BACS Transfer - how long (URGENT)

4 days is usual, it should/could be instant, but that is one of the areas which 'free' banking gets paid for by.

mrcheerful

I believe that is incorrect for BACS, house sales go through BACS and you usually end up waiting around for a few hours until its confirmed the money has arrived in all the correct bank accounts (usually solicitors) having been trabsferred on the same day. If it was 4 days, you'd have a lot of stressed out people waiting over the weekend in removal vans!! IME the few hours is usually bad enough.

"Same day" is EFT (Electronic Funds Transfer) aka CHAPS. This is what solicitors etc. use during conveyancing. Typically 20 - 25 fee, whereas BACS (IME typically 3 working days) is usually free.

Generally, the banks can see BACS money coming - and hence sometimes allow drawing against it a day or so earlier than you can see it in your account.

At 08:04:28 on 26/04/2005, mrcheerful . delighted uk.finance by announcing:

Normally 3 days for me.

You are correct, my bad.

Will take at least 3 banking days, i.e. not weekends or bank holidays, depends on when the particular bank runs its transaction file (usually overnight). However, Lloyds to Lloyds, and maybe other banks will be instantaneous. Note that even when it shows up in your account it still hasn't "cleared" and could be recalled if a cheque bounces, etc.

JG

My understanding from using the system commercially is that when it shows up in the destination account it is as cleared funds, but that the bank has the right of recall by the end of that day in case of processing error (eg, the incorrect account was credited).

The exact timetable may vary between banks and account types, but the timetable that I'm used to using (with the RBS) is this: Day 1 The payor instructs their bank Day 2 Payor's bank passes instruction to payee's bank Day 3 The payee sees the funds appear in their account Day 4 The payee is safe to make use of the funds at start of business

This assumes the payor has instructed their bank before the cutoff time on Day 1, otherwise an extra day is added. Only weekdays are counted, provided that they're not a bank or public holiday.

In message , Tumbleweed writes

No, I think your confusing BACS with CHAPS.

In message , Jeremy Goff writes

No, BACS payments dont involve cheques. After close of business on the day of receipt the dosh is yours. It can still be 'recalled' during the day of receipt.