Acey Posted April 8, 2008 Share Posted April 8, 2008 Hey, I'm planning on loaning a friend a few squid via a bank transfer, and was wondering - does it matter if we're with different banks? Are account numbers/sort codes etc. universally different? Cheers. Link to comment Share on other sites More sharing options...
Legend Claws Posted April 8, 2008 Share Posted April 8, 2008 You can transfer to any bank will take 3-5 working days. Not sure what you mean about the sort codes etc, each bank/branch has a different sort code and everybody has a different acc number. Link to comment Share on other sites More sharing options...
Commander Harris Posted April 8, 2008 Share Posted April 8, 2008 Hey, I'm planning on loaning a friend a few squid via a bank transfer, and was wondering - does it matter if we're with different banks? Are account numbers/sort codes etc. universally different? Cheers. sort codes are unique to a particular branch. Link to comment Share on other sites More sharing options...
CompleteIdiot Posted April 8, 2008 Share Posted April 8, 2008 Hey, I'm planning on loaning a friend a few squid via a bank transfer, and was wondering - does it matter if we're with different banks? Are account numbers/sort codes etc. universally different? Cheers. It takes ages because our banks can get away with it. In Sweden, the bank transaction takes less than a day. They did that by law because it was possible electronically. Here, it takes forever. Our government is **** owned by the banks. They do anything the banks want. Link to comment Share on other sites More sharing options...
Therapist Posted April 8, 2008 Share Posted April 8, 2008 universally different? Eh? Link to comment Share on other sites More sharing options...
Chester™ Posted April 8, 2008 Share Posted April 8, 2008 It will probably cost you pennies as well. Generally in the region of ?25. If its a small amount you'd be better taking the cash out your account and either giving it to him or putting it in his account directly a branch of his. Link to comment Share on other sites More sharing options...
Therapist Posted April 8, 2008 Share Posted April 8, 2008 It will probably cost you pennies as well. Generally in the region of ?25. Incorrect. Link to comment Share on other sites More sharing options...
Chester™ Posted April 8, 2008 Share Posted April 8, 2008 Incorrect. Fancy telling us how much it is then? With HBOS a CHAPS transfer (to another bank account) cost ?25. It did when I worked there and it still does after I got a letter in yesterday with updates on costs for transfers etc. If its the other form (which name escapes me) its around ?12.50 and that depends on the bank. Either way it will probably cost him cash that he shouldnt have to pay out. Link to comment Share on other sites More sharing options...
Walter Payton Posted April 8, 2008 Share Posted April 8, 2008 It will probably cost you pennies as well. Generally in the region of ?25. If its a small amount you'd be better taking the cash out your account and either giving it to him or putting it in his account directly a branch of his. Maybe if he's living abroad, but a bank transfer between two different banks in the same country won't cost you anything. Link to comment Share on other sites More sharing options...
Walter Payton Posted April 8, 2008 Share Posted April 8, 2008 Fancy telling us how much it is then? With HBOS a CHAPS transfer (to another bank account) cost ?25. It did when I worked there and it still does after I got a letter in yesterday with updates on costs for transfers etc. If its the other form (which name escapes me) its around ?12.50 and that depends on the bank. Either way it will probably cost him cash that he shouldnt have to pay out. You can do it via online banking for free! Link to comment Share on other sites More sharing options...
Brian Whittaker's Tache Posted April 8, 2008 Share Posted April 8, 2008 Fancy telling us how much it is then? With HBOS a CHAPS transfer (to another bank account) cost ?25. It did when I worked there and it still does after I got a letter in yesterday with updates on costs for transfers etc. If its the other form (which name escapes me) its around ?12.50 and that depends on the bank. Either way it will probably cost him cash that he shouldnt have to pay out. I can transfer money for free to any account using online banking IIRC CHAPS transfer costs because its instant (ie the receiver doesnt have to wait 3 - 5 days) ergo the banks feel they can work it up you for the privilege Link to comment Share on other sites More sharing options...
Chester™ Posted April 8, 2008 Share Posted April 8, 2008 http://www.bankofscotlandhalifax.co.uk/bankaccounts/Receivingandsendingmoney.asp Yes it does. I assume its going to a different bank account at a different bank hence "does it matter if we're with different banks?" I guessing seeing he asked about bank transfer rather doing it online. Try and save someone some cash and you battered for it. Link to comment Share on other sites More sharing options...
Walter Payton Posted April 8, 2008 Share Posted April 8, 2008 http://www.bankofscotlandhalifax.co.uk/bankaccounts/Receivingandsendingmoney.asp Yes it does. I assume its going to a different bank account at a different bank hence "does it matter if we're with different banks?" I guessing seeing he asked about bank transfer rather doing it online. Try and save someone some cash and you battered for it. Who's battering you for it? You're rather sensitive are you not? He didn't say he wanted the money transferred the same day, so why would he use a CHAPS transfer (which costs ?25)? If he was happy to wait 2-3 days, he could transfer it for free, to a different bank, using online banking. Link to comment Share on other sites More sharing options...
Chester™ Posted April 8, 2008 Share Posted April 8, 2008 Who's battering you for it? You're rather sensitive are you not? He didn't say he wanted the money transferred the same day, so why would he use a CHAPS transfer (which costs ?25)? If he was happy to wait 2-3 days, he could transfer it for free, to a different bank, using online banking. Mebbe. Im just up! At least you give an answer. I took the assumption he would have liked it quicker as he asked about bank transfer rather than mentioning online. As I said, if he can be bothered, take the cash out the bank and deposit in said friends bank account. No charges and much quicker. Link to comment Share on other sites More sharing options...
Therapist Posted April 8, 2008 Share Posted April 8, 2008 Fancy telling us how much it is then? Nothing, nul, zilcho if he uses internerd banking. Link to comment Share on other sites More sharing options...
Chester™ Posted April 8, 2008 Share Posted April 8, 2008 Nothing, nul, zilcho if he uses internerd banking. And could you not have said that the first time? But I gathered that was the case by other responses on the subject who were kind enough to forward an answer. Link to comment Share on other sites More sharing options...
chester copperpot Posted April 8, 2008 Share Posted April 8, 2008 Prett much most of the information on this page is factually incorrect. An EFT (electronic funds transfer) is same day transfer, which can hit an account up to 7.45pm on the day done, as long as the instruction is taken before 2.45. Various banks charge varying fee's from approx ?20 per transaction though. The same applies for internet EFT's, banks tend to charge less for this, as there's no phone call to someone to action it, however have never heard of a bank that offers it for free on the internet. A Bill Payment takes on average 3 days to complete. Day 1 (i.e Monday before 3.30) the instruction, day 2 to be transferred, and should hit the other persons account on day 3. So in theory if you send it today, should be showing for Thursday in the recipient's account. Again these timescales varies from branch to branch, but its roughly the same. A same bank to same bank transfer (i.e you's bank with the same bank) should be instantaneous. Hope this helps. As I've said each bank has its own policies, however they're fairly consistent at conning you one way or another. Link to comment Share on other sites More sharing options...
Walter Payton Posted April 8, 2008 Share Posted April 8, 2008 Prett much most of the information on this page is factually incorrect. An EFT (electronic funds transfer) is same day transfer, which can hit an account up to 7.45pm on the day done, as long as the instruction is taken before 2.45. Various banks charge varying fee's from approx ?20 per transaction though. The same applies for internet EFT's, banks tend to charge less for this, as there's no phone call to someone to action it, however have never heard of a bank that offers it for free on the internet. A Bill Payment takes on average 3 days to complete. Day 1 (i.e Monday before 3.30) the instruction, day 2 to be transferred, and should hit the other persons account on day 3. So in theory if you send it today, should be showing for Thursday in the recipient's account. Again these timescales varies from branch to branch, but its roughly the same. A same bank to same bank transfer (i.e you's bank with the same bank) should be instantaneous. Hope this helps. As I've said each bank has its own policies, however they're fairly consistent at conning you one way or another. Andy, you're such a pedant What I (and others) was getting at was that you could transfer money (under the "bill payment" option on online banking:)) to somebody else's account at another bank without the transfer costing you anything- But it might take 3 days! Link to comment Share on other sites More sharing options...
chester copperpot Posted April 8, 2008 Share Posted April 8, 2008 Andy, you're such a pedant What I (and others) was getting at was that you could transfer money (under the "bill payment" option on online banking:)) to somebody else's account at another bank without the transfer costing you anything- But it might take 3 days! Sorry bud Link to comment Share on other sites More sharing options...
Walter Payton Posted April 8, 2008 Share Posted April 8, 2008 Sorry bud No worries mate, you probably described it far more accurately than I did! Link to comment Share on other sites More sharing options...
chester copperpot Posted April 8, 2008 Share Posted April 8, 2008 No worries mate, you probably described it far more accurately than I did! No need to state the obvious mate. Link to comment Share on other sites More sharing options...
Walter Payton Posted April 8, 2008 Share Posted April 8, 2008 No need to state the obvious mate. I'm putting it down to the fact that you're now a weegie- anxious to prove you still know "stuff" Link to comment Share on other sites More sharing options...
coppercrutch Posted April 8, 2008 Share Posted April 8, 2008 From the 27th of May every transfer between different banks within the UK will take less than an hour, instead fo 3 days. About time too. Google 'faster payments' and I am sure something will come up. Link to comment Share on other sites More sharing options...
Walter Payton Posted April 8, 2008 Share Posted April 8, 2008 From the 27th of May every transfer between different banks within the UK will take less than an hour, instead fo 3 days. About time too. Google 'faster payments' and I am sure something will come up. Aye, but will it cost ?25, and will it be called a bill payment? That's what everyone wants to know! Link to comment Share on other sites More sharing options...
chester copperpot Posted April 8, 2008 Share Posted April 8, 2008 From the 27th of May every transfer between different banks within the UK will take less than an hour, instead fo 3 days. About time too. Google 'faster payments' and I am sure something will come up. The rumour in the work is that this may be replace the Overdraft charges due to be scrapped, but I'm waiting on a communication to confirm this, prob wont know until the week before. Link to comment Share on other sites More sharing options...
cosanostra Posted April 8, 2008 Share Posted April 8, 2008 3-5 working days unless its between 2 accounts held by the same company which should update instantly or overnight at the latest. It should also be free if done by phone banking or internet banking. Bill Payment is what you need and they are usally free. Link to comment Share on other sites More sharing options...
coppercrutch Posted April 8, 2008 Share Posted April 8, 2008 The rumour in the work is that this may be replace the Overdraft charges due to be scrapped, but I'm waiting on a communication to confirm this, prob wont know until the week before. Interesting. Not sure though. This is a madatory change so all banks have to do it. It is not as if they are implementing something new and amazing and asking everyone to pay for it. It is the same service they offer just now, only much faster. I suppose they could start charging for it(They can charge for pretty much anything they like) but with the public perception of banks at present I don't reckon that would be a wise move. I wish they would just keep these overdraft charges. Reduce them yes but apart from that they are fair enough. You get into an overdraft you don't have premission for = You get fined. You don't - You get rewarded with 'free' banking. Seems pretty reasonable to me. But then again I am biased as one of the few who knows how to look after their finances !! Link to comment Share on other sites More sharing options...
cosanostra Posted April 8, 2008 Share Posted April 8, 2008 Interesting. Not sure though. This is a madatory change so all banks have to do it. It is not as if they are implementing something new and amazing and asking everyone to pay for it. It is the same service they offer just now, only much faster. I suppose they could start charging for it(They can charge for pretty much anything they like) but with the public perception of banks at present I don't reckon that would be a wise move. I wish they would just keep these overdraft charges. Reduce them yes but apart from that they are fair enough. You get into an overdraft you don't have premission for = You get fined. You don't - You get rewarded with 'free' banking. Seems pretty reasonable to me. But then again I am biased as one of the few who knows how to look after their finances !! I don't disagree with overdraft charges either. The price of them is too high but i think if you spend money that is not yours, you should be charged. What i take great offence to however (as i did when I was an Asst Manager of a branch of a bank) was the account maintainance fee. This was a ?28 fee that would be applied to the customer's account at the end of the month if they had an overdraft charge. Basically, a charge for getting a charge. Disgraceful and indefencible. Link to comment Share on other sites More sharing options...
coppercrutch Posted April 8, 2008 Share Posted April 8, 2008 I don't disagree with overdraft charges either. The price of them is too high but i think if you spend money that is not yours, you should be charged. What i take great offence to however (as i did when I was an Asst Manager of a branch of a bank) was the account maintainance fee. This was a ?28 fee that would be applied to the customer's account at the end of the month if they had an overdraft charge. Basically, a charge for getting a charge. Disgraceful and indefencible. That does sound pretty shocking. As you say get rid of the unfair charges, keep the reasonable ones - Everyone is happy. Does it really take a judge, teams of lawyers and months of debating to work that out............ Link to comment Share on other sites More sharing options...
Ray Winstone Posted April 8, 2008 Share Posted April 8, 2008 Bank transfers in this country are absolutely shocking. 3-5 days is a joke! The banks just use the transfered money to make themselves money before putting it in the allocated account! You are better just taking the money out yourself and giving it to him! Link to comment Share on other sites More sharing options...
chumpsteak Posted April 8, 2008 Share Posted April 8, 2008 From the 27th of May every transfer between different banks within the UK will take less than an hour, instead of 3 days. About time too. Google 'faster payments' and I am sure something will come up. This looks like what you are referring to: http://www.apacs.org.uk/payments_industry/faster_payments_service.html Link to comment Share on other sites More sharing options...
Acey Posted April 8, 2008 Author Share Posted April 8, 2008 Turns out he gave me the wrong sort code by mistake. It's been sent, no worries. Link to comment Share on other sites More sharing options...
Walter Payton Posted April 8, 2008 Share Posted April 8, 2008 Turns out he gave me the wrong sort code by mistake. It's been sent, no worries. If you were trying to start another 13 page Estate agent thread I reckon you were almost succesful! Link to comment Share on other sites More sharing options...
coppercrutch Posted April 8, 2008 Share Posted April 8, 2008 This looks like what you are referring to: http://www.apacs.org.uk/payments_industry/faster_payments_service.html Cheers, that is the one !! Link to comment Share on other sites More sharing options...
Benny Factor Posted April 8, 2008 Share Posted April 8, 2008 This looks like what you are referring to: http://www.apacs.org.uk/payments_industry/faster_payments_service.html Unfortunately for a lot of people, some of the 13 organisations taking part will not be able to both send and receive payments through the new service in time for the start date of 27th May. Link to comment Share on other sites More sharing options...
Guest S.U.S.S. Posted April 8, 2008 Share Posted April 8, 2008 Fancy telling us how much it is then? With HBOS a CHAPS transfer (to another bank account) cost ?25. It did when I worked there and it still does after I got a letter in yesterday with updates on costs for transfers etc. If its the other form (which name escapes me) its around ?12.50 and that depends on the bank. Either way it will probably cost him cash that he shouldnt have to pay out. A CHAPS transfer is a same banking day (up to 6pm) transfer. BACS is the 3-5 day alternative. Link to comment Share on other sites More sharing options...
tedp6873 Posted April 8, 2008 Share Posted April 8, 2008 This looks like what you are referring to: http://www.apacs.org.uk/payments_industry/faster_payments_service.html Lets put another spin on it shall we. I had a call to sort out potential fraud that had happened yesterday for ?3400. If the payment had been same day or immediate, the bank and customer could have potentially lost that amount. As it was still in the system to be transferred, I was able to recall it at no cost to the customer or the bank. Sometimes the 3 day turnaround can be for more ways than 1, though I agree, the banks should not make any money out of it. Link to comment Share on other sites More sharing options...
chester copperpot Posted April 8, 2008 Share Posted April 8, 2008 Lets put another spin on it shall we. I had a call to sort out potential fraud that had happened yesterday for ?3400. If the payment had been same day or immediate, the bank and customer could have potentially lost that amount. As it was still in the system to be transferred, I was able to recall it at no cost to the customer or the bank. Sometimes the 3 day turnaround can be for more ways than 1, though I agree, the banks should not make any money out of it. Sorry posted this under my brother in laws log in, must check better. Link to comment Share on other sites More sharing options...
coppercrutch Posted April 8, 2008 Share Posted April 8, 2008 Lets put another spin on it shall we. I had a call to sort out potential fraud that had happened yesterday for ?3400. If the payment had been same day or immediate, the bank and customer could have potentially lost that amount. As it was still in the system to be transferred, I was able to recall it at no cost to the customer or the bank. Sometimes the 3 day turnaround can be for more ways than 1, though I agree, the banks should not make any money out of it. Well Ted/Andy, whoever you are...... I hear what you are saying but how many people benefit from this 3 day period compared to those that miss out due to this ? 10,000-1 ? 100,000-1 ? Most banks are getting pretty snappy about refunding fraudulent activities these days. The one I have dealt with tries to do it within 72 hours IIRC. Bring on faster payments !! Link to comment Share on other sites More sharing options...
chester copperpot Posted April 8, 2008 Share Posted April 8, 2008 Well Ted/Andy, whoever you are...... I hear what you are saying but how many people benefit from this 3 day period compared to those that miss out due to this ? 10,000-1 ? 100,000-1 ? Most banks are getting pretty snappy about refunding fraudulent activities these days. The one I have dealt with tries to do it within 72 hours IIRC. Bring on faster payments !! Ach I know that CC mate, banks know every way to screw customers out of their money, was just putting another spin on it, thats all. Link to comment Share on other sites More sharing options...
coppercrutch Posted April 8, 2008 Share Posted April 8, 2008 Ach I know that CC mate, banks know every way to screw customers out of their money, was just putting another spin on it, thats all. See where you are coming from though, there is always a silver lining to every cloud !! I know all about banks screwing people over, and I'm not talking about me personally....... Link to comment Share on other sites More sharing options...
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