Bank transfer online - can i only transfer to account that is at same bank?

sherbie28

Hello,

I was wanting to put some money in my nephew's account asap. He's HSBC and I'm TSB. I have online banking and was wondering if I can do it online or will i need to go into HSBC and do it that way? Thanks

mp3boy

You can transfer using online banking but it'll take 3-5 working days, or you can take the cash into any HSBC and deposit it instantly using his details.

Biggles

If you mean using online banking with LTSB, go to 'Payments and transfers' and you will be able to set up a payment there. All you will need will be his sort code and account number. If you initiate the payment on a Monday, it will leave your account on the Tuesday and be in his account on the Wednesday. It's good for paying bills with too, instead of using cheques or direct debits.

0rsen

Biggles wrote: »

If you mean using online banking with LTSB, go to 'Payments and transfers' and you will be able to set up a payment there. All you will need will be his sort code and account number. If you initiate the payment on a Monday, it will leave your account on the Tuesday and be in his account on the Wednesday. It's good for paying bills with too, instead of using cheques or direct debits.

My TSB transfers to my Cahoot account take about 5 days. Same with the Halifax.

Biggles

0rsen wrote: »

My TSB transfers to my Cahoot account take about 5 days. Same with the Halifax.

I was meaning a Proper Bank, like HSBC. If it's part of the clearing system, BACS takes three days (in the case of LTSB online banking, this means set up on Day 1, leave account Day 2, arrive payee Day 3).

With 'banks' that aren't part of the clearing system, or building societies, they may take an extra day or two to move the money from where it arrives into your own account.

0rsen

Thanks for clearing that up, Biggles The nice thing about Cahoot is that they give you a virtual on-line debit card which which becomes invalid after each transaction. Every time you use the card it has a different number and you can stipulate the maximum amount to be debited. Very reassuring.