Payment timescales: when would a payment arrive the next day instead of 2 hours?

Clarissa88_2

Hi all,

Just out of interest, when would a payment to an external account arrive by the close of next day as opposed to under 2 hours?

Assuming that the payment figure is close to, but under the payment limit set by the provider.

In particular, I'm thinking about Santander or Halifax.

Thanks!

agrinnall

Impossible to give a definitive answer. The most likely reason for a delay is if there is a technical problem with FPS or associated systems at either the sending or receiving bank or (less likely) a Central Infrastructure problem. Security checks, for instance for money laundering purposes, may delay any transaction, although my understanding is that this is more likely to be a few hours rather than delaying to next day.

Those financial institutions that are not full members of FPS (so not Santander or Halifax, but many of the building societies and a few of the smaller banks) often do not have the Single Immediate Payment processing capability, so outgoing payments are likely to go out overnight.

hermante

Sometimes (e.g. HSBC/FD) refuse to send payments after the close of business and make you wait until midnight.

Mikeyorks

Clarissa88 wrote: »

Just out of interest, when would a payment to an external account arrive by the close of next day as opposed to under 2 hours?

Normally when it's an Agency rather than a mainstream Bank. Or - from other posts - when it's Santander.

I've never experienced anything outside of 'immediate' with Halifax.