Bank Transfers (between banks) now go through in 2 hours?

[GarethH]

I just had to pay somebody on a forum for an item I bought and did it via Bank Transfer and HSBC Internet Banking said it'll be over in 2 hours and it certainly was.

When did this come in? So much better than before I say! No more annoying Paypal fees if you can avoid it!

Did anyone else know this? I couldn't find a forum post about it!

[ROne]

It's fast payments. Not all banks support both send and recieve, but in your case yours obviously do. It was phased in around May with not all banks taking it up.

I'm sure someone will be along with a link.

[caygs]

http://www.fastpayments.co.uk/

[Coolio]

And less than that often. Between HSBC and Natwest right away it shows.

[Lorne.t]

I've received transfers from Co-op to Co-op banks within a couple of hours.

[AmazingTate]

This makes me angry. I transfered some money from my account with natwest on the 24th of September to my boyfriends account with Lloyds. The money has left my account but it still not showing up in his - both Lloyds and Natwest are refusing to accept or acknowledge that money is missing and are both blaming the other. Everytime we phone them we get given a different story :mad:

[fatoaf]

And less than that often. Between HSBC and Natwest right away it shows.

right, you are - couldn't help myself but when I read the above, my mind read it in the voice of yoda :clap:

[AdminSpod]

Bank transfers go through in 2 hours but Barclays have introduced a 3 day delay for making additional payments to my Barclays/Woolwich offset mortgage! :brickwall

At least it's a tracker mortgage so I do see the benefit if the BoE decides to drop interest rates! :D

[Monkey_Boy]

I've found that moving money between different banks is now fast but for me to pay money from my natwest account onto my netwest credit card takes about 3 days. I've spoken to Natwest and they say that it takes this long because they have not 'upgraded they system to do fast transfers yet'. However, in the past I have had 'issues' with Natwest and their credit card and they have made a payment go though within a couple of hours. They wouldn't be so bad if they told the truth and just said 'yes, the payment will still take ages to go though internally as we are making huge profit by putting your money in our holding account! BYE' :)