Balance transfer First Direct to Egg

Margaret_Millne

I arranged a balance transfer between my First Direct and Egg accounts. The cash left Egg on the 6th January, and arrived at First Direct on - 6th January

How impressive is that - has anyone else experienced this? It usually takes at least a couple of days.

Cash left my Egg account yesterday has not been received at HSBC current account today.

mary

I arranged a balance transfer between my First Direct and Egg accounts.  The cash left Egg on the 6th January, and arrived at First Direct on - 6th January
How impressive is that - has anyone else experienced this?  It usually takes at least a couple of days..

No, as you say it's usually a few days.

Cash left my Egg account yesterday has not been received at HSBC current account today.

Usually if money leaves your Egg account on a Monday, the earliest it will appear in your current account is Wednesday.

Milarky

I arranged a balance transfer between my First Direct and Egg accounts.  The cash left Egg on the 6th January, and arrived at First Direct on - 6th January

How impressive is that - has anyone else experienced this?  It usually takes at least a couple of days.

When did you request the transfer - on Tuesday 6th or on an ealrier date? The date they put on the transaction needn't be when it actually occurred.

I find that Nationwide is particularly quick to Egg and [strangely] Halifax too - 1 day. I BT'd [i.e. requested] from NW on 6th, and it reached Egg on 7th [visible on the 8th]. With payments made to Halifax this seem to be 1 day also, and it works with both the credit card [BTs] and bank account. I don't know how they acomplish this, but I'm very pleased that they do.

[Speculate that they might be using 'VISA' settlement rather than 'BACS'? Remember that when you shop with VISA/Mastercard it normally takes a day for the charge to appear on your account. The merchant or shop has to be 'polled' each day, but once this is done I assume the transaction can be applied immediately. With BACS as I understand it the process is similar except that a further day [day 2] is added when the payments are being 'moved' prior to being applied to individual accounts. If a balance transfer 'payment' is sent via a 'VISA refund' instead of a BACS then it would benefit from the swifter settlement wouldn't it?

But how does NW credit Halifax accounts in 1 day rather than 2? It may be that they have a separate 'interbank' arrangement dating back to when both were buidling societies - LINK??]