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For Sale For Trade Bank Transfer News..........read all about it!

5 replies
Found 25th Jun 2008
Good news for all HUKD traders paying by bank transfer, from November this year the top 11 banks have invested millions of pounds into a new inter bank system, so that from 1st November you will be able to transfer money from your account to an account with another bank instantly.

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Its called "Faster Payments" and is being phased in - not all banks will be ready by the 11th - but it is a step in the right direction...

I also believe there may be charges involved...

no charges...some already have it in play and as usual we are catch up with other european countries....

Some banks ARE charging for the service, and some are not. I thought they already had this system, CHAPS? and was just BACS that took a few days.

To be honest, with things like Paypal which is pretty instant, the banks have probably lost alot of money because people want things faster this day and age, shame it's taken them so long though to catch up.

Supermod

MunkiMadz;2389084

Some banks ARE charging for the service, and some are not. I thought they … Some banks ARE charging for the service, and some are not. I thought they already had this system, CHAPS? and was just BACS that took a few days.To be honest, with things like Paypal which is pretty instant, the banks have probably lost alot of money because people want things faster this day and age, shame it's taken them so long though to catch up.



BACS is usually 3-5 working days. CHAPS is a same day payment which is not instant. I find its usually between 1-3 hours. Also, there is usually a cut off time for CHAPS of 3:45

Original Poster

All banks will be on the same payment scale, personal accounts have no charge for payments made from and to personal accounts, business accounts are all charged % yet to be confirmed.

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