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Standing orders
irishangel2011
Posts: 26 Forumite
can anyone confirm how long s/o take to credit a different bank, also as it is due on a saturday when will I receive the payment, (someone is paying me this way).
Thanks
Thanks
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It depends on which bank is sending and which is receiving.
Some banks send standing orderes by faster payment and some send via BACs.
Those sent via FP will be credited same day if the receiving bank accepts FP. Otherwise they will be sent via BACs and take 3 working days ie sent Monday received Wednesday.
Usually if a SO is dated for a non working day it will be sent the next working day.
So in your case the payment will be sent Monday and if the originating bank uses FP (and your bank can accept FP) you will receive the money the same day, Otherwise it will be Wednesday.
Check here to see if the sending bank uses FP for standing orders.
http://www.ukpayments.org.uk/faster_payments_service/value_limits/0
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