Same day bank transfers have FINALLY arrived.

Bank customers can now make faster one-off payments up to a maximum value of ?10,000 over the telephone or via the internet and have the transaction completed the same day. Previously it could have taken up to four days to transfer funds with banks earning an estimated ?30m annually from sitting on customers' cash. The key points of this new can i pay faster system are:


Online/Internet and Telephone payments

The new service is likely to benefit a number of everyday payments you make online or on the phone, and you might choose to use it instead of cash or cheques:

? Moving money between your different banking and savings accounts
? Paying for a service, like an electrician or window cleaner
? Making a one-off payment to an individual
? Paying a bill

The Faster Payments Service enables these payments to reach the recipient within hours, no matter what time of the day or week you need to make them. The limit on these faster transfers is up to ?10,000, although some banks may introduce the service using lower limits.

Standing orders

In June, most banks are expected to start using the Faster Payments Service to process standing orders, so that these too are quicker. Typical standing order payments include:

? Regular charity transfers or subscriptions
? Regular payments for life assurance or insurance policies
? Regular savings

Instead of taking three days, the Faster Payments Service enables these payments to reach the recipient on the same day, provided it is a bank working day and that the payment is under ?10,000. Check YOUR sort code to see if you as well can make use of this new free facility with the Fast Sort code Checker.


Click here to read a real life EXAMPLE: