Transfer speeds

teddysmum

Could someone tell me how long the following transfers would take,please ? ie How soon after send does the money appear to be used in the next account ? I gather that this depends on the processing speed of the receiving institution.


1) Tesco current to TSB current
2) TSB current to Lloyds current
3) TSB to Nationwide current
4) Nationwide current to Lloyds current.


Also would a transfer from person A's current account to person B's current account count as a pay in for Nationwide and ,likewise Lloyds ?

YorkshireBoy

They're all instant, ie by the time you log in to the receiving account it'll be there!

As to your second question, the banks don't care who sends the money. However, and reading between the lines of your question, one of the banks in your list requires funds to come from outside the organisation. You'll see which one it is when you read the respective T&Cs.

Ballard

I find that transferring funds from Tesco can take a few minutes to arrive. I sent funds from Tesco to Santander this morning, for example, and it took a good five minutes. This is as good as instant for my purposes just don't panic if it's not there straight away.

LXdaddy

I assume you are talking about the faster payments service when you do the transfers on line.


These say they will be completed within 2 hours but I generally find that they happen straight away. But I did a FP transfer from Santander to a newly opened Tesco Current account and (maybe because I was already logged in to my Tesco on line banking on a different session) it took several minutes for the value to show in the Tesco account. Several being maybe 5 or 10.

teddysmum

Yes,online.


I have done Co-op transfers to a charity account, told it will be up to two hours and received thanks within half an hour,but as Tesco's T&Cs say they discharge instantly but availability depends on the receiver's speed, I thought I'd better check.


I have been reading T&Cs but they are very hard going and set your head in a spin (at my age),after a while.

ceredigion

teddysmum wrote: »

I have been reading T&Cs but they are very hard going and set your head in a spin (at my age),after a while.

Further to YorkshireBoy's post and again reading between the lines, concentrate on the Building society

teddysmum

YorkshireBoy wrote: »

They're all instant, ie by the time you log in to the receiving account it'll be there!

As to your second question, the banks don't care who sends the money. However, and reading between the lines of your question, one of the banks in your list requires funds to come from outside the organisation. You'll see which one it is when you read the respective T&Cs.

Nationwide is the difficult one.


I did actually see that term, as it is in large print, but at the time was only considering one account in a chain, so it didn't apply.

polymaff

teddysmum wrote: »

Could someone tell me how long the following transfers would take,please ? ie How soon after send does the money appear to be used in the next account ? I gather that this depends on the processing speed of the receiving institution.


1) Tesco current to TSB current
2) TSB current to Lloyds current
3) TSB to Nationwide current
4) Nationwide current to Lloyds current.

Taking a different approach to the OP's post:

A Faster Payment can take up to the end of the next working day - and the first time you make an FPS transaction from a particular account to another it can take until the next day. Once you've made a payment between those two accounts, subsequent FPS transactions between them tend to be instant.

The implication is that if you want to make a first-time payment of thousands on a particular date, perform a £10 transaction the day before

teddysmum

ceredigion wrote: »

Further to YorkshireBoy's post and again reading between the lines, concentrate on the Building society

I haven't mentioned any building societies (interest is poor), but am going to start simple ,beginning with Tesco and TSB (seven accounts in total, between two of us),plus two saver accounts. Then add one or two each of Nationwide and Lloyds ,to be decided on;one Nationwide getting feed from a chain and one from the source account or cash.

teddysmum

Quote:
Originally Posted by teddysmum
Also would a transfer from person A's current account to person B's current account count as a pay in for Nationwide and ,likewise Lloyds ?

You haven't made it clear (to me) if A and B's current accounts are both with the same bank. Study the T&Cs - or avoid.

---

I agree that it wasn't clear,but I did mean within the same institution.


As explained in my posts since yours, there is no need to avoid,as I know it's Nationwide that does not allow, but read those T&Cs when only considering one account with them.


It's easily sorted by feeding any second account from our source account or by cash, but extra accounts won't be needed until other investments mature.

teddysmum

polymaff wrote: »

Taking a different approach to the OP's post:

A Faster Payment can take up to the end of the next working day - and the first time you make an FPS transaction from a particular account to another it can take until the next day. Once you've made a payment between those two accounts, subsequent FPS transactions between them tend to be instant.

The implication is that if you want to make a first-time payment of thousands on a particular date, perform a £10 transaction the day before

That's interesting. Thank you for pointing it out.