Faster Payments advice

Kim_13

I've only ever made one payment on a Saturday and it didn't arrive until the Monday.

YorkshireBoy

Kim_13 wrote: »

I've only ever made one payment on a Saturday and it didn't arrive until the Monday.

It might have been dated Monday, but it's available funds from the Saturday in my experience. In other words, if I can see it on the destination account Saturday I can spend it!

agrinnall

Anthorn wrote: »

OK ok bank transfer. Sheesh!

What you seem to fail to understand is that there is no electronic alternative to Faster Payments for personal customer, if it's not an FPS then whatever you call it, it doesn't exist any more (and hasn't for over 5 years now).

Ballard

agrinnall wrote: »

What you seem to fail to understand is that there is no electronic alternative to Faster Payments for personal customer, if it's not an FPS then whatever you call it, it doesn't exist any more (and hasn't for over 5 years now).

Unless you pay for a CHAPS transfer.

anselld

agrinnall wrote: »

What you seem to fail to understand is that there is no electronic alternative to Faster Payments for personal customer, if it's not an FPS then whatever you call it, it doesn't exist any more (and hasn't for over 5 years now).

There must be other options. I recently did a transfer above the FP limit. The bank offered me two options - CHAPS same day for a fee, or next business day for free.

I don't know what the 'next day' payment option was called but it was not Faster Payments due to the amount.

YorkshireBoy

anselld wrote: »

There must be other options.

There are, but none of them take 3 working days as claimed by a previous poster.

For instance, here's what YBS say...

• If you send funds to an external account, they will normally reach the destination bank by the end of the following day.
• If you transfer more than £250,000 (the current Faster Payments scheme limit), the transfer will be sent as multiple transactions.

All the "multiple transactions" arrive at the same time, ie next day, not staggered as we'd have to do when capped at £25K or whatever per transaction for FPs.

Robisere

I sent a FP today (Sunday) @ 18:10 via TSB and will check tomorrow.

agrinnall

Ballard wrote: »

Unless you pay for a CHAPS transfer.

anselld wrote: »

There must be other options. I recently did a transfer above the FP limit. The bank offered me two options - CHAPS same day for a fee, or next business day for free.

I don't know what the 'next day' payment option was called but it was not Faster Payments due to the amount.

But CHAPS isn't a fall back to a failed FPS, it's an alternative that has to be chosen instead of doing a FPS. I also don't know what the 'next day' alternative is, because there is no free payment method that happens that way - I suspect that they might have planned to split the transaction into payments below the FPS limit and process them as Future Dated Payments.

YorkshireBoy wrote: »

There are, but none of them take 3 working days as claimed by a previous poster.

For instance, here's what YBS say...All the "multiple transactions" arrive at the same time, ie next day, not staggered as we'd have to do when capped at £25K or whatever per transaction for FPs.

What's your view of what the alternatives are? A 3 working day payment using BACS DC is a possibility, but I'm not aware that any FI does it automatically when a FPS fails.

anselld

I am not sure what they did either but it was above £250k, next business day, no fee. Single transaction, not split. First Direct.

Neil49

Different banks have different faster payment limits. Lloyds is £25k per working day, Nationwide £10k, Santander £100k.