Telegraphic money transfer

Benno1983

Hi all,

I'm on the verge of purchasing my first home but I have got to send my deposit money to the solicitor this week to exchange contracts. How do I do a telegraphic money transfer as requested by the solicitor? I bank with the Halifax.

Thanks

Senior_Paper_Monitor

Telegrahic transfer = instant(ish) = £30 to £40 fee - go in to bank and sign instruction (if you have telephone banking, may do it over phone).

CHAPS (sorry BACS - see Mr/Ms Attrill's correction) transfer - online banking - 3 days to cleared funds (free) - will do in branch (different form), may do it over phone if you have telephone banking)

Cheque by post - probably 7 working days in total from despatch (free)

g_attrill

Senior_Paper_Monitor wrote: »

Telegrahic transfer = instant(ish) = £30 to £40 fee - go in to bank and sign instruction (if you have telephone banking, may do it over phone).

CHAPS transfer - online banking - 3 days to cleared funds (free) - will do in branch (different form), may do it over phone if you have telephone banking)

Small correction - CHAPS is the service performed in the branch (and is what will be referred to as the telegraphic transfer) and is the same day.

BACS is the free online transfer, although some banks will send it by Faster Payments which usually arrives the same day. Unfortunately it's impossible to know for certain whether a payment will go by FP.

Solicitors prefer CHAPS because it's very predictable for the relatively small cost.

Senior_Paper_Monitor

You are quite correct Mr/Ms Attrill - slip of the old grey cells!

The faster payment most unlikely to apply for BACS on the amount I suspect involved.