Kaupthing Edge bacs or chaps????

moneysavingwannabe

Hi,

I have just opened a Kaupthing Edge online savings account and have received my email with account nos etc.

It says to transfer money I can do a bacs or chaps transfer. But the bank may charge me for a chaps transfer. I normally just transfer money through online banking. So what would that be classed as??

Also cos I have the account nos etc do you know if I can transfer money straight away or do I have to wait for the password and other details they say they are sending me?

Am wanting to transfer the money fairly soon from my appalling savings account so any advice appreciated!! Thanks

wizk1

It says to transfer money I can do a bacs or chaps transfer. But the bank may charge me for a chaps transfer. I normally just transfer money through online banking. So what would that be classed as??

That's only when you're transferring money back to your current account when you want to withdraw money from Kaupthing edge. When that time comes, you should do it by BACS as that is free, but it takes around 3 working days to transfer. If you are in dire need of the money in a day or so, then you would opt for the CHAPS which incurs a fee.

You can send money to the account any time you want with the account numbers you have, but in order to withdraw it, you'll need to wait for the passwords to arrive.

I'm loving my KE account so far, hope you do too

moneysavingwannabe

Hi,

Thanks for your quick reply!

I tried to login as haven't got my details yet and I filled in forgotton password and they texted it to me! Rather impressed!

Thanks again now to transfer some money. Is it best to transfer a little bit first to make sure it gets there??

moneysavingwannabe

Hmmm,

It says to transfer money to the savings account I need to provide the sortcode and account no. The sort codes are different depending on bacs or chaps... so would online banking be a bacs payment??

moneysaver

moneysavingwannabe wrote: »

Hmmm,

It says to transfer money to the savings account I need to provide the sortcode and account no. The sort codes are different depending on bacs or chaps... so would online banking be a bacs payment??

Use the bacs sort code for the transfer, unless you want to pay to transfer.

Moneysaver

DeepSporran

If you're using online banking to send money to another account, it is BACS you'll be using. So use the BACS sort code.

I would always try sending a small amount (£1) as a test, and then waiting to check that it had arrived successfully, before trying to send any larger amount.

moneysavingwannabe

Hi,

Thanks have just done it so fingers crossed! Though it won't show up for a while will it!!

Thanks for everyone's help, I'm used to having all my accounts with one bank so a little nervous. I can normally see the money moving straight away.

Thanks again

Baldur

moneysavingwannabe wrote: »

would online banking be a bacs payment??

Yes - as indicated previously, CHAPS payments are for same-day transfers and almost certainly incur a fee.