How long does a bank transfer take in the UK? When you make a wire transfer, you want to know exactly how long it will take for the recipient to see your money in your account. Fortunately, it is relatively easy to know UK bank transfer times. So how long does it take for a bank transfer to process? Find out everything you need to know about making bank transfers to national and international accounts.
What do you need to make a bank transfer?
Before making the transfer, make sure you have access to some important information. Among which:
- The date you want the payment to be made
- The name of the company/organization/person you are paying
- The six-digit sort code
- The eight-digit account number
- A payment reference (so that the recipient knows what the payment is for)
- Once you have all this information to hand, you can start the bank transfer process.
How Long Does A Bank Transfer Take In The UK?
UK bank transfers are provided by Faster Payments. As you might expect from the name, Faster Payments was introduced to improve the speed of regular bank transfers. As a result, most bank transfers are instant, although payment can take up to two hours in some cases. It is important to remember that while Faster Payments is intended to provide these types of transfer times, there is no guarantee that your payment will be released on the same day.
Also, keep in mind that the upper transaction limit for faster payments is around £250,000. If you’re sending a larger amount, you may need to use CHAPS payment (a bank-to-bank payment system intended for high-value transfers). CHAPS guarantees same-day payment as long as payment is processed before the daily cut-off point. Then there are Bacs payments, which take a little longer – generally Bacs takes three days to process a payment.
Are bank transfers not instant?
In most cases, yes, the transfer times are instant. However, banks sometimes hold your money for several days. There are a wide variety of reasons why this is the case, but it is more likely to happen with anomalous or particularly large trades. So if you’ve made a transfer that is significantly larger than the amounts you usually transfer, there’s no need to panic. In most cases, the bank simply does its due diligence. If you want to know exactly what is going on with your money, you can call the bank and they can explain what is going on.
How long does it take to transfer money internationally?
If you are making an international bank transfer, the transfer will probably take a little longer. This is because, unlike the UK, international transfers are processed via SWIFT or SEPA. So how long does a bank transfer take for international payments? Your specific transfer time will depend on several factors, including fraud prevention, different currencies, different time zones and holidays/weekends. In general, the transfer time is about one to five business days.
Conclusion – How Long Does A Bank Transfer Take
So, how long does a bank transfer take in the UK? The only correct answer to that is: it depends. Send money to anyone in the UK through your UK bank and your transfer can arrive in minutes but can take up to two business days.
As we’ve shown, the standard time for UK wire transfers varies depending on the recipient’s location. While domestic transfers are likely to be processed within two hours – and in most cases considerably less time than that – international transfers can take a little longer.