How long does a bank transfer take?

is it quick and instant or will they have to wait?

thanks

Depends which bank you've transferred from/to i think.

Is it a Telegraphic Transfer e.g. for a house purchase, or just a transfer to a friends account? If the TT, then same day, if the latter, then between 1-5 working days (depending on bank), but it should be there in about 2-3 working days

I just did a transfer online from my HSBC to my natwest account and it was instant.

My bank said 4 days, you can do a BAKS transfer which is much quicker but they charge you £20.

Transfers between banks is pretty much instant, but the recipient acknowledgeing the receipt is another matter.

Paid a credit card bill recently. Money went from my bank to their bank instantly. Still took them 4 working days to credit my card account.

Presumably they get the interest on millions of pounds for that extra few days.

under £250 it goes by the fast transaction route, which is a few hours at the most

over £250 by BACS (which is free), in 2-3 days

you can CHAPS a payment over £250 for same day receipt, but it costs about £20

is it quick and instant or will they have to wait?

 

thanks

If your bank and the recipient bank are signed up to Faster Payments Service, then most payments up to £10,000 are completed in under 2 hours.

Google your bank's name and Faster Payments. See what you find.

If your bank and the recipient bank are signed up to Faster Payments Service, then most payments up to £10,000 are completed in under 2 hours.

 

Google your bank's name and Faster Payments. See what you find.

i am just mesmerised by your avatar.....and i'm a woman

i am just mesmerised by your avatar.....and i'm a woman

Would go hand in hand (so to speak) with your user name

Depends on how you transferred the money.

BACS: Ages

Faster Payments/FPI: Few hours at most. You need to get lucky with your sending and receiving accounts though

CHAPS: Nanoseconds. Which is why it costs £30.

Beware, there is a lot of incorrect information on this thread!

Since 2008 most banks now use the Faster Payment Service - these usually are free but arrive on the same day.

http://news.bbc.co.uk/1/hi/programmes/moneybox/7285167.stm