halifax. Tried sending £1,000 online to Lloyds and put todays date, but got a message saying four days!!

Alliance: Can receive from Halifax OK. Have not tried sending.

Any advice would be appreciated including limits per transaction. Information is difficult to find and Google tends to bring up old information relating to the start of Faster Payments in May last year.

Axel

Aegis

Axel wrote: »

Hi to save me numerous experiments can any one advise on the faster payments status for the following banks, all current accounts.

Halifax: Tried sending online and works great. Limit is £1,000. Have not tried receiving but assume this will work fine also.

Lloyds: Receives instantly from Halifax. Have not tried sending but according to their help line this is by telephone banking only??

Abbey: Receives instantly from Halifax. Tried sending £1,000 online to Lloyds and put todays date, but got a message saying four days!!

Alliance: Can receive from Halifax OK. Have not tried sending.

Any advice would be appreciated including limits per transaction. Information is difficult to find and Google tends to bring up old information relating to the start of Faster Payments in May last year.

Axel

HSBC (and presumably First Direct): Sends instantly and should receive from all Faster Payment sources. Limit is £10000 per day.

gazgeezer

A&L is rubbish for FPS, to be quite honest they are probably going to lose my business, daily limit is £250 which is rubbish when trying to pay mortgage of 1K/m & it disappears for 3-4 days.
By the way who's benefiting from the monety for those days ??

MarkFromCornwall

Axel wrote: »

Hi to save me numerous experiments can any one advise on the faster payments status for the following banks, all current accounts.

Halifax: Tried sending online and works great. Limit is £1,000. Have not tried receiving but assume this will work fine also.

Lloyds: Receives instantly from Halifax. Have not tried sending but according to their help line this is by telephone banking only??

Abbey: Receives instantly from Halifax. Tried sending £1,000 online to Lloyds and put todays date, but got a message saying four days!!

Alliance: Can receive from Halifax OK. Have not tried sending.

Any advice would be appreciated including limits per transaction. Information is difficult to find and Google tends to bring up old information relating to the start of Faster Payments in May last year.

Axel

Be careful because if you repeat the trials above you may not get the same results. I have found that just because Bank X permits a faster payment of £Y to bank Z today, it doesn't mean they will do so tomorrow or next week. Sometimes the limits seem to change overnight without warning and sometimes faster payments aren't allowed at all. The best 'bank' I've found for faster payments is Tesco.

anselld

It is more about transmit than receive.
Receive you can check here by sort code http://www.apacs.org.uk/sortcodechecker/
The only catch is some like Egg will receive instantly but only credit your account same day before 3pm.

Transmit is where most fail. HSBC, First Direct and RBS seem to be the only ones that work fully. (I think Tesco is admin by RBS so works by extension)

All others I have come across seem patchy, unpredicatable and sometimes just perverse in transmit mode.

G_M

There's a thread on Faster Payments here.

Gymgenius

anselld wrote: »

It is more about transmit than receive.
Receive you can check here by sort code http://www.apacs.org.uk/sortcodechecker/
The only catch is some like Egg will receive instantly but only credit your account same day before 3pm.

Transmit is where most fail. HSBC, First Direct and RBS seem to be the only ones that work fully. (I think Tesco is admin by RBS so works by extension)

All others I have come across seem patchy, unpredicatable and sometimes just perverse in transmit mode.

I sent a payment from First Direct to Egg last week. I took at least three days to show up in my Egg account.

anselld

Gymgenius wrote: »

I sent a payment from First Direct to Egg last week. I took at least three days to show up in my Egg account.

That is entirely down to Egg. Payments before 3pm are supposed to be credited same day. After 3pm next working day. If they didn't achieve that complain to them. With Egg it seems quicker to used debit card to pay into your account.

Gymgenius

anselld wrote: »

That is entirely down to Egg. Payments before 3pm are supposed to be credited same day. After 3pm next working day. If they didn't achieve that complain to them. With Egg it seems quicker to used debit card to pay into your account.

Receiving after 3pm would still not explain the transfer taking 3 working days (which it did).

KingL

Axel wrote: »

Hi to save me numerous experiments can any one advise on the faster payments status for the following banks, all current accounts.

<snip>

Any advice would be appreciated including limits per transaction. Information is difficult to find and Google tends to bring up old information relating to the start of Faster Payments in May last year.

Axel

There's a maintained list in the first post of this thread (last updated August 09)

withnell

gazgeezer wrote: »

A&L is rubbish for FPS, to be quite honest they are probably going to lose my business, daily limit is £250 which is rubbish when trying to pay mortgage of 1K/m & it disappears for 3-4 days.
By the way who's benefiting from the monety for those days ??

In a way you are - you wouldn't get 6% on your entire balance with HSBC/Barclays - how much are you really losing for those 3 days?