Bank Transfers

lizzyk86

If I am going to walk into a HSBC branch and transfer money into a Barclays account, and then go to a Lloyds TSB branch and transfer money into the Barclays account, will it be there instantly/the same day?

Help! Thank you!

Anthorn

No. It will take anywhere between 3 and 7-10 days. A way to get it in same day is with a Faster Payments transfer in the morning via online or telephone banking. Both the issuing bank and the receiving bank need to have Faster Payments enabled or otherwise it will go by BACS.

agrinnall

Anthorn wrote: »

No. It will take anywhere between 3 and 7-10 days. A way to get it in same day is with a Faster Payments transfer in the morning via online or telephone banking. Both the issuing bank and the receiving bank need to have Faster Payments enabled or otherwise it will go by BACS.

What a load of b*ll*cks! Can I borrow your Tardis so I can visit the year that you're living in?

OP, since 1/1/2012 the Payments Services Directive has specified that all transfers must be completed by the end of the next business day. In practice for those banks that operate their own Faster Payments Systems (which definitely includes all three you have mentioned) the payments will arrive within 2 hours (and usually within 2 minutes) in all but a very small percentage of cases.

There is information on FPS payment limits here.

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

Cyrus

agrinnall wrote: »

What a load of b*ll*cks! Can I borrow your Tardis so I can visit the year that you're living in?

OP, since 1/1/2012 the Payments Services Directive has specified that all transfers must be completed by the end of the next business day. In practice for those banks that operate their own Faster Payments Systems (which definitely includes all three you have mentioned) the payments will arrive within 2 hours (and usually within 2 minutes) in all but a very small percentage of cases.

There is information on FPS payment limits here.

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

Word. :cool:

HoneyAndLemon

Well it depends on the bank. Halifax branches don't do faster payments in the branch, only CHAPS, which isn't immediate and they charge to do it. Faster payments are only done over the phone/online.

Not sure about the banks you mentioned so might be best to check beforehand.

iluvsaving

if they are part of the FPS then it is within 2 hours.

dzug1

HoneyAndLemon wrote: »

Well it depends on the bank. Halifax branches don't do faster payments in the branch,.

The pedantic among us would question Halifax being a 'bank'

mgdavid

dzug1 wrote: »

The pedantic among us would question Halifax being a 'bank'

you beat me to it!

(HI! from another pedant);-)

rb10

dzug1 wrote: »

The pedantic among us would question Halifax being a 'bank'

Erm, do you realise that you're 15 years behind the times...? Halifax has been a bank since 1997.

Gromitt

HoneyAndLemon wrote: »

Well it depends on the bank. Halifax branches don't do faster payments in the branch, only CHAPS

When I asked Lloyds TSB, they said the cash would be transferred immediately and be there "typically within 2 hours, worst case close of business tomorrow" (ie, 'end of next working day, as it was mid week'). Since Halifax and TSB are now pretty much the same bank, wouldn't it be the same for Halifax?

JuicyJesus

rb10 wrote: »

Erm, do you realise that you're 15 years behind the times...? Halifax has been a bank since 1997.

It'd be marvellous if they could start acting like one. In my experience they may as well use Monopoly money and dispense chocolate coins.