BACS Santander to Natwest
Discussion
Morning all. Anyone know how long a BACS transfer from Santander to Natwest should take? They are saying upto 4 working days. However, I've checked the sort codes and they are both (in theory) able to send money through BACS in one day as they are both part of a newer speedier BACS system.
I need to know as Santander made an 'error on the system' which meant a transfer made last thursday was not actually sent until yesterday (tuesday). Meaning i can't access the funds in my Natwest account until friday, if it takes 4 days.
I've also heard from Natwest that funds that have come through BACS must be in the account for 24 hrs before they can be withdrawn.
Stupid banks. I mean 4 days to transfer some money electronically. No faster than a cheque.
Cheers
I need to know as Santander made an 'error on the system' which meant a transfer made last thursday was not actually sent until yesterday (tuesday). Meaning i can't access the funds in my Natwest account until friday, if it takes 4 days.
I've also heard from Natwest that funds that have come through BACS must be in the account for 24 hrs before they can be withdrawn.
Stupid banks. I mean 4 days to transfer some money electronically. No faster than a cheque.
Cheers
BACS has a 3 day cycle. Day 1 is the day you make the transfer, day 2 is the processing day and day 3 is the day the beneficiary receives the funds...
... the 'speedier' BACS you refer to is Faster Payments - same principles as BACS (ie low value clearing) but different infrastructure and timeframes. It's only open to member banks (similar to BACS but members much more limited right now) and those banks have their own restrictions - amount, etc.
You'll need to check with your bank if your transfer will go through FP, you can check the recipient bank status here using the sortcode:
http://www.ukpayments.org.uk/sort_code_checker/
... the 'speedier' BACS you refer to is Faster Payments - same principles as BACS (ie low value clearing) but different infrastructure and timeframes. It's only open to member banks (similar to BACS but members much more limited right now) and those banks have their own restrictions - amount, etc.
You'll need to check with your bank if your transfer will go through FP, you can check the recipient bank status here using the sortcode:
http://www.ukpayments.org.uk/sort_code_checker/
Edited by Leebo77 on Thursday 26th November 22:41
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