Quick online banking Q - natwest->halifax transfer

PinkFloyd · 11 May 2009 at 22:34

As titled. Are both Halifax and Natwest on the quick banking thing that some banks are now on. Want to know if I pay a friend some money from my Natwest bank account whether he would get it asap (ie tomorrow)

Cheers in advance!

Rainmaker · 11 May 2009 at 22:34

Should do. I've sent money between Natwest and several banks now, all of which got there within the hour.

spitzoid · 11 May 2009 at 22:41

Depends on what sort of account both you and your mate have got

PinkFloyd · 11 May 2009 at 22:41

spitzoid said:
Depends on what sort of account both you and your mate have got

Oh, any more detail on this?

ic1male · 11 May 2009 at 23:03

I don't think it's determined by account, simply by sort code.

spitzoid · 11 May 2009 at 23:07

PinkFloyd said:
Oh, any more detail on this?

Well for example I have a "Basic" bank account with Halifax and the transfer time between different institutions can be anything up to 4 days (although it is instant if it is a transfer to another Halifax account)

However, my GF has a "premium" HSBC account and can make virtually instant transfers to another "premium" account e.g her Mum (another premium account) with a different bank.

ic1male said:
I don't think it's determined by account, simply by sort code.

I don't think so.

Tobywon · 12 May 2009 at 09:10

for some accounts to transfer from one account to anothr in a different bank will also inccur a charge, its easier to take out the cash and walk round to the other bank and deposit it.

PinkFloyd · 12 May 2009 at 09:20

Tobywon said:
for some accounts to transfer from one account to anothr in a different bank will also inccur a charge, its easier to take out the cash and walk round to the other bank and deposit it.

I believe that only happens if you try and transfer within the bank. Via online banking I've never been charged and I've paid various different banks. I've definitely paid to Halifax people in the past, I just can't remember whether it was instant!

Looks like it will be cash in hand!

[TR]SweetSpotOz · 12 May 2009 at 09:23

Cob · 12 May 2009 at 09:48

My Halifax account receives transfers instantly if the sending bank does the quick transfer thingy.

Greebo · 12 May 2009 at 10:12

Well I quite often transfer between my Halifax and Natwest account and certainly going that way takes 3-4 days.

ic1male · 12 May 2009 at 10:19

Use the sort code checker!

http://www.apacs.org.uk/sortcodechecker/index.html

Between a basic Co-op account and a NatWest current account took 2 hours.

Admiral Huddy · 12 May 2009 at 10:25

The transfers normally takes place the same day or overnight as "Uncleared" funds. So you should see the item in your bank statement but not in the cleared balance. They become cleared funds after a few days once they have gone though the clearing house. You can draw on uncleared balances but if the transfer is bad and then you may incur charges if it has sent you overdrawn.

misterPK · 12 May 2009 at 10:27

I can check it using my advanced banking software, however you will need to email me your full names, addresses, account numbers and security codes.

PK!

Bar · 12 May 2009 at 10:59

There are basically 3 types of electronic money transfer:

Chaps: all banks will use this and it is a same day transfer, however it can take several hours (guaranteed by the end of the day) has a cut off usually around 2pm and will cost you anything from £25 - £35 approx.

BACS: all banks will use this and it is a 3-5 day transfer. Usually transferred within 3 days and will cost nothing to do.

Faster Payments: most banks use this and as far as I am aware it is free. Transfer can be done 24/7 and funds will be received as cleared within an hour usually.

I unfortunately use a bank that does not accept faster payments even though the parent group does, and the servers sit in the same farm!!