Does faster payments work instantly on bank holidays?

premiumz

They are usually instant or withing 2 hours on a normal working day. Is that the same for bank holidays?

Thanks

(Sending from Lloyds bank)

surreysaver

Usually. I've never noticed any difference, unless you're sending the money to a building society with old-fashioned computers that don't process the payment until the following working day 

Hoenir

System maintenance is undertaken on non workings days. 

born_again

premiumz said:

They are usually instant or withing 2 hours on a normal working day. Is that the same for bank holidays?

Thanks

(Sending from Lloyds bank)

Depends on who you are sending too.

Many institutions do not process faster payments themselves. So they are more likely to be by the end of the next working day.
Which is the actual timescale for faster payments.

Shakin_Steve

I sent one from Barclays to Monzo today, arrived instantly.

Rob5342

Bank Holidays are the same as Sundays in my experience. Normally the payment shows up straight away but with some of the old fashioned banks the date shown is the next working day. 

Ballard

I’ve worked for two agency (not direct FP participants) banks since faster payments were introduced.

The first one received 3 or 4 files per day which we uploaded to our system. 

The second one started off like that but has changed and our GBP correspondent now converts our incoming FPs to MT103s so they’re credited much quicker. I don’t work in that area so can’t give further details but it’s likely that it’s a speedy process. 

This is not to say that all banks will be doing this, I’m just mentioning it to show that different options can be used. 

begbeer

asked santander to transfer money this morning at 9.30am still not in the other account, according to them I must not panic until close of day tomorrow

eskbanker

begbeer said:

asked santander to transfer money this morning at 9.30am still not in the other account, according to them I must not panic until close of day tomorrow

Where are you sending money to?  In some cases, the service level is indeed the end of the next business day:

Where both the sending and receiving bank or building society are direct participants of the Faster Payment System, funds are usually available almost immediately, although they can sometimes take up to two hours.

These timescales can still apply if either the sending or receiving bank is not a direct participant. Some payments will take longer, especially outside of normal working hours.

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) –  this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/how-faster-payments-work/

Even if the recipient is a direct participant, payments may sometimes be held for additional checking....

begbeer

is going to Lloyds, so should be no reason why not received . and the account was already set up on Santander so know that I had not made a mistake in sort code or account number. its wasn't even that large under £500.