Discussion
Online transfer is usually instant or at worst within 2hrs, but limited to £10k with most banks.
CHAPs is same business day as long as instruction is taken by 3:00-3:30 depending on bank.
BACs is an instruction that you make, then 3 days later the payment debits your account and credits the recipient, usually all done at midnight.
The confusing thing is when you make an online transfer it sometime shows up as BAC but really it isn't.
Simples.
CHAPs is same business day as long as instruction is taken by 3:00-3:30 depending on bank.
BACs is an instruction that you make, then 3 days later the payment debits your account and credits the recipient, usually all done at midnight.
The confusing thing is when you make an online transfer it sometime shows up as BAC but really it isn't.
Simples.
m4tt said:
Online transfer is usually instant or at worst within 2hrs, but limited to £10k with most banks.
CHAPs is same business day as long as instruction is taken by 3:00-3:30 depending on bank.
BACs is an instruction that you make, then 3 days later the payment debits your account and credits the recipient, usually all done at midnight.
The confusing thing is when you make an online transfer it sometime shows up as BAC but really it isn't.
Simples.
HiCHAPs is same business day as long as instruction is taken by 3:00-3:30 depending on bank.
BACs is an instruction that you make, then 3 days later the payment debits your account and credits the recipient, usually all done at midnight.
The confusing thing is when you make an online transfer it sometime shows up as BAC but really it isn't.
Simples.
I thought that a standard BACS payment debited your account on say a Monday and then arrived on the Wednesday? Rather than a credit/debit on the same day three days later???
If an online payment is not BACS, then what is it?
P
MRSNEAK said:
m4tt said:
Online transfer is usually instant or at worst within 2hrs, but limited to £10k with most banks.
CHAPs is same business day as long as instruction is taken by 3:00-3:30 depending on bank.
BACs is an instruction that you make, then 3 days later the payment debits your account and credits the recipient, usually all done at midnight.
The confusing thing is when you make an online transfer it sometime shows up as BAC but really it isn't.
Simples.
HiCHAPs is same business day as long as instruction is taken by 3:00-3:30 depending on bank.
BACs is an instruction that you make, then 3 days later the payment debits your account and credits the recipient, usually all done at midnight.
The confusing thing is when you make an online transfer it sometime shows up as BAC but really it isn't.
Simples.
I thought that a standard BACS payment debited your account on say a Monday and then arrived on the Wednesday? Rather than a credit/debit on the same day three days later???
If an online payment is not BACS, then what is it?
P
Basically, an online transfer from say HSBS to Natwest that used to take 2 working days, now takes less than 2 working minutes. There's a few banks that are not using it yet (Nationwide is one that isn't yet, but will be soon), transferring to/from these still takes the old fashioned 2 days.
FPS has limitations on the amount you can transfer in a single day, CHAPS can be any amount.
Hope that helps!
p.s. I know Nationwide isn't a bank, but for the purposes of illustration....
there are many vagaries to the banking payment system - CHAPS should be next day, providing you get the instruction in before your bank's cut off - and it is sent down to the processing people.
In my experience, next day means some time during the next day.
Great fun when you are running a cash-strapped business and working hand to mouth.....
In my experience, next day means some time during the next day.
Great fun when you are running a cash-strapped business and working hand to mouth.....
Stitch said:
there are many vagaries to the banking payment system - CHAPS should be next day, providing you get the instruction in before your bank's cut off - and it is sent down to the processing people.
In my experience, next day means some time during the next day.
Great fun when you are running a cash-strapped business and working hand to mouth.....
CHAPS is same day, not next day?In my experience, next day means some time during the next day.
Great fun when you are running a cash-strapped business and working hand to mouth.....
It will arrive next day if processed after the cut-off time (normally about 3.30), if processed before the cut-off time, it will arrive at any UK receiving bank the same working day.
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