BACS payments - why so long

[Terino00]

It seems ridiculous than when I take money from one account and transfer it to another and they insist on using BACS it takes three bank working days when the money can be transferred electronically in a split second. Is this bankers ripping us off yet again? Do they transfer the money by arthritic pony?

[dzug2]

Only another month or so before faster payments become virtually universal

[twix123]

Are the accounts with the same bank or are they interbank transfers? If one is a building society transfers will take longer if they have to clear funds through a clearing bank!

[boxtops]

I do transfers on-line - the faster payments are in in two hours, "ordinary" ones take 3 days.

[grasscarp]

Banking is a law unto itself. I bank with Halifax and also have their credit card. If I do an online payment to the credit card it cannot go straight away. (Phoned them and was told they are not set up for instant payments). So it is paid and eventually the money goes out of my account. Look on credit card account - no money arrived there yet. Eventually and we are talking days and not hours, the money goes there. Where does it goes in the meantime?

[boxtops]

I had this just now with Lloyds, grasscarp - I think the bit in the middle goes to prop up Greece for a couple of days.

[grasscarp]

Very droll boxtops! ROFL

[craft1948]

I transferred funds from Tesco bank to Santander and they arrived the same day.

[chelle7272]

If i transfer to an account with the same bank (Santander) to other banks it has taken up to 5 days.