BTs - How long?

WillyB

WillyB

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Didn't know which forum to put this in -

How long should a BT take?

I see some on here are instantaneous. I contacted my bank and they state 3 to 5 days!

Does it vary from bank to bank? I thought they all worked the same way.
 
Some banks are instant, some arent. Not all have signed up to the fast pay scheme thingy.
3-5 days is standard.
 
Ah right. I didn't know there was a fast pay scheme. Looks like my bank hasn't signed up then.
 
If you look here it tells you who is and isnt signed up for it. Both banks need to be signed up before it will be instant (almost)
 
It's Faster Payments, NOT FastPay which is something quite different.

If both banks involved in the transaction are part of Faster Payments then the transaction will happen within a couple hours. Although, in my experience, it is more likely to be within seconds.

See here
 
2blue4u said:
It's Faster Payments, NOT FastPay which is something quite different.

If both banks involved in the transaction are part of Faster Payments then the transaction will happen within a couple hours. Although, in my experience, it is more likely to be within seconds.

See here
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Got it. Thanks for that. I can feel a change of banks coming on:(
 
WillyB said:
No, Santander.
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Ouch, I'd be walking away from them right away, my guess on Nationwide was because I used to have a lot of dealings with them and they were useless a BT's
 
barneyrubble said:
If you look here it tells you who is and isnt signed up for it. Both banks need to be signed up before it will be instant (almost)
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I'm with Lloyds TSB and our joint account is Halifax - both the same group now and both apparently signed up.

Transferring from Halifax to Lloyds is instant but Lloyds to Halifax takes 3 days....??
 
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Well. I also have an account with LLoyds TSB, so I know which one I will use for BTs in future!!
Wasn't aware of this Faster Payments Scheme before I used my first BT.

I know now.:thumbs:

Thanks to all for help.
 
2blue4u said:
Then you deserve all the grief you get.
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:lol:

I went once to a Santander branch on the high street to get change for a fiver (to pay the parking meter) and was told that I need to be an account holder with them to get change! :thumbsdown:

That's shockingly bad service from Santander. Needless to say, I will never ever be banking with them.

Cheers
HighPriest
 
Ive just sold something on Ebay and the buyer is paying by Bank Transfer for £900, great i thought, no paypal fees and money within 2 hours, great until he told me he was with Santander, they refused to transfer the money saying i was a "risky transaction" even though ive banked with the Halifax for 34 years, and wait for it, i also have a Santander credit card as well which ive used flawlessy for 12 month as a balance transfer card, he went back to them with this information and they agreed to release £300 a day over 3 seperate days.

I now flatly refuse to deal with anyone who banks with them.
 
Gary Coyle said:
Ive just sold something on Ebay and the buyer is paying by Bank Transfer for £900, great i thought, no paypal fees and money within 2 hours, great until he told me he was with Santander, they refused to transfer the money saying i was a "risky transaction" even though ive banked with the Halifax for 34 years, and wait for it, i also have a Santander credit card as well which ive used flawlessy for 12 month as a balance transfer card, he went back to them with this information and they agreed to release £300 a day over 3 seperate days.

I now flatly refuse to deal with anyone who banks with them.
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That just doesn't sound right :thinking: It's not the duty of the bank to pass comment upon the destination account in such a transaction. I'd go as far as to say they wouldn't and couldn't. He's telling porkies! I suspect he's unable to transfer the funds to you immediately as he doesn't have sufficient in the appropriate account and he's having to transfer or pay in from elsewhere. Treat with caution.
 
2blue4u said:
That just doesn't sound right :thinking: It's not the duty of the bank to pass comment upon the destination account in such a transaction. I'd go as far as to say they wouldn't and couldn't. He's telling porkies! I suspect he's unable to transfer the funds to you immediately as he doesn't have sufficient in the appropriate account and he's having to transfer or pay in from elsewhere. Treat with caution.
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I agree. They may be bad in some respects, but not THAT bad!

They are good for one or two of the things I do but as I say I will not use them again for BTs as I have a Lloyds account as well.
 
Got the final installment today so all well, still wont ever deal again with anyone who banks with Santander
 
Lloyds and Halifax are a bit of a nightmare with transferring, "officially" they're both owned by Lloyds Banking Group but technically Lloyds and HBOS still trade separately there's a lot of system integration to do yet which is why transfers can take so long!
RBS/Natwest are really good for faster payments although I usually transfer cash into my Halifax account to make Bank Transfers as RBS require a security reader thing to add a new payment detail!
 
MWHCVT said:
my guess on Nationwide was because I used to have a lot of dealings with them and they were useless a BT's
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I'm with Nationwide (among others) and, prefer using them for BT's because normally, transfers are made within 20 mins, never had a problem with them.
 
I was under the impression, bank transfers from and to the same bank are instant. But Bank transfers from one bank to another bank can take anything between 1-5 days.
 
blade_922 said:
I was under the impression, bank transfers from and to the same bank are instant.
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Except Santander. Had a work colleague who tried to open a Santander ISA using funds from a Santander current account. The Money went 'missing' for several weeks. :clap: :bonk:
 
I must say I agree. Santander are useless. Understand this if you can, sometimes they will transfer via faster payments to another account but sometimes it takes 3 working days! This is exactly to and from the same account!
Another thing, they flatly refused to open a joint account for my new wife even though it's my money! Halifax did it immediately.
What's wrong with them? It's exasperating.
 
Santander are really bad...However, If I'm buying something (on here at least) I'll use my Barclays account instead. Onlyu with Santander as they offer a good student account, and insurance and no monthly fees to pay.
 
Oh well, my wife has a current account and a credit card account with HBOS. She's still trying to find out why it takes three working days - not including the date of payment - to pay her credit card online with the same bank. So far, she's had a surly "don't know", to "all the banks are the same", and a long winded, rather patronising, explanation that HBOS don't actually own the credit card company (we knew that, obviously).

I was overseas when she opened the HBOS accounts, and I didn't know anything about it, but it beats me why she doesn't just pay off the card and close the accounts. She has full authority on my HSBC accounts.
 
HSBC are no different. If I make a payment to my credit card, it comes out of my current account immediately but isn't credited to the CC balance for 2 days.

Pirates, the lot of them.
 
Llamaman said:
HSBC are no different. If I make a payment to my credit card, it comes out of my current account immediately but isn't credited to the CC balance for 2 days.

Pirates, the lot of them.
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I don't disagree with that at all, but I can pay my HSBC card on the due date and it's credited straight away, even though it doesn't reflect for up to two days. HBOS hit you with a penalty fee for late payment, even if you pay in cash on the due date because it takes three working days to process.
 
Oh I see your point now. That's shocking.
 
Absolutely no problem with my HBOS current account, almost instantaneous.

Clydesdale however is a calendar job!
 
Mikesphotaes said:
Absolutely no problem with my HBOS current account, almost instantaneous.

Clydesdale however is a calendar job!
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Mike, could you expand on this? What's almost instantaneous? If it's a credit card payment, my wife is getting a serious runaround.

I see you're in Stirling. I grew up just outside the town, closer to Bannockburn.
 
highpriest said:
:lol:

I went once to a Santander branch on the high street to get change for a fiver (to pay the parking meter) and was told that I need to be an account holder with them to get change! :thumbsdown:

That's shockingly bad service from Santander. Needless to say, I will never ever be banking with them.

Cheers
HighPriest
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Why? You are expecting something for nothing....would you expect any other retailer just to give you change? Why should a bank that your not a customer of.
 
Our mortgage is with Santander and TBH if we didn't have such a good deal, we'd have been long gone. Trying to get anything done is pretty frustrating.

We bank with the Halifax and BTs seem to go instantaneously. I've done 6 transactions on here (I think) and all payments have been sent and received within seconds. Makes such a difference!
 
cobwebscavern said:
Why? You are expecting something for nothing....would you expect any other retailer just to give you change? Why should a bank that your not a customer of.
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I'm sorry, I can't expect a Bank to give me change if I'm not a customer? What does it cost them exactly? I can walk into every other high street bank branch and they will gladly change my money, no questions asked (and I have done so countless times - I have a knack of running short of change quite often).
 
Gary Coyle said:
Ive just sold something on Ebay and the buyer is paying by Bank Transfer for £900, great i thought, no paypal fees and money within 2 hours, great until he told me he was with Santander, they refused to transfer the money saying i was a "risky transaction" even though ive banked with the Halifax for 34 years, and wait for it, i also have a Santander credit card as well which ive used flawlessy for 12 month as a balance transfer card, he went back to them with this information and they agreed to release £300 a day over 3 seperate days.

I now flatly refuse to deal with anyone who banks with them.
Click to expand...

Now it is possible that the bank is the cause the delay in this instance, if the individual in question has been moving a lot of money around then this transaction may have flagged on the banks anti-laundering systems, I know when I worked for a major financial organisation any employee was contractually obliged to report any suspicions that we had.

So it may not have been the customer playing games, just a thought
 
MartynK said:
Mike, could you expand on this? What's almost instantaneous? If it's a credit card payment, my wife is getting a serious runaround.

I see you're in Stirling. I grew up just outside the town, closer to Bannockburn.
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Hi Martin, I was talking about the speed of Bank Transfer to other banks, from my HBOS Current Account.

It says will complete in 2 hours but so far it's more like a few mins.
 
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All seems to depend on the financial institution. I'm waiting for money on a sale of a camera from Nationwide BS to Natwest, it's been three days now. I'm not worried, the money will arrive at some stage this week.

Working in the payments industry it frustrates me as to how easy this all could be!
 
Faster Payments - brilliant when the money goes where it's supposed to.

A nightmare when you get any details wrong or a fraudster gets your account details. :eek:
 
But thats no different to the older system as far as I can see.

The biggest problem is the banks - support for faster payments is patchy at best. Some banks are good at receiving fast payments but take 3 days for outgoing payments (what a surprise!). In my experience halifax are about the worst for having issues with the system - some days you can make fast payments, other times it just wont do it saying the payment will be 3 days with no explanation of why.
 
It takes 3 bank working days from the day it is sent unless it is sent via Faster Payments then it can be seconds to 24 hours but you will be told this at the time if it is going via FP how long it will take. Most banks are signed up to Fp now and all will in the near future. It has been around for over a year no and still has issues, the operator has no influence if it will go via FP or not until you actually process the transaction.

Send to a credit card is different, it will still take 3 bank working days as it goes to a holding account and is then 'sorted' from there.
 
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