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.
Banking apps where you can send money to friends & family instantly
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
If you open an account with Revolut, you can quickly and easily send money to friends and family through the app. Transfers can be tracked in real-time, with Revolut to Revolut transfers arriving in less than 20 seconds and card transfers arriving in under 30 minutes - although they are often instant. What’s more, if you need to send money abroad, you can often enjoy instant transfers if you’re sending euros to a country in the SEPA region, as long as the recipient’s bank account is eligible for SEPA Instant. With the free Standard Revolut plan, you can exchange up to £1,000 per month fee-free on weekdays.
Pros
Low overseas fees
Quick sign-up
Earn cashback on spending
Set budgets for financial goals
Virtual cards for online purchases
Easy to transfer money internationally
Linked 'Junior' account available for one child
Cons
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
Cannot deposit cash or cheques into the account
Charged a fee to receive your bank card
Minimum opening balance
£0
Account fees
£0
Overseas card transactions
0% Mon-Fri (max. £1,000 per month)
Overseas cash withdrawals
0% Mon-Fri (max. £1,000 per month) conversion fee plus cash fee of £0 up to £200 per month
Transfers from a Monzo account should happen instantly, and you can send money to anyone with a UK bank account. All you’ll need is the name of the person or company you’re sending money to and their account number and sort code. It’s then easy to carry out transfers through the Monzo app. You can also make international transfers thanks to Monzo’s partnership with Wise. How long each international transfer takes depends on the payment method and how quickly the recipient’s bank processes the transfer. Card payments can be instant, but bank transfers can take a couple of days.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable.
Pros
Easy to set up
Good for budgeting and categorising spending
Automatic saving feature
Fee-free spending abroad
Slick app with face login
Overdrafts and loans available
Cons
Free ATM withdrawals outside the EEA limited to £200,
£1 fee for depositing cash at PayPoints,
Maximum cash deposit of £1,000 every 6 months
No rewards program
Minimum opening balance
£0
Switch service guarantee
Yes
Account fees
£0
Overseas card transactions
0%
Overseas cash withdrawals
0% conversion fee plus cash fee of 0% on up to £400 per 30 days (3% thereafter)
Open an account with Starling Bank and you can make fast and secure money transfers which usually arrive instantly through the Faster Payments network. You can also send money to 34 countries worldwide, although transfers can be slower, depending on the country and currency you’re sending the money in. Further benefits of the account include fee-free spending and cash withdrawals abroad, and a Bills Manager feature that lets you pay direct debits and standing orders directly from a separate part of your account. Your money is also protected under the FSCS and you can set up different Savings Spaces to stash away cash for different purposes.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 15% EAR variable.
Pros
Split any bill with a tap
24/7 customer support
Bill manager & instant alerts
Pays interest on current account balance
Cons
No branch network
Limited options for depositors
No competitive switch incentives if you switch your account
Limited product range compared to other banks
Lower ATM withdrawal limit than some other digital challengers
Receive 1% cashback on everyday purchases capped at £15.
It’s quick and easy to set up banking transfers through the Chase app. Simply tap ‘Payments’, go to ‘Send money’ and choose ‘Someone new’ to set up your new payee. Then enter the payee’s details and make your transfer. Your money should arrive instantly. All transfers must be sent to UK accounts as Chase doesn’t currently support international transfers. Further benefits of this free account include fee-free spending abroad, and the offer of 1% cashback on your everyday spending for the first 12 months (up to £15 a month). You can open up to 20 different current accounts with Chase, as well as a savings account.
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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