UK Bank same day tranfer

[temi]

Its looks like UK banks has finally come of age. A client transferred some money to my bank account this morning and my account was credited withing a few hours.

Lets hope the days of 4 days clearing is gone for ever hurray!

[Bagi Zoltán]

Temi, are the two accounts administered with the same bank? In Hungary the internal bank transfer is arranged on the given day, but between different banks it may take 2 days, though usually only one.

[temi]

Zoli,
The accounts are with two different banks. But in Romania and Poland, when you pay people at other banks, the money get there the same day.

In UK into a few weeks ago, it takes about 3-4 working days

[TeamPlayer]

Originally Posted by temi

Its looks like UK banks has finally come of age. A client transferred some money to my bank account this morning and my account was credited withing a few hours.

Lets hope the days of 4 days clearing is gone for ever hurray!

Interesting! I knew the banks had speeded up the transfers of monies for customers in different banks, but not to that extent.

I heard somewhere that not all banks are the same, some have adopted the new system faster than others - typical of course.

[temi]

I think they all must adopt it soon or late, its just that some seem to have been quicker than others at rolling it out.

[Alan]

There'a been pressure on the banks to do this for some time. They were supposed to have this up and running last November. This is to be rolled out across the main clearing banks in the coming months.

[clangallacher]

Get your client to pay the £25.00 charge and its cleared straight away.

[tb987]

Originally Posted by TeamPlayer

I heard somewhere that not all banks are the same, some have adopted the new system faster than others - typical of course.

All the main banks have signed up for it, but the building societies haven't

[freethought]

It's great to see the banks are finally joining the digitally connected, online, 24x7 revolution. It's so annoying having to wait for funds to move from one place to another! Particularly when you know that it is just manipulating numbers on a computer and that it could easily be done instantly.
While transfers between accounts with the same bank are usually really fast, there are some (deliberate) exceptions. For example, when I pay off my NatWest credit card with my NatWest current account it takes 3-5 working days. Why?!? If I transfer money between NatWest current or saving accounts then it is instant so it is clearly an artificially imposed restriction to keep hold of my money longer so they can spend it and earn interest off it! Grrrr...
I'm eagerly awaiting SWIFT being introduced across all banks for all payments. Currently lots of them are only using them for a certain percentage of payments or all payments under a certain value (£1 in on Bank's case apparently!).

[Dimitar Christoff]

does this cover BACS transfers, i wonder... sometimes its AGES before salary goes through, would be handy!