Santander to HSBC money transfer

tia86

Hi all

Just wondered how long it should take to transfer money between Santander and HSBC?

I usually do it the other way round and the money shows up instantly. Today have switched some money setting up a new payment from Santander to go to my HSBC account but nothing is showing.

Have double checked I used the right details and all looks ok.

Thanks

typistretired

They should go by faster payments instantly but when I first opened a Santander account my first payment went by bacs and did not appear in the other account until next day. Also when I was clearing out my esaver 5 recently when the interest rate dropped a payment to Nationwide went by bacs too as it was a new payee. They seem to delay new payees overnight but if it is a payee you use regularly they go instantly.

tia86

Great thanks, will not panic until the morning!

Archi_Bald

Nothing to do with BACS and everything to do with Santander's security policy. They often hold payments to new payees, or payments for larger amounts, pending whatever review they do.

All Faster Payments must arrive by end of the next business day (except of course those that the bank can justifiably hold for suspected fraud etc) - so as long as your money arrives by tomorrow night, they are acting within the law.

typistretired

Yes you are right all the mandates went by faster payment but I was just explaining to tia86 that the first time you pay a payee it will not go instantly but overnight. Never had a problem sending large amounts over £50k by faster payment to existing payees.

Archi_Bald

I find it quite random - - not all payments to new payees get held up, and not all larger transfers got through immediately. But haven't yet had a payment take longer than 6 hours, even at weekends (touch wood).