We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How do you know when cash is available to withdraw?

greyskittles
Posts: 877 Forumite

My brother is in another country but I have access to his internet banking as he's only young and I do all the dealings with it. I checked his statement online and he's just received his first pay packet today and the transaction has the code 'BCG' next to it.
He owes me £50 and I'd like to do an online transfer to my bank account. Does anyone know whether it'll be okay to transfer it now, or does it take a few days to be able to withdraw the money (as it would do if it was a cheque)??
I don't want to overdraw as he doesn't have an overdraft so he'd be charged!
Thanks.
He owes me £50 and I'd like to do an online transfer to my bank account. Does anyone know whether it'll be okay to transfer it now, or does it take a few days to be able to withdraw the money (as it would do if it was a cheque)??

Thanks.
0
Comments
-
'BCG'
If its an automated BGC then it will clear same day. If its a manual BGC then it will clear next day if a cheque was used (from another bank).
You should wait until next working day to be safe.
A lot of banks tell you what your cleared funds are on the internet banking so you could look at that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Are you sure it's not BGC, ie Bank Giro Credit? These are normally classed as cleared as soon as they hit your current account - savings accounts may require a few days to clear.
There will probably be two balance figures listed...
Balance, the total of all monies - including those items in clearance.
Available balance, this is the figure to be used when determining if there are sufficient cleared funds to withdraw.
However...
- what you and he are doing is contravening his T&C's. If the bank find out they may terminate his online access - or even close his account.
- if he decides to spend some money whilst he is abroad, thinking he has sufficient funds, he may well go overdrawn when this is applied to his account and you have helped yourself to the £50 he owes you.0 -
YorkshireBoy wrote: »- what you and he are doing is contravening his T&C's. If the bank find out they may terminate his online access - or even close his account.
Yes - to do what you're talking about makes good sense, but it should be official, i.e. it should be a joint account (easy option) or you should have legal rights through power of attorney or something (complicated).
I know you've got his full permission, but he doesn't really have the right to give it - be careful!Mortgage | £145,000Unsecured Debt | [strike]£7,000[/strike] £0 Lodgers | |0 -
Badger Lady is right you should make it official to avoid any complications in the future.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.4K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.3K Spending & Discounts
- 243.4K Work, Benefits & Business
- 598K Mortgages, Homes & Bills
- 176.6K Life & Family
- 256.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards