Paying people with a bank transfer? Warning! Ignorance inside.

Cutshaw

Cutshaw

Cutshaw

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14 Nov 2007
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What are the basics?

I did some googling and from what I read a BT is free domestically, so I've gone ahead and got some items from a seller. After a call to my bank(the royal bank of scotland), I'm told that unless the recipient account is with RBS I'll get a £25 charge.
A bit miffed, but I assumed that I will just have to find a branch of the sellers bank and do it there, and that I'll get the necessary info in due time. I get the details, but it's just sort code/account number, and roll number. So, assuming again, the actual bank doesn't really factor into it, I just need what I was given?

I'm probably missing something really straight forward and simple, like RBS are poo and a bunch of Highwaymen.
 
North of Scotland. I'm willing accept it's the Royal Bank of. I know for a fact they have outright lied over the phone about mystery charges, blaming paypal etc, only to get a bank statement a month or two later and have it on paper that it was themselves.
 
Bank transfers should be free. There would only be a charge if you wanted it done instantly to a bank other than your own (called CHAPS IIRC).
 
Every bank transfer I've ever done has been free of charge, I bank with HBOS though. But yeah sort code, account number are your primary details.
 
dirtydog said:
Bank transfers should be free. There would only be a charge if you wanted it done instantly to a bank other than your own (called CHAPS IIRC).
Click to expand...

This. OP you want a BACS transfer which takes a few days (and you may be able to do yourself via online banking) and is free. The charge you were quoted sounds like it was for a CHAPS transfer which is done straight away as Dirtydog says ... which is overkill for what you want.
 
Should go free of charge as either a BACS (3 days) or via faster payments which most banks use now which is instant

CHAPS is only really useful if faster payments isn't support and for payments over £10k.
 
This has shed some much needed light on the subject. Thanks all.


I'm a bit backwards regards online banking, so I'll look there and see what I turn up. This BACS thing sounds like it would get me further along on the phone. Cheers.
 
Cutshaw said:
This has shed some much needed light on the subject. Thanks all.


I'm a bit backwards regards online banking, so I'll look there and see what I turn up. This BACS thing sounds like it would get me further along on the phone. Cheers.
Click to expand...

Have a look in your online banking. My account gives me an option to pay a person (in the transfers menu). It should ask you if it is a one off, or repeat, transaction, and then give you a page with Sort Code, Account Number, Account holders name, and possibly a line for a reference. I usually use OCUK MM, or the like.

This should be free (it is for me anyway) and, as has been stated, should be virtually instant. Saying that there may be an up to 3 day delay (normal BACS transfer delay) if the account is a savings or "Basic Cash" type of account. Those accounts are not part of the Fastpay agreement.
 
It looks like I have it sorted. Turns out it was the difference between BACS and CHAPS. The RBS 24h banking is really diabolical. I can do it online, but I need a card reader they sent with my card, which I've since put in a "safe" place, and can't find. I can do it over the phone, or in the branch though, so I'm not going to have to mess about a seller, which is great.

Many thanks.
 
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