Banking just got quicker!

drizzy · 23 May 2008 at 11:13

MarcLister said:
Transfers.

And a lot of the rest of the world I think. Used to work with someone who was Australian. He came over here to teach and was shocked to find out how long it took to get bank transfers to go through. He said it was instant down under.

Unless something has changed in the past year I'm pretty sure it still takes a couple of days in Australia too if it's between different banks. Same bank to same bank is more or less instant though (at least it is with the Commonwealth Bank).

Ethics · 23 May 2008 at 11:51

Hmmm i'm rubbish at finances, my employer pays me over BACS online so now it'll be a few days instead of 4 working days (and i always seem to get paid on a friday GRRRRRRRR)

MarcLister · 23 May 2008 at 19:00

platypus said:
Yes it is.

Cheers.

drizzy said:
Unless something has changed in the past year I'm pretty sure it still takes a couple of days in Australia too if it's between different banks. Same bank to same bank is more or less instant though (at least it is with the Commonwealth Bank).

It was about five years ago this conversation so I can't be 100% about it and whether it was within or between banks.

LoadsaMoney · 23 May 2008 at 20:37

Oh, its a 'b', nvm then.

HangTime · 23 May 2008 at 21:33

CF93 said:
CHAPS will eventually be turned off (CHAPSEuro gets turned off very shortly in fact.)

....

The new system only applies to payments up to £10k - anything over will still need CHAPS for sameday transfer.

http://www.apacs.org.uk/08_05_22.html

So what happens when CHAPS gets turned off - how are we supposed to shift >£10k same day? Must be thousands of consumers (never mind businesses) doing that every month for mortgages etc.

[TR]SweetSpotOz · 23 May 2008 at 21:53

HangTime · 23 May 2008 at 22:24

1) Bit of a PITA, innit?

2) That's basically what I'm asking - what's the replacement gonna be?

Bigpops · 23 May 2008 at 22:49

Has anyone noticed on Halifax' online banking that you can't choose todays date for a transfer anymore? If they don't change it back, I'm looking for an account elsewhere.

ken1307 · 23 May 2008 at 22:55

sweet

oweneades · 23 May 2008 at 23:09

Bar said:
Will cost them a fair bit of money with the loss of CHAPS/Telegraphic transfers - wonder where they will recoup the costs.

Not really. There is a cap on how much can be sent via these new payment systems. I think its something like 10,000 for intra day and 100,000 for standing order payments so anything larger (and urgent) would still be sent via CHAPS.

Mansize_tissue · 23 May 2008 at 23:33

Bigpops said:
Has anyone noticed on Halifax' online banking that you can't choose todays date for a transfer anymore? If they don't change it back, I'm looking for an account elsewhere.

Yeah, I noticed that the other day. It's annoying, you're right, but if it doesn't actually change the amount of time it takes to transfer the money then I'm not too bothered. Perhaps it'll change come the 27th.

Glaucus · 27 May 2008 at 16:06

Grr just found out the first phase is pointless. It will only be same day for payments less than £20. With upto 10k being phased in at a latter day.
WTF that's rubbish.

The system will be phased in gradually, with only around 5% of internet and telephone payments being processed at first.

Standing orders will be processed from June 6.

Initially payments will be limited to £20 but this will eventually increase to £10,000.

Anyone know when the higher limits take affect? is it soon or ages away.
Suppose you could just do 20 payments of £20 or similar.