Losses on Transferring Money

kalaka

Banks claim it takes 3 working days to transfer money from one institution to another. So that's 3 days we lose out on interest. Can anyone tell me what happens if a transfer includes a weekend? For example, if I initiate a transfer on a Friday and the money doesn't reach the new bank until the following Wednesday, do I lose out on 5 days interest? A long way of asking, in such circumstances, would I be better off waiting to initiate the transfer until the Monday?

davidcampbell

http://forums.moneysavingexpert.com/showthread.html?t=47214

see that kalaka

(hope that works, never done it before.)

DC

kalaka

Thanks for posting that link DC (it does work).

I think it should be in some kind of ten commandments of money saving: "Never do a bank transfer other than on Monday or Tuesday"...(unless the source account pays no interest).