Banks - Faster Payments

  VNAM75 21:23 11 Aug 2008
Locked

Had an email from HSBC about the new faster transactions system. Has any one had experience of it? If I transferred say £500 from my Halifax "savings" account to my HSBC "current" account now,

How long would it take to appear online?
How long before I can withdraw the funds, online or at a cash machine?
Does the speed vary between current and savings accounts?

  Quiet Life 22:13 11 Aug 2008
  ajm 23:01 11 Aug 2008

I beleive if it is done during working hours, it shoud be instantly or within 2 hours tops.

I today had to pay someone. I made the transfer from my Halifax Current Account at approx 1300 hours and around 14:30 I had confirmation from the other person that the money was showing up in her account.

Last week I did a transfer on a Saturday night and the money reached the other party on Monday morning. It's not "fast" in the actual sense, but much faster than previously

  ajm 23:03 11 Aug 2008
  VNAM75 23:24 11 Aug 2008

ajm, "I beleive if it is done during working hours, it shoud be instantly or within 2 hours tops"

but the BBC link says

"The system will operate 24 hours a day, seven days a week, between accounts which belong to the system's thirteen founding members"

Its a big improvement over a very slow system, but there's no good reason why transfers can't operate instantly, like within the few minutes at most it takes to send an email.

  laurie53 07:44 12 Aug 2008

It depends entirely on the type of payment and whether the receiving bank is a full participant.

I am also within HSBC, and some payments are now instant, others still take up to three days.

  €dstowe 08:02 12 Aug 2008

Money coming to me from clients in Canada reaches my account in (effectively) zero time. Money transferred by ostensibly the same system from me to Canada takes about three days.

The difference could be that in the first instance the transfer is made using international to international accounts and the second by the old quill pen and parchment of local UK banking.

There really is no excuse these days.

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