How long does online Bank Transfer take?

13 replies
Found 27th Mar 2007
Hi,

I need to pay some money from my HSBC account to the sellers Halifax account.

If I do this online, is it instant or does it take a few days to clear?


Thanks.

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13 Comments

I paid 1p the other day to someone (to help with save the change) and it took 3-4 days.

[SIZE=2]Generally no more than 4 working days. Most of mine take 3 days.[/SIZE]

takes roughly 3 days for different banks

if its the same bank usually few hours or instant

Min was Lloyds to Lloyds, maybe depending on bank company?

Original Poster

Ok thanks, I guess if I go over the counter at a Halifax, it should be instant right.

yeah over counter cash is instant

deal4me i know for definate hsbc to hsbc is instant

OK, sounds like company dependent!

Lloyds ---> Lloyds takes 3-4 days

Is this an ebay transaction?

Original Poster

No, not ebay. An AVforum sale.

Thanks for the help guys, I will go to a Halifax branch 2mrw.

gd_miester

No, not ebay. An AVforum sale.



Good :thumbsup: :-D :-D

Depends on the bank sending the payment and the method used. Most commonly a BACS payment is made (often called a bill payment) which will run from 2-4 days for a cleared deposit to arrive in the receiving bank. A CHAPS payment (commonly called a wire transfer) is a same day/next-day (depending on when it is sent) arranged by the bank special - and this is done at a charge. Payment is still received as a cleared deposit.

I know i'm a little late but as everyone else mentioned, it normally takes 3-4 working days to transfer from one bank to a different bank franchise but if you pay cash over the counter at the Halifax account, it will be instant but make sure to keep the receipt incase anything there's an internal error or they try and claim that they didn't receive payment.

Although it's highly unlikely anything could possibly go wrong, it's better to be safe then sorry, especially if it's a big amount, you need your proof, as you're sending payment to a complete stranger.

Another late come'er as well

The transfer is instant :w00t: I know it is hard to believe but there you go.

The problem arises from the greed of the banks, they withdraw it straight away from your account and hold it in their account gathering interest for them, then they pass it to the other back the next day, they hold it for a day and get the interest on that for a day and then give it to you the next day. So all in all it takes 3 working days, ooops forgot about the weekend, well then which ever bank has it on Friday gets the interest over the weekend as well. Hard to believe I know but the regulator is trying to get this type of transaction done within a standard 3 or 4 hours which the banks are objecting to, (I wonder why :thinking: ). I feel sorry for the banks, everyone is against them all the time, how are they expected to make MILLIONS every year if we want more including free banking :whistling:

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