urgent query answer Asap PLEASE.

Tuareg

deposit funds need to be with solicitor by COB wednesday. Can you use online banking to transfer the funds tonight to the solicitors client account to reach it by COB wednesday or is there a clearing period i.e. 3 days? I guess sale will colapse if money isnt with Solicitors at appointed time.

thanks

Andypandyboy

If they use the faster payments system it should be there within 2 hours.

KRB2725

Faster payments has limits on it. You can do a chaps payment (banks do charge for this) before 1pm and it will arrive in the destination account on the same day.

Tuareg

Thankyou so much for quick response.... what is faster payments system and how do you get it/use it
thanks

Amount is 10k

Will normal online transfer fail timewise then?

chris_m

If it can go by Faster Payments, then COP Wednesday is possible - even if you have to do it in two payments (one on Tuesday, one on Wednesday) if your bank's FP daily limit is not sufficient to do it all in one go. If your bank's FP system works on Bank Holidays, you might manage three or four payments - today, tomorrow, Tuesday and Wednesday. Not all do though, I'm sure I've sent some payments on a weekend and they haven't actually gone (or maybe, arrived) until the Monday. Those would have been between Halifax and NatWest, can't remember which it was nor in which direction.

If not, then it will go as a BACS transfer which takes (up to) 3 days, so could miss the cutoff.

Not sure about CHAPS as an alternative, I think it's quicker but costs a fee - and you'd have to get your bank to arrange it, I don't think it can be instigated with online banking.

SuzieSue

Tuareg wrote: »

Thankyou so much for quick response.... what is faster payments system and how do you get it/use it
thanks

Amount is 10k

Will normal online transfer fail timewise then?

If it's only £10k then you should be ok as most banks use FP now but sometimes banks do additional checks, so it would be best to ring your bank and tell them what you want to do and see if they say you can do it by FP.

Or you can pay around £35 and do a CHAPS payment but you might need to go in to your bank with ID to do this.

chris_m

Tuareg wrote: »

Thankyou so much for quick response.... what is faster payments system and how do you get it/use it
thanks
Amount is 10k

Aha, when I needed to t/f money I didn't find any banks (that I needed to know about ) with less than £10K daily limit so you should be in with a good chance.

Google Faster Payment Limits to find your bank's limit and you'll know for sure. As per my previous post, i#even if your bank's limit is less than £10K, you should be able to get it all transferred over two days.

As to what the system is, if your online banking has the choice of "as soon as possible" or a specified date when you set up a payment, then the former will certainly try to send it by faster payments.

Tuareg

Solicitor said CHAPS in money request. Bill was sent just after banks closed Friday!!!

The stress!

Thanks for the info will see what happens.

agrinnall

chris_m wrote: »

If not, then it will go as a BACS transfer which takes (up to) 3 days, so could miss the cutoff.

Ignore this. You are living very much in the past, the BACS system has not existed (apart from BACS DCs which are a different beast) for a good few years now.

OP, all online transfers use the Faster Payments System unless the amount is above either the bank's or the system's limit - the system limit is £100,000, banks can and do implement lower limits, either per day or per transaction or both, that can range from £10,000 to £100,000. I don't know of any bank that has a limit below £10,000, so if that's the amount you want to transfer I'm confident it will go by FPS.

Transfers will normally take place within 2 hours, but the Payment Services Directive states that they must complete by the end of the next working day. Because Monday is a non-banking day that adds a day to the time, but a transfer initiated today should still be with the recipient by Wednesday at the latest.

Andypandyboy

I used FP for a house completion and the amount exceeded £10k, it was there in the client account within 2 hours. I know this because a friend works there and she contacted me to confirm it had arrived.

chris_m

agrinnall wrote: »

Ignore this. You are living very much in the past, the BACS system has not existed (apart from BACS DCs which are a different beast) for a good few years now.

Crikey, so I am
I'd thought FPS was another layer on top of BACS with BACS being the fallback if FPS didn't/couldn't work.

Thanks for the correction.