Instant Transfer?

uberteeb

I need to have £5,000 in my lawyer's bank account by 12 Noon tomorrow (Monday). I transferred this money on Friday afternoon but it wasn't there by close of play and from what my bank have told me doesn't look like it will be there by noon tomorrow (BACS online payment from Nationwide to HBOS).

Basically if the money isn't in his account I lose out on a property that I really want to live in and that I'm getting at a bargain, the money is needed for the seller to pull it from auction.

I can take tomorrow off work and go to a bank, go to lawyer's office, etc. Is there anything I can do to get the money there, surely there must be? The £5,000 transferred is now not in my account but I have enough to transfer £5k differently get that other £5k back/cancel that transfer.

dzug1

Nationwide will do a same day CHAPS transfer for £25. You can do it online.

It's under 'other services', not transfers and payments

MoneySavingUser

BACS takes a few working days (and I think weekends don't count)

you can use faster payments (not all banks support this and some banks have limits on how much you can send) to try and send it instantly

or you can use CHAPS - there is a fee (around £35) but the money will be guaranteed to send iirc

or if you bank lets you withdraw that much cash you could maybe take it out and deposit it into the lawyer's account (though this also depends on when they will credit it to that account - i.e. some banks don't credit until midnight on the day of deposit)

your best option is probably CHAPS

uberteeb

I've heard of CHAPS and will have a look, is this a same day service or an 'instant' service, ie if I do it at 9am tomorrow will it be there for noon? Baring in mind it is being transferred between different banks.

bengalknights

Try using faster payments service money is usually there in 2 hours and its free.

noh

bengalknights wrote: »

Try using faster payments service money is usually there in 2 hours and its free.

That was the original problem. Nationwide the OPs bank has a £1000 FP limit that is why his transfer of £5k went by BACS and will arrive on Tuesday.

uberteeb

bengalknights wrote: »

Try using faster payments service money is usually there in 2 hours and its free.

With Nationwide it's a max of £1,000 per day.

bengalknights

Oh i guess the easiest method would have been 3 x £1000 payments over the weekend and then £2000 bacs payment if the op had known.

Guess the chaps method is the only way.

noh

The two methods available to you are CHAPS which is a same day service or cash.

uberteeb

noh wrote: »

The two methods available to you are CHAPS which is a same day service or cash.

Do you mean withdrawing £5,000 cash from the bank in the morning and then taking it to my lawyers office? Or do I take ti to his bank? WOuld it be credited instantly?

opinions4u

You should have carried out a CHAPS transaction on Friday to be absolutely certain.

Talk to your solicitor first thing Moday morning about what they need to do. I doubt Nationwide will allow you to withdraw £5k in cash on demand.

Basically if the money isn't in his account I lose out on a property

It would be unlikely that a 24 hour delayed completion would cost you the property.