......a waste of time.
I transferred funds over this morning and they appeared in the receiving account some 4 hours later. The only problem being cos its a commercial account they will not be cleared for drawing against until tomorrow.
I suppose its better than 3 or 4 days but what a pain......
Why is it a pain? Why would you want to draw against the funds anyway? If you wanted to pay for something, why did you not just transfer funds directly to the end destination, instead of first transferring them to this other account?
This might not have been possible for the OP.
Last year, I opened 3 or 4 savings accounts with the 'higher-rate savings emporia' (now a thing of the past, of course). All of them allowed me only to transfer money out into ONE nominated account (which I chose to be my normal bank current account). They didn't give me the option of transferring to ANY account.
However, once, when I transferred money the other way (from my bank current account to a rival high-rate emporium), I was amazed to see that the money had immediately appeared at the receiving end, and was actually also credited immediately to my high-rate account. There wasn't the ritual 3 or 4 day 'delay'. As far as I know, the two banks are not in the same group.
I wanted to pay a company in the USA who only accepted VISA MASTERCARD etc from my company current account but it had insufficient funds. I keep deposit funds with another bank. It all ended well I paid using my personal MASTERCARD.
There can be lots of reasons. Use your imagination. I had to do just this the other day. Actually funds were all transferred and available much quicker than I thought (Lloyds->HSBC) so good move. Very pleased.
Say when putting money into your company so that it can pay debts. If the payment was made directly from the owner that may pierce the corporate veil and, if and when the owner's business later gets into difficulty, allow the ultimate recipients to demonstrate that the business was merely an alter ego of the owner and not a separate person.
Tony
Another possibility is that it was transferred from a business deposit account to the current account so that a liability could be paid. Businesses sometimes keep money aside in a deposit account to meet known future liabilities.
Usually deposit accounts only allow payments to a linked current account and not directly to the creditor.
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