Comments on: Why Do Online Bank Transfers Take So Freakin’ Long?

By: sammie_banana

sammie_banana — Thu, 01 Jan 1970 00:00:00 +0000

It is NOT 10x faster in Europe. I am transferring into an HSBC account and they have taken 3 whole business days.

We have a scheme called Faster Payments where transfers between accounts of participating banks should be near real-time for existing and verified payees on your account.

My transactions meet all these criteria but have not been processed instantly/same day. I find any substantial amount (over £1000) transfer is usually delayed.

Agree with Junger and Steve C that they want to hold your money for a few more days.

What a load of rubbish, it would be faster for me to manually do the transfer at my bank!!!!

By: doctor S

doctor S — Thu, 01 Jan 1970 00:00:00 +0000

I have to plan ahead when dealing with transfers of my online bank accounts. It is really annoying having to deal with them when they take a few days so the best thing to do is plan ahead. I have been told in Europe they are 10x faster, anyone know why? I will find the article and post.

By: junger

junger — Thu, 01 Jan 1970 00:00:00 +0000

Hmmm … fraud? That answer sounds a little too much like PR.

I don’t want to be a cynic, but I agree with Steve C. They just want to have your money for one more day.

HSBC is the worst offender of this – it shouldn’t take 3 days after your money is deducted from account #1 to get into HSBC.

By: Steve C @ MyWifeQuitHerJob.com

Steve C @ MyWifeQuitHerJob.com — Thu, 01 Jan 1970 00:00:00 +0000

I personally think it takes so long so they can float the money an extra couple of days.