Transferring Money via the Internet

mountainofdebt

I know that if I transfer money using Natwest's online banking system betwen unconnected natwest accounts that the transfer is completed automatically - same with Lloyds.

Does anyone know if this is the same with Barclays?

louise1234_2

What do you mean by "completed automatically"??

If you mean transferred on same day, Barclays used to do it same day, but now for some reason (money laundering or fraud or something like that) it takes 1 day.

Stonk

louise1234 wrote:

but now for some reason (money laundering or fraud or something like that) it takes 1 day.

Pfah - the bank profits from a day's interest, more like. Forgive my cynicism.

mountainofdebt

What I meant was if I transfer it out of account a and into account b, then b's account holder can see the money going into their account and can spend it straight after I have pressed the confirm button.

klondyke

Probably not - depends on terms and conditions of b's bank as to how long before transfer clears.

grumbler

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=articlegroup&site=pfs&value=6339&menu=3953

Payments to Barclays accounts:
These are made immediately unless it's the first time you're making a payment to a particular Barclays account. If it's a first-time payment, those made before 6.30pm will be made the next working day and payments made after 6.30pm will be made in two working days. This restriction is in place to allow us to carry out checks to assist in the prevention of any potential fraudulent activity on your account. If your payment is urgent, please visit your branch with suitable ID or call Telephone Banking if you're registered.

P.S. Stonk, the part I made in bold is for you ...