How do bank transfers work?

pinkacidbootson · 24 Jul 2006 at 18:40

People on the Members Market often give bank transfer as a payment method. Ive never used this before, so i was wondering how exactly it works?

Abraham · 24 Jul 2006 at 18:41

if you have internet/phone banking you should be able to make a payment directly to another account given the acc number and sort code, alternatively you can take the same details along with knowing what bank it is and pay cash in over the counter

pinkacidbootson · 24 Jul 2006 at 18:45

So if someone wanted to pay money into my account, i give them my account number and sort code and they either use internet banking or they go to a HSBC and do it over the counter?

SiriusB · 24 Jul 2006 at 18:46

Johanson said:
So if someone wanted to pay money into my account, i give them my account number and sort code and they either use internet banking or they go to a HSBC and do it over the counter?

Yep.

SiriusB

MeatLoaf · 24 Jul 2006 at 20:13

If they transfer from thier account to yours it usually takes 3 - 4 working days to show up in your account, unless you both bank with the same bank, then its instant.

Over the counter payments are instant

Homer-Simpson · 24 Jul 2006 at 20:43

MeatLoaf said:
If they transfer from thier account to yours it usually takes 3 - 4 working days to show up in your account, unless you both bank with the same bank, then its instant.

Over the counter payments are instant

Unless you are with Barclays and then you need an overnight run for it to clear IIRC.

Dreadi · 14 Sep 2006 at 06:24

so if im with tsb and am paying someone using hsbc, i have to take the cash into a hsbc branch, tell them the persons account info and then they put the cash into their account?

toosepin · 14 Sep 2006 at 06:29

I'm pretty sure you can do it from your own bank. IE. I would go into my NatWest branch and ask to transfer X amount of funds from my account to X account number and X sort code - regardless of whether the account I'm paying into is HSBC/Barclays etc.

toose

Pez · 14 Sep 2006 at 06:59

Homer-Simpson said:
Unless you are with Barclays and then you need an overnight run for it to clear IIRC.

Nope.

If you are paying someone for the first time online then it will take 1 day to be checked. If not, its instant to other Barclays accounts, and 3 working days for 3rd party accounts.

Moredhel · 14 Sep 2006 at 08:53

Dreadi said:
so if im with tsb and am paying someone using hsbc, i have to take the cash into a hsbc branch, tell them the persons account info and then they put the cash into their account?

While you can do that too, that's not a bank transfer, that's paying it into their account. A bank transfer you would go into your TSB branch and say "I want to move £xxx from my account to this account and sort code". Or log in to your internet banking and do it from there.