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\u2019s account. <\/p>
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.<\/p>
The main types of payment methods in the UK are outlined below:<\/p>
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.<\/p>
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\u2019s no guarantee your payment will clear on the same day.<\/p>
The Faster Payments limit depends on your bank or building society, but it\u2019s typically up to \u00a325,000 for personal transactions and up to \u00a31 million for business payments. <\/p>
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. <\/p>
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. <\/p>
You will usually need to pay a fee to send a CHAPS payment \u2013 typically \u00a325 to \u00a330.<\/p>
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\u2019ll need to use a different transfer method. <\/p>
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. <\/p>