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

smithja

Just checked Egg (Money) again after making a payment of £1 at about 7am from Barclays and although it did not get there in the 2 hours it is now showing, it was not there at 6pm. It says Faster Payment Received next to it but the balance has not been updated to reflect the credit yet, however, anything is better than the previous 4 day wait.

They must be one of the first credit cards accepting faster payments if not the first were it is coming from a different bank and a different bank to the one that they hold their suspense account with.

Milarky

smithja wrote: »

Just checked Egg (Money) again after making a payment of £1 at about 7am from Barclays and although it did not get there in the 2 hours it is now showing, it was not there at 6pm. It says Faster Payment Received next to it but the balance has not been updated to reflect the credit yet, however, anything is better than the previous 4 day wait.

Remember: if you have an Egg internet savings account (they're doing a fixed rate of 6.05% at the moment) you can do a debit card deposit to that, and then immediately transfer the amount into Egg Money which, as the screen explains has same day value (showing the next day) This actually allows you to make payments into Egg Money up to 4 days before the cash leaves the current account!

smithja

Cheers, I had loaded the card with my debit card and it came out of my current account 2 days before it was credited to the Egg Money A/c. I did not realise you could credit an Egg savings account with your debit card immediately, and I like the interest rate too :-) Might finally have my first go at stoozing.

thumshie

First Direct transfer out of £1000 was by FP today. Arrived before I could log in to the receiving account!

oh_no_you_dont_sunshine

I transfered £700 HSBC to LloydsTSB today but couldn't transfer £80 back! (Why would you want to you ask? I thought a standing order had gone out but it hadn't so I need to put some money back!)

The frustrating thing is, according to the MoneyBox article, all LloydsTSB personal customers will be able to send and receive by the 6th June, i.e. Friday. But if I try to do it now, it won't arrive back in my HSBC account for 3 to 4 working days, i.e. probably Tuesday at the earliest now! So I've got to remember to do it on Friday and it should arrive... on Friday!

Doh! :doh:

Anyway, doesn't anyone with the power think this thread is worthy of being made a sticky yet???

Milarky

oh_no_you_dont_sunshine wrote: »

I transfered £700 HSBC to LloydsTSB today but couldn't transfer £80 back! (Why would you want to you ask? I thought a standing order had gone out but it hadn't so I need to put some money back!)

The frustrating thing is, according to the MoneyBox article, all LloydsTSB personal customers will be able to send and receive by the 6th June, i.e. Friday. But if I try to do it now, it won't arrive back in my HSBC account for 3 to 4 working days, i.e. probably Tuesday at the earliest now! So I've got to remember to do it on Friday and it should arrive... on Friday!

Doh! :doh:

Anyway, doesn't anyone with the power think this thread is worthy of being made a sticky yet???

Haven't you got to set it up (for payment on Friday) on Thursday - because there is no 'set up and pay' feature with LTSB.

gt94sss2

netimka wrote: »

thanks for this link... i was looking for some information why I was able to transer HSBC->LLoyds stright away but when I tried to pay HSBC -> HSBC credit card i was told it will take 3 working days...will have to wait till November...

If the payment is to an HSBC Credit Card, it will still take three working days to be credited to the account.
Payments HSBC Credit Cards will start to be sent via FPS in November 2008.

It doesn't really matter if payments from HSBC-->HSBC Credit card take 3 days or go via the new FP system.

This is because HSBC automatically backdate the transaction for interest/payment purposes to the date it was sent anyway..

Regards
Sunil

rail.link

Transferred £1000 from FD to Barclays; money left FD but never turned up at Barclays.
Hopefully, it will turn up sometime today.

obsessed_saver

I love it! Transferred some money frm Natwest to Bank of Scotland and it arrived in less than 30 seconds. Wooohoooo!

Always thought that if cash machines can do it (instantaneous deduction from your account, no matter which bank the machine you made the withdrawal belonged to), why can't transfer between bank accounts?

aliasojo

I just sent my A&L current acc a fiver from my RBS account. I still got the 'will take 3 days' message.

Since RBS is listed as a send and receive bank and A&L is a receive one, shouldn't this have worked faster?