At what point would a transfer be classified as a Friday transfer?

JustAnotherSaver

No, not as simple a question as the title suggests.

If a transfer takes 3 days to transfer then i want this Friday to be counted as day #1 - part of the 3.

* I don't want to have to stay up until midnight to transfer it.
* I don't have the time in a morning before work
* I come home around 6pm - after the banks close their business no doubt.

Question is, can i transfer it at any point on Thursday (10pm for example) & it then be classified as a Friday transfer?

Or is the answer no & my only option is to transfer it on the Friday?

Hominu

The cut off time on Thursday depends on the bank and the payment method.

Not sure what you mean by "transfer takes 3 days to transfer". What are you transferring? Payments by individuals are typically either made that day, or the day after, I don't know any that take 3 days. BACS used to take around that time, but you can't do those any more.

JustAnotherSaver

Sorry, I meant to clear. Down side of doing anything late at night there - I was half asleep!

I'm transferring money.

This is around £50k to our solicitor. I don't wish to send via chaps.

ManAtHome

Doesn't your account let you post-date transactions? Most of mine (current and savings) have the option to transfer "now" or at some future date.

YorkshireBoy

I'd expect a £50K transfer to be held up for additional checks to be performed, especially if it's a first transfer to that payee...that's if you're allowed such a high transaction value?

You really need to ask the bank, or say which bank it is to get some personal experience from the people here, to get a 'timing' answer to your question.

I think, under the circumstances though (house purchase?), I'd be doing a CHAPS payment personally. How much is it...£20, £25? It'd certainly remove any 'stress'. Or I'd be sending it sooner and foregoing any (small?) interest it may be earning.

bengal-stripe

Most (presumably all) banks do allow you to set-up a transfer, then you can click enter whether you want the transfer to leave 'now' or at some future date of your choice (days or weeks ahead).

Set-up the payment now and then enter the date you want it to be actually transferred (Friday 1/11 or whenever). The transfer will go out in the early hours of your chosen date.

P.S. Didn't see the amount in question. I thought it was any run-of-the-mill transfer.

opinions4u

£25 to shift a chunk of blame to the bank should anything go wrong?

Bargain.

Pay for CHAPS.

(Your solicitor will also find the money easier to identify as yours)

dotdash79

I transferred £30k to my solicitor over 3 days using faster payments. But for 50K I would pay for CHAPS

agrinnall

I assume when you say 3 days you mean you are splitting the £50k into 3 chunks, each under your bank's daily FPS limit, and transferring 1 chunk on each of the 3 days, with Friday being the first day (and presumably Monday and Tuesday days 2 and 3).

The Faster Payments System offers the ability to forward date payments, so you should be able to enter the details today but set the payment date to be tomorrow. But perhaps your bank doesn't offer that as an option in it's internet banking. If so, perhaps you could try using telephone banking to see if it's possible there.

However, if you are with a major bank then a FPS transfer done after 6 p.m. on Friday will still be processed with Friday's date, and if your solicitor is also with a major bank then it should reach them on Friday too.

I'd be more worried about Tuesday's payment if that is the day the full amount has to get to the solicitor, as that could be delayed until the end of Wednesday and still meet the FPS rules.

JustAnotherSaver

Home now so i can address a few things a bit easier...

* I can set a transfer in the future. I've done this in the past though & it's been held up. I wanted to avoid this.
* Our banks would be Santander & Nationwide. Solicitors bank is Natwest.
* Transfer would be £20k from me, £18k from wife, £7k from another account of mine. Wife's would have to be a £10k & a £8k due to bank restrictions. I think i may be ok for a £20k & a £7k. So in total we're probably talking 4 transfers & i was actually intending to do them ALL on Friday, not spanning them over days.
* I was avoiding CHAPS simply because of the charge. Didn't want to pay to transfer money when you can do it for free. If there's a very good reason to send via CHAPS then i would do, but why pay when you can do the same for free? Before anyone latches on to me saying "same" there, i know CHAPS allows a bit more.

Think that's everything covered. If i've not answered anything just give me a knock.

jonesMUFCforever

The more transfers you have to make the more difficult for your solicitor to marry them all up.
I strongly advice you use the internet and transfer all of the monies into one bank account and do a CHAPS payment from there.