If you need to make a bank transfer, you might want to know how long it will take for the payment to arrive in the recipient’s account.
Some transfers will arrive on the same day, while others might take longer. It all depends on when the transfer has been made and the type of transfer you use.
The different types of transfer
The main types of payment methods in the UK are outlined below:
Faster Payments
Most UK bank transfers are now Faster Payments. The service was introduced in 2008 in an effort to speed up the process of transferring money within the UK.
The Faster Payments service is always available and transfers are usually instant. In some cases, it can take up to 2 hours for your payment to arrive, but this is uncommon. However, you should keep in mind that there’s no guarantee your payment will clear on the same day.
The Faster Payments limit depends on your bank or building society, but it’s typically up to £25,000 for personal transactions and up to £1 million for business payments.
CHAPS
CHAPS (Clearing House Automated Payment System) payments are designed for high-value transactions and guarantee same-day arrival, as long as the transfer is processed before the daily cut off point. This varies by bank but could be between 3.30pm and 5.30pm.
You will need to set up the payment at your local bank branch or over the phone. If you carry out the transaction over the phone, there might be a limit to the amount you can send.
You will usually need to pay a fee to send a CHAPS payment – typically £25 to £30.
BACS Payments
This type of payment is commonly used for sending direct debits and credits. BACS payments usually take 3 days to process. What about international transfers? If you need to send money abroad, transfers typically take longer as you’ll need to use a different transfer method.
International transfers are processed by SWIFT or SEPA and usually take between 1 and 5 working days to go through. This depends on factors such as fraud prevention, the currency being used and different time zones.
What do you need to make a bank transfer?
If you’re transferring money to another account, you’ll need to have the following information to hand:
The name of the person or organisation you’re sending the money to
Their 6-digit sort code
Their 8-digit account number
A payment reference so the recipient knows who the money is from and what it’s for
Bottom line
Bank transfer times can range from being instantaneous to taking a few days, depending on where you’re transferring the money to and the payment method being used. Understanding your different options is important if you need a payment to go through quickly.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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