Online Bank transfer experience?

modernist

6

6 Aug 2012 - 3:02 PM

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Would be very helpful if I could get the answers soon. I am out of country so my friend is going to do transfer from his account on behalf of me and i can't request him to call the bank to get these answers.

1) How long it can take to transfer money online from barclays bank to royal bank of scotland?

2) in online transfer is there any option to write reference? he need to write my name on reference.

3) if he go to bank and do it with the help of the bank manager do you think the process will be faster?

Thanks in advance.

darrensmithgbr

8

6 Aug 2012 - 3:32 PM

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1) instant!!, my partner and I always pay our depts to each other that way and its always near-instant at any time.

2) when you do an online transfer it asks you to put a reference (name, description etc) it will just need your account no and sort code to set up, your friend will need his keypad thingy to authorise the transfer)

3) this may lead to less sorting out and this will be easier if there is a lot of money being transferred

hope this helps


Darren

mikehit (e2 Member)

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6 Aug 2012 - 3:34 PM

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Some banks have formed a group who do something called the 'Faster Payment Scheme' - if the sending and receiving banks are both part of it, then the money should be there next day (I do this between two banks I have accounts with). I suggest phoning the helpdesk of both banks and ask the RBS when it will be credited. What they are effectively doing is waiving the 5-day clearance process and crediting the account on trust.

chris.maddock

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6 Aug 2012 - 4:10 PM

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Quote: Some banks have formed a group who do something called the 'Faster Payment Scheme' - if the sending and receiving banks are both part of it, then the money should be there next day

It could be quicker than that, depending on the two banks concerned.
I frequently transfer my "reward payments" from my Halifax accounts to my NatWest account - although the receipt always says "should be in the destination account within 2 hours", I've found it there by the time I've logged out of the Halifax system and logged into the NatWest one.
One day I'll try being logged into both at once to see how quick it actually is

min

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6 Aug 2012 - 7:00 PM

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my bank says within 2 hours but its always been within 20 minutes