Where does all the interest go to?

Walletwatch

deemy2004 wrote:

Yes they do, exchange rate deals are on the basis of calendar days, interest is recieved or is payable on positions held over the weekend, eventhough the markets are technically closed, what happens is that because there is less liquidity the bid / offer spreads are wider.

Not sure if you're trying to highlight the difference between the value date of an incoming funds transfer (which would contribute to interest over weekends, etc) and funds available date, which can technically be different, and would be only after the Bank receives funds from the clearing network.

davidcampbell

KD wrote:

If 24/7 wasn't worthwhile and merely spread 5 days business over 7 days - then why are companies like Tesco so succesfull? Some bank somewhere must want to break the mould and usurp the competition.
!

surely that misses the point. if one bank did it, it still wouldnt allow you to transfer funds from them to another organisation or vice versa unless the other organisation was also 'online' 24/7 ??