Money Into Bank

[djtdjt]

When somewhen says they are paying money into your bank account " I am sending money now" how long should the money take to arrive? Does it depend who you bank with, or should all banks be the the same? Should it take an hour or two or maybe a day, thanks.

[roslyn251254]

I'm with Halifax and it is instant ...suppose it depends who you are with ?

[Calicogirl]

for me it's anything from literally instantly to 4 days, usually within a couple of hours though UK to UK. It depends if how they send it and if it's international or not. x

[dannyk13]

With Yorkshire Bank it is instantaneous.

[spathiphyllum]

I have never experienced anything except instant payment and i'm paid daily via bank transfer. Always instant. The only time it has taken any amount of time, is when a cheque is used. However people say give up to 48 hours for bank transfer as it can take longer.

[ToraToraTora]

should be pretty well instant, assuming they are using the faster payments system.

[calmck]

Barclays instant unless you state otherwise

[Peter Pedant]

it is changing
your implication is that what do they do with it whilst it is in transit? put it out to interest
With paper hem hem it used to be the 2-4-6 rule ( day for clearance) so the banks cd play with your money for up to a week but it is now
almost instantaneous for electronic transfer
with 60mins

there are now so many electronic transactions in Europe ( over a trillion a year I think) they cannot possibly go back to cash or paper ( billion transactions a year tops)

[Peter Pedant]

// when a cheque is used. However people say give up to 48 hours//

used to be 2-4-6
I think it has gone down to 2-4
Santander said 10 d - I sort of syringed out my ears .....

[Buenchico]

Q: "How long do Faster Payments take?"

A: "Provided the sending and receiving bank/building society are Direct Participants of Faster Payments, payments are usually available almost immediately, although they can sometimes take up to two hours.

These timescales can still apply if either the sending or receiving bank is not a Direct Participant of Faster Payments.

Some payments will take longer, especially outside normal working hours.

You should talk to your bank/building society if the speed of the payment is particularly important.

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest.

You should contact your bank or building society directly for more information on the exact process they follow when you request a payment to be made from your account"

Source:
http://www.fasterpayments.org.uk/faqs