How long for cash to reach a bank account?
Discussion
Afternoon all,
I'm making a payment to a firm of solicitors soon. The cash supposedly needs to reach the firm by the 30th of this month - however, I only agreed to make the payment this afternoon, so I'm wondering what the fastest way of making a payment is? Someone has told me that a bank transfer from my account can take up to five days to reach their account...the same person has also told me that the payment can sometimes clear within a day, but that there is no way of knowing whether my payment will be a quick one or not.
However, as the solicitors have provided an account name, accounts number and sort code, couldn't I simply visit a branch of their bank (Lloyds TSB) and deposit the sum in cash for instant clearance? Apparently a reference number needs to be quoted so that the cash is acknowledged correctly...can such a ref number be quoted whilst depositing cash into an account over the phone?
Stupid questions I know, but it's very important to someone I know that the cash reaches the company as soon as possible.
Any thoughts appreciated.
Cheers,
EYW
I'm making a payment to a firm of solicitors soon. The cash supposedly needs to reach the firm by the 30th of this month - however, I only agreed to make the payment this afternoon, so I'm wondering what the fastest way of making a payment is? Someone has told me that a bank transfer from my account can take up to five days to reach their account...the same person has also told me that the payment can sometimes clear within a day, but that there is no way of knowing whether my payment will be a quick one or not.
However, as the solicitors have provided an account name, accounts number and sort code, couldn't I simply visit a branch of their bank (Lloyds TSB) and deposit the sum in cash for instant clearance? Apparently a reference number needs to be quoted so that the cash is acknowledged correctly...can such a ref number be quoted whilst depositing cash into an account over the phone?
Stupid questions I know, but it's very important to someone I know that the cash reaches the company as soon as possible.
Any thoughts appreciated.
Cheers,
EYW
OK thanks for that.
The thing is, I've had no prior knowledge of the need to make this payment (and especially so soon), so I haven't really prepared for it. I could do a bank transfer now, but seemingly there is no guarantee the money will reach the account in time (needs to be there by Thursday). I don't think I will get chance to visit a Lloyd TSB branch tomorrow, but I could easily do so on Tuesday...meaning the cash will easily reach the account if paid directly over the counter into the account, but that's assuming such a payment does clear instantly.
You don't happen to know if I can assign a reference number to a payment over the counter do you?
The thing is, I've had no prior knowledge of the need to make this payment (and especially so soon), so I haven't really prepared for it. I could do a bank transfer now, but seemingly there is no guarantee the money will reach the account in time (needs to be there by Thursday). I don't think I will get chance to visit a Lloyd TSB branch tomorrow, but I could easily do so on Tuesday...meaning the cash will easily reach the account if paid directly over the counter into the account, but that's assuming such a payment does clear instantly.
You don't happen to know if I can assign a reference number to a payment over the counter do you?
Put your their sort code into the checker here:
http://www.apacs.org.uk/sortcodechecker/index.html
It is says they are enabled for faster payments, and your bank is as well (see list on same site) then a transfer you initial through internet banking should be done same day. Note however that there is likely a limit to the amount, and if it is over £10k then there are additional money laundering checks involved.
http://www.apacs.org.uk/sortcodechecker/index.html
It is says they are enabled for faster payments, and your bank is as well (see list on same site) then a transfer you initial through internet banking should be done same day. Note however that there is likely a limit to the amount, and if it is over £10k then there are additional money laundering checks involved.
The Ben said:
When I was in Uni and I was broke, dad would go into my bank and put money into my account and I was able to take it out that day, whether it shown received I don't know, but pre him putting money in I wasn't able to and post I was!
If it is the same bank then it is instant.Also cross transfer to some other banks it is the same. I think it is more a case of up to 5 days.
The transaction is instant really, the rest of it is time for the banks to make money. From my experience on the continent is same day.
elster said:
The Ben said:
When I was in Uni and I was broke, dad would go into my bank and put money into my account and I was able to take it out that day, whether it shown received I don't know, but pre him putting money in I wasn't able to and post I was!
If it is the same bank then it is instant.Also cross transfer to some other banks it is the same. I think it is more a case of up to 5 days.
The transaction is instant really, the rest of it is time for the banks to make money. From my experience on the continent is same day.
The Ben said:
elster said:
The Ben said:
When I was in Uni and I was broke, dad would go into my bank and put money into my account and I was able to take it out that day, whether it shown received I don't know, but pre him putting money in I wasn't able to and post I was!
If it is the same bank then it is instant.Also cross transfer to some other banks it is the same. I think it is more a case of up to 5 days.
The transaction is instant really, the rest of it is time for the banks to make money. From my experience on the continent is same day.
If you pay cash in it is instant. Maybe a slight delay, but same day.
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