How Long Does it Take to receive a CHAPS payment from a UK Bank to a US Bank?

joh0633

I'm trying to determine how long it takes a CHAPs payment to show up in my US bank account if sent from a UK bank before 3pm GMT? It was sent 10am GMT and am wondering when I can expect it to show up in my account. Thanks for any good advice.

Biggles

I didn't know CHAPS was possible to an overseas bank, I thought it was a system that only operated between UK banks. Though I stand to be corrected......

joh0633

Barclays UK confirmed they sent a CHAPS payment to my US bank, also confirming it was not a BACs payment. So I think it is possible. It clearly doesn't show up the same day which happens when it is sent to another UK bank.

crazyguy

joh0633 wrote: »

Barclays UK confirmed they sent a CHAPS payment to my US bank, also confirming it was not a BACs payment. So I think it is possible. It clearly doesn't show up the same day which happens when it is sent to another UK bank.

I know its different but I get occasional bacs payments from europe into a uk account and it just takes an extra day to appear in my account I would pressume the same would apply to chaps !

NFH

joh0633 wrote: »

Barclays UK confirmed they sent a CHAPS payment to my US bank, also confirming it was not a BACs payment.

Barclays UK will use CHAPS to send GBP to your US bank's GBP account at a UK bank. Your US bank will then decide how much USD to credit your US account with. No GBP or USD crosses borders. The overall process is done with a SWIFT payment. CHAPS is used for only the GBP part of the process.

joh0633

Thanks for that explanation. If I assume the CHAPs payment on Friday was used to send GBP to the US bank's GBP account at a UK bank, and that was received on Friday, how long might the SWIFT side of the process take before it hits my US bank account?

crazyguy

You may be waiting 1-5 days for a swift payment !

joh0633

It's just so amazing how arbitrary it is to receive the payment that is automitcally deducted in the sender's account. In today's electronic age, all wires should take a very specific amount of time and should be easily tracked. This is how banks have screwed customers for years and haven't changed much today!

pinkdalek

Depends on the bank in America to be honest, I know one scenario were a customer wired money to America at 10am UK time and it got there in the US the following day in the afternoon (their time) so technically about 2 working days.

If the account is in dollars in America then send it in dollars rather than sterling as this can delay the transfer plus you can incur more fees.

[Deleted User]

1-3 days depending on how fast the US bank clears it

Chorlie

Like has been said above.

It depends if the payment left Barclays in GBP or USD, if it was GBP it would of been Sent via Chaps to the US Bank GBP A/c this maybe via a correspondent bank and they will forward the funds to there US Bank for credit to your A/c with them, how quick they do that is upto them.

If it was sent in USD than Barclays would of sent it via Swift to Barclays New York who forward it on to the US Bank, which could also go via a correspondent bank.

I've seen payments sent in GBP & USD sent to a US Bank being credited on the same day, most credit the next working day but it can take longer depending how many banks are involved, time of day sent and the details quoted on the payment. The US tend to want full details on payments and if not can be held.