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How long does an online bank transfer take?

edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
16 replies 267.6K views
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  • preablepreable Forumite
    2.1K posts
    Debt-free and Proud! Mortgage-free Glee!
    knowing santander 3 days hahaha
  • I apologise for adding to an older thread, however, I am still unclear on the step-by-step process that banks follow for on-line, inter-bank transfers. I am particularly curious as to what happens to transferred sums which do not qualify for Faster Payments (and are therefore subject to several days processing time), but which are immediately withdrawn from the initiating bank account when a transfer is made. Where are such amounts held and by whom? For example, I made a transfer of 25k yesterday from Halifax to a newly opened Santander account. The money has been withdrawn from Halifax, but it seems that I have no indication of where it currently is. It is certainly not now in the Santander account! Being that it is a new account, I am a bit worried about it.
  • edited 31 August 2011 at 8:39PM
    agrinnallagrinnall
    23.3K posts
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    edited 31 August 2011 at 8:39PM
    Please start your own new thread, you'll have a much better chance of getting replies as people don't like old threads being resurrected.

    Edit: Having had a quick look at your question the answer is that it's now in the BACS process. £25K is above the maximum allowed for FP from Halifax. Have a look at this for info on how it works BACS
  • I recently moved to Santander and discovered this annoying fact. They do FPS transfers up to a maximum of £250 or £300. However, a normal normal transfer takes 3-4 WORKING days.

    It's faster to walk to a branch, withdraw the cash, and pop into a brand of the destination bank. Bonkers isn't it?

    Has anyone heard why this is still the case? Nearly all other banks are part of the FPS.
  • SystemSystem
    177.8K posts
    10,000 Posts Name Dropper
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    M_K wrote: »
    I recently moved to Santander and discovered this annoying fact. They do FPS transfers up to a maximum of £250 or £300. However, a normal normal transfer takes 3-4 WORKING days.

    It's faster to walk to a branch, withdraw the cash, and pop into a brand of the destination bank. Bonkers isn't it?

    Has anyone heard why this is still the case? Nearly all other banks are part of the FPS.

    A Santander Faster Payment will go through the same day (usually in around 2 hours)

    If the amount is outside the limits, then it will go via BACS which is at least 3 days, just like all the other banks.

    Yes, the Santander FP limit on the amount is lower than many other banks, but you must have known this when you joined Santander, if you didn't know this, then you should have read the T&Cs. ;)
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  • GentleGiant_2GentleGiant_2 Forumite
    532 posts
    Part of the Furniture Combo Breaker
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    MK,

    Santander is between £300 & £1000

    http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&cid=1237886380034&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1

    Only problem is - which account is £300 and which is £1000 - best bet is to send 3 or 4 payments at say £300 each rather than 1 at £1000
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