New speedy system for bank transfers launched; account to account in under 2 hours

whu

Henwen wrote: »

I didn't realise this was so close to happening so was thrilled to read this.

Does anyone know when the foreign banks like Kaupthing and Firstsave will sign up? I'm thinking that savings account "surfing" will be much easier from now on....

Didn't know BACS had a £10,000 limit - is this right?

banks have different levels i think - i know lloyds is £10K
from what i understand KE dont have immediate plans to sgn up but that may change

Cloudane

saad_awal wrote: »

How much did you transfer? [between HSBC and Natwest]

£1. Haven't tried any bigger figures...

theyiddo

My other half transferred £240 to me yesterday from Alliance & Leicester to Natwest.

Needless to say, its not arrived.

Well done to the banks. What a confusing new system, as it looks likes its "receive only" for A&L. :wall:

redrabbit29

Can someone clarify... are they charging for this service? E.g. if I transfer money now from say HSBC->halifax will I get charged for it?

Mikeyorks

anandp wrote: »

FP should replace both the other two in time, however, as it stands currently, FP's are not guaranteed unlike CHAPS so there will be occasions where CHAPS needs to be used (such as when drawing down a mortgage).

That's simply not the case. There are no plans to replatform either DDs or Direct Credits from BACS onto FP. Nor are there plans to remove the £10k limit on the 'immediate' type of FP .... therefore CHAPS will equally remain for high value payments.

peterudd

:j Just did a £1.00 test transfer NatWest>Lloyds (free of charge). Arrived within seconds!:j

10_66

redrabbit29 wrote: »

Can someone clarify... are they charging for this service? E.g. if I transfer money now from say HSBC->halifax will I get charged for it?

When I made enquiries a couple of weeks' ago to Halifax, I was told that they hadn't yet decided whether or not to make charges for the FPS. They're probably waiting to see what the others do.

eeja

From Anglo Irish Bank IOM: copied and pasted

Currently there are no plans in place for us to adopt this new service. We no longer offer normal 3-day BACS transfers to personal clients all payments are sent via CHAPS and up to £50,000.00 is free of charge.

Regards
Personal Savings Team

dc

10_66 wrote: »

When I made enquiries a couple of weeks' ago to Halifax, I was told that they hadn't yet decided whether or not to make charges for the FPS. They're probably waiting to see what the others do.

How on earth can they possibly justify charging for receiving money???? :rolleyes:

garryhq

This is the reply I received from A&L on the 19th May.
I asked why a simple internal credit transfer between my two A&L current accounts took 5 days, 3 days longer than an external debit transfer taking only two days, when both transactions were made online within minutes of each other.

Thank you for your further e-mail regarding transfers between current accounts.
Unfortunately, due to the way our systems process, transfers between existing Alliance & Leicester current accounts can take up to three clear working days.
We are always looking for ways to improve the service we offer to all our customers and appreciate the time you have taken to contact us.
We have forwarded your comments to the relevant department for consideration, to see if it would be possible to decrease these timescales in any futher changes and/or enhancements to our systems.
We do hope you find the above information useful. If you have any further questions the answers may be found in the Help section, found on the login page of the customer website. If you can not find the information you are looking for please do not hesitate to contact us again.
Kind regards
Customer Services
Alliance & Leicester plc
Date: 19 May 2008