BACS transfers

gelato_cat

Hi all

Can someone remind me what day of the week is the latest you can initiate a BACS transfer so that the money reaches the other account before the weekend? is it Tuesday or Wednesday?

Suze

YorkshireBoy

Suzey wrote:

Can someone remind me what day of the week is the latest you can initiate a BACS transfer so that the money reaches the other account before the weekend? is it Tuesday or Wednesday?

It varies, depending on the institutions involved. Where are you moving from and to?

oldfella

generally its Weds, some banks like A&L keep the money another day

Daniel_B

I thought BACS was same day....?

oldfella

CHAPS is same day

Biggles

Daniel_B wrote:

I thought BACS was same day....?

It leaves your bank and arrives in the recipient's bank on the same day, which is the third day of the three-day BACS 'cycle'.

But only businesses can operate BACS directly, the rest of us have to rely on our banks, most of which use a 'bill payment' system that uses BACS behind the scenes. The money usually leaves our account before it actually leaves the bank (yes, another day or two's interest gained for the bank!).

With Lloyds TSB, the date you give for the payment is Day 2 of that cycle, so the money arrives in the recipient's account the day after it leaves yours.

Have you never paid a credit card bill or similar with your bank's bill payment system? Check the date you asked for the payment to be made and the date it was shown on your credit card statement (remember to allow for weekends and bank hols). With LTSB, you can specify a Thursday and it will be there on a Friday (but remember to specify the date in advance, as the process actually starts the previous day). Other banks may be slightly different.

greyteam1959

Would usually be wednesday (before midday to be safe) for friday.
Same bank BACS can be a day quicker and sometimes a BACS transfer between say HSBC and EGG could be a day longer.
If the BACS transfer is important best be on the same side and give it an extra day or two.
If its a BACS payment from your business account to a client then the date you set to the money to credit the clients account WILL be the date it is there 100% or you will be able to claim loss of interest etc etc

gelato_cat

From Halifax to A&L. I need the money to reach A&L before 4th April so I have asked for the transfer to be initiated on 28th March (a Wednesday).

Suze

YorkshireBoy wrote:

It varies, depending on the institutions involved. Where are you moving from and to?

exel1966

In general, You should only initiaite a BACS transfer or SO on a Monday or tuesday if you want to assure it arrives at the other end within the same banking week. By leaving it to wednesday or later in the week you are risking the monies not arriving til the following monday or later and losing out on any potential interest.

YorkshireBoy

Suzey wrote:

From Halifax to A&L. I need the money to reach A&L before 4th April so I have asked for the transfer to be initiated on 28th March (a Wednesday).

If this is current account to current account, and according to my records, you could send it on (early) Monday 2nd to land on Wed 4th April. However, you may wish to incorporate a safety margin for some peace of mind...maybe send it Thurs/Fri?

In my experience, A&L only add another day on for BACS transfers out.