Transferring money from one bank to another

[cimt]

How long does this usually take? My dad sent me £10 on Thursday so that I could top up my phone online, but it hasn't came yet. I'm with Abbey and he's with Yorkshire Bank. Is it about 5 working days or something?

3 to 5 working days depending on the bank, also if the transfer was made after 15.30hrs it's classed as the next days transaction..

Soooooooo I would say your not going to see it before Tuesday

IIRC can't you top up your phone via credit or debit card just using the phone its self, or more to the point couldn't your dad of done it, that would be instant and you could even send a thank you txt lol.

[Paul]

Should have asked him to buy you a top up card and send you the number Electronic transfers should be near instantaneous but we all know banks like to keep money so that they can gain interest on it.

[cimt]

Originally Posted by gaffer_gump

3 to 5 working days depending on the bank, also if the transfer was made after 15.30hrs it's classed as the next days transaction..

Soooooooo I would say your not going to see it before Tuesday

IIRC can't you top up your phone via credit or debit card just using the phone its self, or more to the point couldn't your dad of done it, that would be instant and you could even send a thank you txt lol.

When I top-up online it goes through my debit card, so same thing really.

Originally Posted by Paul

Should have asked him to buy you a top up card and send you the number Electronic transfers should be near instantaneous but we all know banks like to keep money so that they can gain interest on it.

Nah, I have awhile till I have to top-up but he's gave me the money now just incase.

And thanks, it was sent on Thursday night so I should have it by Wednesday.

[Gareth]

Originally Posted by Paul

Should have asked him to buy you a top up card and send you the number Electronic transfers should be near instantaneous but we all know banks like to keep money so that they can gain interest on it.

Incorrect - financial organisations sign-up to SWIFT and it's the SWIFT system that takes 3-5 business days to complete, it's not any bank or building society that determines this length of time.

The money has to be debited from your account at the beginning of the transaction, as there's no "un-doing the transaction" once it's been initiated, it's not like a cheque that gets bounced if the funds aren't in the holder's account. Having this would make that 3-5 working day period increase substantially.

At the end of this year/beginning of next year, SWIFT will be upgraded to provide same-day transfers using a new Bilateral Key Exchange.

If you want to blame anyone for the delay, blame SWIFT for not having upgraded their system for several decades

ps - to the OP, your Dad should have just done an over-the-counter payment at your bank... you'd have it straight away then... or, as said, bought the top-up card for you.

[etccarmageddon]

or your dad could have topped up your mobile using his debit card at a cash machine if compatible.