Cash Transfers Between Uk Banks Within Two Hours

[Mobi]

Here's an intersting article from todays Daily Telegraph:

Cash transfers between banks within two hours

By Harry Wallop, Consumer Affairs Correspondent Last Updated: 4:17AM BST 24/05/2008

Banking customers will be able to transfer money from one bank to another in two hours from next week, ending years of frustration for many savers and borrowers.

Currently it takes three or four days to move money between banks. The Office of Fair Trading said that holding this "float" for a couple of days earns banks £30 million a year in interest.

The OFT ordered banks to speed up the process back in 2005. Three years later, and at a cost of £300 million, the new system will be rolled out from Tuesday, when it will be possible for people with telephone and internet bank accounts to transfer money between different accounts on a "near live" basis – or certainly within two hours.

Apacs, the UK payments association, said the project had taken three years as it was "massive and complex". However, some people have criticised the scheme's staggered implementation.

On Tuesday, only five per cent of eligible transfers will be done within two hours. Barclays, for instance, will only process transfers of up to £5 through the new Faster Payments process; larger payments will still go through the slower old system. It will be July before the bank will handle payments of over £2,000.

Standing orders will begin to be migrated on to the new system on June 6, although some customers will not see the benefit until early next year.

None of the building societies has yet signed up to the system, which initially is being adopted by 13 banks.

[Briggsy]

Not Thailand related but as a self-appointed volunteer Mod I have no power.

Those who wish to find out more about this very interesting issue, go to the website of the BBC's Radio 4 and then go to listen again to Moneybox (May 24 edition).

[Boater]

i can transfer between 2 different banks in thailand and it take hmmmm 5 seconds ( from the ATM )

But i think the price tag at £30 Million per year in interest is a bit low

[Mobi]

Not Thailand related but as a self-appointed volunteer Mod I have no power.Thank God!!

Those who wish to find out more about this very interesting issue, go to the website of the BBC's Radio 4 and then go to listen again to Moneybox (May 24 edition).

I beg to disagree with you.

There are a lot of issues affecting Brits residing in Thailand which are allowed - e.g. changes in Uk state pensions, UK tax changes, etc etc.

I think we have quite enough mods policing forums, and closing down threads on questionable rationale without you climbing on the closure wagon

[EmptyMind]

Not Thailand related but as a self-appointed volunteer Mod I have no power.

You don't dress up as SpiderMan as well do you ?

I thought that "self-appointed volunteer" = Busy Body lol

Couldn't Resist, Sorry

Edited May 24, 2008 by EmptyMind

[Gravelrash]

Not Thailand related but as a self-appointed volunteer Mod I have no power.

You don't dress up as SpiderMan as well do you ?

I thought that "self-appointed volunteer" = Busy Body lol

Couldn't Resist, Sorry

Expats being able to transfer fumds into Thailand quicker has no relvance to a Thai forum? Have to go alomg with the comment above.

[Mobi]

Not Thailand related but as a self-appointed volunteer Mod I have no power.

You don't dress up as SpiderMan as well do you ?

I thought that "self-appointed volunteer" = Busy Body lol

Couldn't Resist, Sorry

Expats being able to transfer funds into Thailand quicker has no relevance to a Thai forum? Have to go alomg with the comment above.

Which comment would that be now?

Spiderman?

Self appointed Volunteer = Busy Body?

You just don't - or won't get it. It has relevance to farangs living in Thailand, many of whom hail from the UK.

It might even interest Mr Thaksin who may need to move his money around quickly in The UK to avoid ASC interest.....

[Andiamo]

Agreed Mobi. It is of interest to those here in Thailand who come from the UK who still do banking in the UK.

Although interesting to note the Building Societies are not joining in........

Thanks for posting!

Edited May 25, 2008 by Andiamo

[Briggsy]

I believe the initial post refers to transfers between British financial institutions NOT between the UK and Thailand. So while it is of interest to many ex(cow)pats in Thailand including myself, I still feel it is not Thailand-related. That is why I pointed you to the BBC site. This was most helpful of me, I think. On occasion I have dressed up as a giant dog, sort of beagle-looking, but I cannot see the relevance or benefit of pursuing this line of enquiry.