A friend living some 200 miles away owes me £126. They said they'd paid me an online transfer yesterday (Thursday 1st Feb) from their bank (Barclays) to mine (Natwest). No sign of it at all on my end. How long should it take? I thought online banking was instantaneous. Or is my friend telling me lies?
2007-02-02 04:08:32 · 11 answers · asked by drcswalker 2 in Business & Finance ➔ Personal Finance
The transfer is instantaneous if the two banks are the same (e.g. both of you bank with Barclays).
If it is between different banks (e.g. one is with Barclays, one is with NatWest), it can take up to 4 working days.
2007-02-02 04:20:08 · answer #1 · answered by Nightworks 7 · 0⤊ 0⤋
Usually electronic funds transfer should happen overnight, but that might take 1-2 business days depending upon the time it was entered. Although, bill pay for one of my checking accounts says to allow 5 days for payments (in case they have to mail it, which can actually take longer than 5 days). If the two accounts were not at the same bank, are you sure both the routing number and account number were correct (from a check, NOT a deposit slip)? Maybe you gave someone else a gift. I get direct deposit and pay bills online, but have never actually done a checking to checking electronic transfer. When I set up electonic transfer from checking to broker, that initially took 7-10 days to set up, but since then transfers happen overnight. To transfer from one checking account to another I simply deposit a check.
2016-03-29 01:33:33 · answer #2 · answered by Norine 4 · 0⤊ 0⤋
Bank transfers within the UK take between 1 and 4 business days, so your friend could be telling the truth. It should be in your account by end of 6th Feb (Sat and Sun are not working days). If it's not there by 7th contact your bank to check.
2007-02-02 04:18:01 · answer #3 · answered by Molly F 2 · 1⤊ 0⤋
It usually takes several days to post to your account. Even when I transfer between one of my accounts to another there is a 2-4 day lag time. Neither bank has ever been able to adequately explain where the money is from the time it shows as gone from one account until the time its posts to the other. I'm guessing its not earning interest anywhere while its in transit either.
2007-02-02 04:52:31 · answer #4 · answered by auskan2002 4 · 0⤊ 0⤋
It is only instant if the two accounts are linked. Otherwise it takes approx 3-5 working days. Of course, it instantly goes out of the paying bank, and as usual the bank keeps it for a few days in cyberspace before it appears at its destination.
2007-02-03 10:30:13 · answer #5 · answered by remember_lizzie 2 · 0⤊ 0⤋
3 days is the norm - and in the interim it's the banks who are earning interest on your money. The technology does allow same day transfer (they can do it in a day if you pay a £30 or so fee for BACS) but why would they when they are making lots of £££.
2007-02-02 06:47:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It can take 2-3 days to do a transfer from one bank to another. It's instantanious to send the money, but recieving it takes a couple of days.
2007-02-02 04:12:57 · answer #7 · answered by sammie 4 · 1⤊ 0⤋
When I transfered money from CIBC to bank of Montreal it took 3 days in it was in the account at midnite on the thrid day.Iwould suggest calling your bank and ask them.
2007-02-02 04:18:42 · answer #8 · answered by Dondi 3 · 0⤊ 0⤋
1
2017-02-19 20:39:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋
bacs takes 3 days ,how far away he lives isn't relevant.you dont trust friends do you?
2007-02-02 04:17:35 · answer #10 · answered by jhguyjg h 1 · 0⤊ 0⤋