BACS payment

mehuk

mehuk

mehuk

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Joined
29 Sep 2006
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Anyone with experience of these with regards to how long they take to clear in an account.

ie - Someone would have paid me a BACS payment I believe on Thursday afternoon after 2pm (worst case it would have been the Friday morning)... lets assume Thursday though, when am I likely to get the payment in my account?

Not sure who the other account is held with, my account is HSBC and I can state the amount if its relevant ie more money = longer processing?

Im hoping this clears tomorrow, is that realistic?
 
BACS can in some cases actually take up to 5 working days. It's all dependant on the time it's sent and how fast the banks deal with it.

Usually at work (we use HSBC) if a payment is made Thursday afternoon/Friday we will get it by Tuesday.

Wikipedia:
BACS payments take three working days to clear: they are entered into the system on the first day, processed on the second day, and cleared on the third day
Click to expand...
 
secretspy said:
BACS can in some cases actually take up to 5 working days. It's all dependant on the time it's sent and how fast the banks deal with it.

Usually at work (we use HSBC) if a payment is made Thursday afternoon/Friday we will get it by Tuesday.
Click to expand...

OK, looks more like Tuesday then :(

Keeps me hanging on to order the new rig :mad::D
 
Monday and its worth noting if your desperate with many banks it will actually be available in your account at 12.01 so shortly after midnight Sunday you can usually draw from a cashpoint.

Remember BACs is electronic if it makes the deadline then it gets processed , it made the deadline it was processed Friday money changes hands Monday 3 day cycle.

Sadly if you cant guarantee they did it Thursday and they sent it Friday it would be Tuesday.
 
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I've never known it to take 5 days for BACS payment to go through unless the sender purposely sets a later date that the current one.

There are currently 3 main types of bank transfer in the UK these days:

1) Faster payments

Payment is transferred in near real time to the recipient. This working depends on the sending and receiving bank policy on faster payments and amount limits. If sending via faster payments fails, it will automatically be sent via standard BACS transfer. Unlike CHAPS, this service is not guaranteed and there are upper limits on how much you can send.

2) BACS transfer

This is the "standard" bank transfer. It takes 3 working days from the sending date for the funds to arrive in the recipient's account. E.g. send on a Monday, it should be cleared on the Wednesday. Send on a Friday, it will clear on a Tuesday.

3) CHAPS transfer.

This is a guaranteed "same day" service (the bank normally levies a premium on this service of £20-£40 depending on the bank) where funds will leave the sender's account and arrive at the recipient the same day. There is no limit to the amount you can send via this method (as long as funds are available).
 
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