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Do balance transfers go via Faster Payments
faddy
Posts: 508 Forumite
in Credit cards
Are balance transfers these days done via Faster Payments? This on the Tesco Bank website seems to suggest that they go through faster than BACS would allow:
If we approve your request before 5pm on a business day, we'll transfer the money from your Tesco Bank credit card and send it on the same business day, otherwise, we'll send it on the next business day. The payment will reach the other card provider by close of business on the first business day after we send your payment.
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Comments
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So do all card companies now work to a similar timetable to Tesco's?
I have tried it with some creditcards. If you do that before 16.00 it will normally arrive the following working day. In a few occasions if you do that in the morning before 10.00 (say) it might be arriving inthe same day.
Faster payment is instant but keep in mind even it is a faster payment they do not neccessary press the FP button immediately after you instruct thew. They might still need to do some internal admin work, so they might be pressing the button later on the day.0 -
And this was for balance transfers, not for money transfers?
Yes, it is a BT. I have not tried any Money Transfer as most of money transfer (if not all) will not be as good as BT. The fee is normally higher.
But Money transfer should be the same and arriving at approximately the same time with BT.0 -
In my experience its pretty fast.
When I got my virgin money card (and I put the BT on the application), they did the balance transfer a week before I got any documents or card in the post.
Manual BT's I have done on the website normally take one working day, so they not immediate but its still fast.0
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