Transferring money: Swift, BACS, CHAPS, etc.

oliverp_2

Thanks for breaking down my post zppp. However the quote below is the only one which is really relevant so maybe I shouldn't have waffled. If the solicitor can wait 3 days, once the payment credits the solicitors account it can't be recalled. Save £20 and buy a bottle of champagne for your moving day.

oliverp wrote: »

Point is, if the solicitor can wait the 3 days, why not use BACS via online banking and save yourself £20.

opinions4u

oliverp wrote: »

Considering this site is designed for money saving I'm a bit surprised at those answers.

While it's a fair challenge, there are risks of things going wrong if you don't use CHAPS.

The odds of this transaction being flagged for anti money laundering reasons are low, and the odds are the same whether you send it via BACS or CHAPS.

There is a manual intervention prior to the CHAPS leaving the account which removes the risk of an automated money laundering detection system picking up the transaction and moving it in to a work queue which may delay an outgoing payment.

A solicitor's client's account may have several transactions going through it each day and a CHAPS transaction will more clearly show the source of the payment than BACS or FP.

Besides, you aren't money laundering, so there wouldn't be a problem and if there was, the bank would be straight in touch.

Or they may be straight in touch when they action their work queue the following day.

Point is, if the solicitor can wait the 3 days, why not use BACS via online banking and save yourself £20.

Because for the sake of saving £20 v the risks/costs of delaying a property transaction I'd rather spend the £20. A delayed completion can be a very expensive process.