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Transferring money

If I want to transfer money to another person's account using HSBC's internet banking they will charge me £20 for a CHAPS transfer. However, I've noticed that standing orders are completely free of charge.

Is there any reason why I shouldn't set up the transfer as a standing order and just cancel it after the first payment has gone through? I realise that the standing order would take a few days rather than the immediate payment that CHAPS would give, but is there any other downside to doing it this way?

Chris

Reply to
Chris Blunt
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Where are you looking?

I am pretty sure that HSBC don't do CHAPS transfers via their internet banking service - instread they send payments free via BACS

Go to My Accounts/make a Payment/Create New Payee and unless its one of the organisations HSBC has predefined click on 'Family, friends & others'. and enter the other persons payment details.

Anyone who does CHAPS payments (online or not) will charge you..

No - you could do it this way, but the way I outlined above is probably easier!

Regards Sunil

Reply to
Sunil Sood

Sorry, I should have mentioned that I'm using the HSBC Offshore (Jersey) internet banking service. I don't think its the same as the mainland one. They definitely charge £20 for transfers within the UK, and they do go via CHAPS.

Chris

Reply to
Chris Blunt

In message , Chris Blunt writes

Whats the URL?

Reply to
john boyle

formatting link

Reply to
Chris Blunt

In message , Chris Blunt writes

I see your problem. They certainly dont seem to offer the facility. I wonder if it is because they are offering a multi currency facility and such a facility would be limited to sterling accounts held with a member of BACS, whereas chaps doesnt need this? Just a thought.

Reply to
john boyle

Or that they want to discourage people who don't have amounts big enough that £20 is negligible!

Reply to
Stephen Burke

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