Transfers between banks

Engineer87

Good evening one and all.

Quick question, I'v only ever had bank accounts (current) with Barclays, however now i'm in a position to save quite a bit i'v opened a TSB Classic Plus account. Between my barclays current accounts transfers are more or less instant. I'v heard in the past that between banks takes longer? is there a rule of thumb as to how many working days? it's no major problem, but would just like to know what to expect before I transfer any funds.

Thanks and merry xmas

Westie983

Faster payment no later then two hours, more likely be there before you log out of one banks Internet banking and into the other

SuperAllyB

Some banks quote 2 hours, bit not sure where they get that from. The rules say that faster payments should be received by the end of the next working day. In practice, mine are nearly always instant.

KJSmith

SuperAllyB wrote: »

Some banks quote 2 hours, bit not sure where they get that from.

It's because 2 hours is maximum time that the actual Faster Payment process itself can take.

MarkFromCornwall

Engineer87 wrote: »

would just like to know what to expect before I transfer any funds.

Between banks I find it usually takes between one second and two minutes. Occasionally, especially if it is a large sum of money to a new recipient, it may be delayed while the bank calls you to check the transaction is genuine. Transfers from some other financial institutions may take longer, for instance I find that transfers from Birmingham Midshires, instructed in the morning are transferred to my bank late afternoon. There may also be some differences at weekends.

A_Frayed_Knot

When I transfer money from Santander it disappears out of the account immediately but can take up to 3-4 DAYS before it shows in my mortgage account. Might be slightly different to transferring between banks.

agrinnall

Westie983 wrote: »

Faster payment no later then two hours...

Incorrect, see the two posts following yours and please learn from them.

A_Frayed_Knot wrote: »

When I transfer money from Santander it disappears out of the account immediately but can take up to 3-4 DAYS before it shows in my mortgage account. Might be slightly different to transferring between banks.

Not strictly true, the money will arrive at your mortgage issuer no later than the end of the next working day, but if your mortgage account itself is not FPS enabled then it may take a little longer for the credit to be made to it (although I think it may have to be back dated to the date of arrival).

A_Frayed_Knot

[QUOTE
Not strictly true, the money will arrive at your mortgage issuer no later than the end of the next working day, but if your mortgage account itself is not FPS enabled then it may take a little longer for the credit to be made to it (although I think it may have to be back dated to the date of arrival).[/QUOTE]


It could be a weekend, so is Saturday a working day, and no the date is definitely not backdated when credited to my mortgage account.

A_Frayed_Knot

I was in fact scouring the forum trying to find out info. I have applied to switch banks, and have a new d/d to apply to account. Do I give old bank details or new bank account details as switch is due to go ahead on 5.1.16.

Another worry is if I transfer money out/in will it be all done on the same day, not next or days later.

stclair

Westie983 wrote: »

Faster payment no later then two hours, more likely be there before you log out of one banks Internet banking and into the other

That's incorrect it can take upto the end of the next business day to credit the account as per the PSD.

Nebulous2

Engineer87 wrote: »

Good evening one and all.

Quick question, I'v only ever had bank accounts (current) with Barclays, however now i'm in a position to save quite a bit i'v opened a TSB Classic Plus account. Between my barclays current accounts transfers are more or less instant. I'v heard in the past that between banks takes longer? is there a rule of thumb as to how many working days? it's no major problem, but would just like to know what to expect before I transfer any funds.

Thanks and merry xmas

Merry Christmas to you too, and welcome to the forum. I, in common with a lot of other people in this forum, shuffle money around to maximise the perks and interest available. I usually find payments are there by the time I have logged off from one account and logged on with the next.

However, and the main reason I am posting as you have already been given the details you need, it's a good discipline to use test payments. When sending money to a new account try a £1 transfer initially to make sure it works. That will also confirm you have entered all the correct details. You can then 'save' the account in your online banking, knowing the details are correct, without having to enter them again.