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How long does money transfer take

briankelleher
briankelleher Posts: 74 Forumite
in Budgeting & bank accounts
I have to transfer about thirteen hundred pounds from my Natwest account to a Barclays account on Friday to pay a deposit for a flat. How long should this take? I get paid approx 1am Friday, should i get up during the night to do the transfer to give it more time or is it done at open of business? The agency's email says "it must be cleared and showing no later than Friday 25th", will this be possible with a transfer done Friday morning? Our other option is a banker's draft but Natwest wants twelve pounds or so for this.

Comments

  • nesco
    nesco Posts: 106 Forumite
    mine takes only seconds and i always do from natwest to barclays.

    but mine on a fast-track or something.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    http://www.ukpayments.org.uk/faster_payments_service/value_limits/

    For Faster Payments.

    Otherwise 3 working days.

    (the above link indicates it will be Faster Payment, so within 2 hours, although I have never used Natwest so cannot vouch for reliability)
  • briankelleher
    briankelleher Posts: 74 Forumite
    Thanks guys.
    nesco wrote: »
    mine takes only seconds and i always do from natwest to barclays.

    but mine on a fast-track or something.
    Did you have to apply for the fast-track, or pay extra? Or is it automatically a fast track payment?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Payments automatically go by FPS (Faster Payments Service)
  • davetrousers
    davetrousers Posts: 5,862 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Is there a limit for Faster Payments with either bank?

    Nationwide has a £1000 limit for Faster payment, I transferred £1,100 from one of my accounts to another and because it was over £1000 it took a few days. It didn't really matter but if I'd known I'd have done it in 2 goes.
    .....

  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    davetrousers wrote: »
    Is there a limit for Faster Payments with either bank?

    Nationwide has a £1000 limit for Faster payment, I transferred £1,100 from one of my accounts to another and because it was over £1000 it took a few days. It didn't really matter but if I'd known I'd have done it in 2 goes.

    The limit is with the sending banks of £10k with NW, see the link I provided above ;)
  • davetrousers
    davetrousers Posts: 5,862 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Lokolo wrote: »
    The limit is with the sending banks of £10k with NW, see the link I provided above ;)

    Crikey the limit varies from £250 to £10,000!
    .....

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