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How long does a chaps payment take to hit my account?
Daytona_nev
Posts: 1,431 Forumite
Apparently my completion is imminent & my solicitor will be doing a chaps payment today. Does anyone know how long it takes for it to hit my account after he's done the transfer?
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Comments
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About four hours for a CHAPS payment.
It's two working days for a BACS payment (a payment sent today by BACS will be in your account on Thursday morning).0 -
Unless you happen to bank at the same bank, in which case the BACS is instant.0
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Is it?
I send BACS payments from our company account to several clients per submission, some of whom have the same sort code as us, and their payments aren't instant. I just did a dummy submission to a client with the same sort code as us (just the one transaction on it) and the processing day is still tomorrow, the debit/credit day is still marked as Thursday.0 -
How long does a chaps payment take to hit my account?
Depends when the felllow paid it in old boy.
sorry, couldn't resist :rotfl:
-i'll get my coat.0 -
I send BACS payments from our company account to several clients per submission, some of whom have the same sort code as us, and their payments aren't instant
They should be with the big 4 banks. [ex] building societies are usually longer though due to their central accounts system. If the credits are wages then the house credit is often sent through the clearing system to ensure that everyone gets paid on the same day. Otherwise those banking at the same branch would get theirs earlier. (unless its changed in recent times).I just did a dummy submission to a client with the same sort code as us (just the one transaction on it) and the processing day is still tomorrow, the debit/credit day is still marked as Thursday.
It doesnt sound like your bank has online transacting but over night transacting. You put your instruction in today, it gets dealt with tomorrow and updates overnight on the account (making it Thursday).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It's Nat West, and the BACS submissions are done online through the BACSTEL-IP internet thingy (technical term) over the internet.
Inter-account transfers, which I also do online, but I can only do between our company accounts, are instant.0
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