Moving money online

Wester

I transferred money online at from my old bank to my new bank at 5pm yesterday and I checked with my new bank at 10am this morning and it still has not been paid in to my new bank account


my question how long should this transaction take ?

Wester

I have just checked my balance with the bank that I am moving the money from and it is gone from that account but not still in my new bank account

Chino

Wester wrote: »

my question how long should this transaction take ?

I don't know, but if you identify the sending and receiving banks, others might be able to describe any relevant experiences.

For faster payments:
"The money is usually available in the receiving customer account almost immediately, although it can sometimes take up to two hours" http://www.fasterpayments.org.uk/about-us/types-of-faster-payments

However, perhaps one of your banks is not directly connected to faster payments, in which case the transfer should take no longer than one day:
"The maximum timescale for electronic payments, technically known as D+1, forms part of the Payment Service Regulations."
http://www.payyourway.org.uk/ways-pay/faster-payments

PRAISETHESUN

Did you send money by faster payment? If so, whilst it is usually instant, it can sometimes take up to the end of the following business day to complete the transfer. Otherwise, it is possible that your old bank has held up the payment as suspicious (I've had this happen a few times when I've tried to transfer a larger sum out of the blue between accounts) - you might need to call them and ask them to release the payment.

colsten

Did you use the correct sort code and account number?

Was it more than £10K?

JustAnotherSaver

If it’s anything like Marcus then be prepared to put your feet up and make yourself a brew.

Missus_Hyde

Wester wrote: »

I transferred money online at from my old bank to my new bank at 5pm yesterday and I checked with my new bank at 10am this morning and it still has not been paid in to my new bank account

I sympathise, Wester; one of the things I dislike about moving money around in cyber space is when it leaves one account, but doesn't appear in the other, particularly if it's a large amount.

This has happened to me a couple of times and my usual course of action is to ring the banks concerned and make a fuss until it does appear in the correct bank account.

Wester

colsten wrote: »

Did you use the correct sort code and account number?

Was it more than £10K?

Yes I used the correct sort code and account number


And it was £10K nothing more or nothing less

Wester

colsten wrote: »

Did you use the correct sort code and account number?

Was it more than £10K?

Why did you ask was it more than £10K ?

Tallaght

Wester wrote: »

Yes I used the correct sort code and account number


And it was £10K nothing more or nothing less

In a previous post you said ' but is attempted fraud a crime ?'.

Why would you say that ?

colsten

Wester wrote: »

Why did you ask was it more than £10K ?

£10K is around the amount at which some banks stop the outgoing payments for some manual money laundering checks. If you are still waiting, call your bank and ask what the hold-up is.