How long does Natwest to Lloyds transfer take?

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
9 replies 47.2K views
JamieL_2JamieL_2 Forumite
12 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Hi everyone.

Just need a little help with something. I am doing some freelance work today and will get paid via online bank transfer.

The person making the bank transfer is with Natwest and I am with Lloyds TSb.

Basically I need to know how long it will take for the funds to reach my account after he makes the transfer? I know if I was with Natwest it would be instant. I have no idea if it will also be instant to my Lloyds account or how long it will take.

Please if you know can you help me with this as I am looking to get hold of the funds for this evening.

If you are unsure please can you refrain from giving advice as its important I get this right. If its going to take longer than a couple of hours to reach my Lloyds account then I will have to try and find someone with a Natwest account to receive the funds for me and get them to withdraw the cash.

Many thanks,
Jamie

Replies

  • edited 31 December 2010 at 10:06AM
    PolmopPolmop Forumite
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    edited 31 December 2010 at 10:06AM
    Same day bank transfer should take no longer than a few hours
  • OK thanks so I can ask him to make a same day transfer online from his Natwest to my Lloyds account and it will take a few hours?

    Also does it matter if its made outside of banking hours, e.g. 6pm? Will it still reach me within a couple of hours max?

    Any help is much appreciated.

    Thanks,
    Jamie
  • PolmopPolmop Forumite
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    Hi

    It will only go through on normal bank working hours, if he pays you using faster payment you should receive it quickly.
    Once he has paid you he could also call his bank and chase them up.
    Hope this helps
  • mayling03mayling03 Forumite
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    Hi JamieL

    If his bank uses faster payments, you should get it within 2 hours but each bank has a maximum limit. EG I know from Coop anything under 1k will go under faster payments. When the other person makes the transfer, the operator can confirm with them on the phone whether it has gone faster payments or normal 3 w.day electronic transfer.
  • OK thanks a lot I will try and get the payment transferred at 4pm using faster payments to give it a little bit of time before the banks close (most shut at 4:30pm).

    Hopefully doing this will mean the money will reach me by about 6:30pm at the latest. Do you agree this should work?

    Thanks,
    Jamie
  • mayling03mayling03 Forumite
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    In theory it should work yes! Good Luck!
  • jen245jen245 Forumite
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    Polmop wrote: »
    Hi

    It will only go through on normal bank working hours, if he pays you using faster payment you should receive it quickly.
    Once he has paid you he could also call his bank and chase them up.
    Hope this helps

    No it wont. Faster payments will go through any time of the day. I have done it 10 or 11 o'clock at night, and its been in the receiving account within minutes. Natwest faster payments are pretty reliable, the money should be there within a few minutes of the transfer, although it is advised it can take up to 2 hours. I make FP's from my Natwest account all the time, and it is normally there by the time I log into the receiving account
    Debt free and staying that way! :beer:
  • zpppzppp Forumite
    2.5K Posts
    It is all very well saying it is an instant transfer, but this cannot be ascertained from the OP's post. How much are you recieving as a payment? Because the faster payments system has limits in place.
    Best Regards

    zppp :)

  • jen245 wrote: »
    No it wont. Faster payments will go through any time of the day. I have done it 10 or 11 o'clock at night, and its been in the receiving account within minutes. Natwest faster payments are pretty reliable, the money should be there within a few minutes of the transfer, although it is advised it can take up to 2 hours. I make FP's from my Natwest account all the time, and it is normally there by the time I log into the receiving account

    yah fps is instant
    check the limits on the fps website :)
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