fastest method to transfer £ from one bank to another?

showmethemoneyuk

I am wondering what the fastest method is today to transfer money from one bank to another? Can it ever depend on which banks are involved - am I best to simply take the cash out of that cash machine and pay it in at the chosen bank instead? I have heard that via cash is instant, they can use it immediately, but it can take up to 3 working days to show up correctly on the users account, although im not 100% if this is the case nowadays.

It would also seem that paypal transactions are instant, but the money will only be transferred from your paypal (or bank) to the other users paypal account, and not bank to bank.

Whats the fastest option that you would recommend? I only have a visa debit card (RBS to Halifax). Thanks for any info

steflarne

Until recently it could take up to three days, but now all payments are made by the faster payment system, so it should be in the other account within two hours. Usually a lot less.

Mikeyorks

Mainstream Banks you use an immediate Faster Payment. If it's an agency bank (BS or similar) can be the end of the next working day before its credited.

showmethemoneyuk

is that the 'instant bank transfer system' that was mentioned a while back, or was that something else (eg only related to card/bank to bank transfers)? i think there was a fee with some faster transfers, which were optional. thanks. i think ill probably end up paying in via cash-hopefully its the fastest method

opinions4u

Why not set one up, do a £1 test transaction and see how quickly it gets from A to B.

agrinnall

There is very little chance that paying in cash will be faster than doing an online banking transfer, given that you'll have to take time to go to an ATM and then into a branch. Faster Payments has been with us for over 3 years now, have you been living in a cave all that time?

Mikeyorks

showmethemoneyuk wrote: »

is that the 'instant bank transfer system' that was mentioned a while back, or was that something else (eg only related to card/bank to bank transfers)? i think there was a fee with some faster transfers, which were optional. thanks. i think ill probably end up paying in via cash-hopefully its the fastest method

Yes it's the 'instant' variety. Been with us since May 08 and mandatory for personal transfers since 1st Jan 2012. The 'paid for' equivalent is CHAPS which you don't need under £10k or so.

Wammer

I transferred from the Nationwide to the Halifax online tonight and by the time I opened up the Halifax site the deposit was there.

I had a slight panic a few weeks ago when I transferred from the Halifax to the Nationwide and it wasn't instant like I am used to. However it did transfer about 90 minutes later.

showmethemoneyuk

thanks for all the replies-I managed to pay at the bank via cash, and as with wammer, around the time I got back home (roughly 2 hrs later) I was told it was already in that persons bank account..

all I have is a visa debit account at the moment. hopefully a similar immediate transfer option is available online on my banks website, and there arent any extra charges for using it-although I might be getting my hopes up a little high if the option is there?? Im not sure what else aside from paypal there is online for online transfers-so Im wondering what method most people would use to transfer money between banks, if they had to use an online method? Id rather not have to pay charges just to transfer money

agrinnall

There are no charges to personal customer for using Faster Payments. Most banks now have a reasonable limit, at least £10K, for FPS, some up to £100K. Above the limit an online payment would have to be made by CHAPS, which is normally chargeable.

I suggest you have a read here to get yourself up to date.

http://www.ukpayments.org.uk/faster_payments_service/

Mikeyorks

showmethemoneyuk wrote: »

Im not sure what else aside from paypal there is online for online transfers-so Im wondering what method most people would use to transfer money between banks, if they had to use an online method?

Have you not actually read all the replies pointing you at Faster Payment?

It's free ....... it's available on current accounts ...... it's online .... it's fast ...... it's precisely what you were asking about!