Bank to different bank - what is the quickest way of transferring cash?

FunkyT · 27 May 2008 at 22:36

Just wondering if there's a quicker way than the regular Interweb transfer system?

randal · 27 May 2008 at 22:37

Read the news much?

http://news.bbc.co.uk/1/hi/business/7417303.stm

DB_SamX · 27 May 2008 at 22:38

Not that I know of. As from today, it should be within 24hrs? http://www.guardian.co.uk/money/2008/may/23/banks.consumeraffairs?gusrc=rss&feed=uknews

iGiDK · 27 May 2008 at 22:40

DB_SamX said:
Not that I know of. As from today, it should be within 24hrs? http://www.guardian.co.uk/money/2008/may/23/banks.consumeraffairs?gusrc=rss&feed=uknews

I'm under the impression that the rollout will be staggered so not all banks will be up and running within the first few weeks

To the OP, if your bank's faster payments scheme is not live, the quickest way to transfer funds is via a CHAPS transfer which is a sameday transfer (and this will usually cost you between £25-£35)

FunkyT · 27 May 2008 at 22:45

Thanks lads. Just need to check if Cahoot/Abbey are on-board with the new system!

Beansprout · 27 May 2008 at 22:46

http://canipayfaster.co.uk/

Alasdair · 27 May 2008 at 23:10

The ability to use Faster Payments now will depend on the stage at which both your bank and the beneficiary's bank are at. Some banks will be receive-only for now, and some will be send/receive enabled.

Even if your bank can send, there is no guarantee that their online infrastructure is in place for roll-out to retail customers, so the ability to actually send payments won't be available to you just yet.

How much money do you need to transfer, and to which bank? Would a cash deposit in a branch not be quicker?

FunkyT · 27 May 2008 at 23:12

Thanks lads - looks like you have to pay extra for the swift service though

Alasdair · 27 May 2008 at 23:17

FunkyT said:
Thanks lads - looks like you have to pay extra for the swift service though

What do you mean by 'swift'? International payments are also referred to as SWIFT payments, but there is no real need to send a SWIFT payment in GBP to a UK bank.

The Faster Payments tagline is ''faster than BACS, cheaper than CHAPS'', and the transactional charges will be minimal compared to CHAPS. CHAPS does not guarantee straight-through-processing, so attracts a higher charge as there is potentially human intervention at the beneficiary bank. BACS and FPs go straight through, so the pricing structure will be relatively similar.

mangobreeder · 27 May 2008 at 23:18

or you could just walk into a branch and hand cash over the counter. - free and instant

MikeHunt79 · 28 May 2008 at 00:25

mangobreeder said:
or you could just walk into a branch and hand cash over the counter. - free and instant

This is what I would do.

rossyl · 28 May 2008 at 09:51

yeah - withdraw the money in cash from one account, and go into a branch of the other account and pay it straight it.

it's instant!!! :eek:

platypus · 28 May 2008 at 09:56

On Tuesday, only 5% of payments will be made using the system and some banks will impose limits on the amount that can be sent.

Barclays will have a £5 limit while HSBC will route payments over £20 through the old fashioned system.

Sweet..