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Author Bank transfers
John
Member
Registered: 30th Jun 03
User status: Offline
5th Apr 11 at 19:18   View User's Profile U2U Member Reply With Quote
How can banks get away with charging you £20 for a 'telegraphic transfer' between 2 accounts in the same bank?

It's clearly a couple of clicks of a mouse and in no way, shape or form £20 worth of anything.
AndyKent
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Registered: 3rd Sep 05
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5th Apr 11 at 19:20   View User's Profile U2U Member Reply With Quote
Which bank?

Most use Faster Payments now so should be pretty much instant fir free.
John
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Registered: 30th Jun 03
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5th Apr 11 at 19:20   View User's Profile U2U Member Reply With Quote
RBS.
Jamie-C
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Registered: 3rd Jun 08
Location: Ballycastle
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5th Apr 11 at 19:20   View User's Profile U2U Member Reply With Quote
Change bank.
John
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Registered: 30th Jun 03
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5th Apr 11 at 19:23   View User's Profile U2U Member Reply With Quote
I've got an account with A&L who are worse, they took from last Thursday until today to transfer money into my RBS account, goes instantly the other way, which makes it even more annoying that they can charge between the same bank.
MarkSport
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Registered: 22nd May 09
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5th Apr 11 at 19:24   View User's Profile U2U Member Reply With Quote
My banks free to transfer and takes less than an hour (some times within seconds)

I'm with hsbc which seem pretty good. I'm also a customer at barclays and santander which are equally as good.
Jamie-C
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Registered: 3rd Jun 08
Location: Ballycastle
User status: Offline
5th Apr 11 at 19:25   View User's Profile U2U Member Reply With Quote
My bank is always instant no matter which bank I transfer too and its free too.
Russ
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Registered: 14th Mar 04
Location: Armchair
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5th Apr 11 at 19:30   View User's Profile U2U Member Reply With Quote
rbs have never charged me for moving my money about
John
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Registered: 30th Jun 03
User status: Offline
5th Apr 11 at 19:34   View User's Profile U2U Member Reply With Quote
I don't normally, this is to a solicitor, I can't see why they can just do it instantly for free like it would be normally?
Pete_vxl
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Registered: 24th Nov 06
Location: Lochgelly, Fife
User status: Offline
5th Apr 11 at 19:37   View User's Profile U2U Member Reply With Quote
Just like when you change something silly on your car insurance. Charging for an internal tt is robbery. It may be cheaper if you use online banking.
Pete_vxl
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Registered: 24th Nov 06
Location: Lochgelly, Fife
User status: Offline
5th Apr 11 at 19:38   View User's Profile U2U Member Reply With Quote
It wont go instantly because its an international transfer which will take 2-3 to get there regardless of country, there may also be a middle bank involved but i doubt it.
Sam
Moderator
Premium Member

Registered: 24th Dec 99
Location: West Midlands
User status: Offline
6th Apr 11 at 08:06   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by John
How can banks get away with charging you £20 for a 'telegraphic transfer' between 2 accounts in the same bank?

It's clearly a couple of clicks of a mouse and in no way, shape or form £20 worth of anything.



CHAPS payment by any chance? If so, it's because it's a guaranteed same day transfer if done before a certain time - I assume the fee is for admin purposes (i.e. needing to fax or whatever payment information to the receiving bank).

Faster Payments, although a good idea, is still not properly implemented by all banks - Alliance & Leicester/Santander being one of them. Whenever I do a transfer to HMRC to pay my NI I can never send it as a Faster Payment, it always gets sent by slower BACS and IIRC they are with A&L.
Gareth
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Registered: 2nd Mar 00
Location: Derby, Drives: EVO VIII MR & pug 308
User status: Offline
6th Apr 11 at 08:43   View User's Profile U2U Member Reply With Quote
For £20 i would go to the bank take it out and put it back in
Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
6th Apr 11 at 08:49   View User's Profile U2U Member Reply With Quote
rbs/natwest are shit.

i tried to transfer my house deposit money over to the solicitors and they said because it's over £10k it'll cost £17 to do it.

i simply said ''transfer 9k first, then 8k after (about 5 seconds after) and it didn't cost me a penny''.

hate banks, they make shit loads off your money but still want to charge you for everything.
Rob_Quads
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Registered: 29th Mar 01
Location: southampton
User status: Offline
6th Apr 11 at 08:51   View User's Profile U2U Member Reply With Quote
Its because it all costs money to implement.

You would be amazed how old some of the systems the banks run, but for good reason. Old is often tried and tested.

The software I develop is used in some banks as part of the Faster Payment system and the time it took to implement is staggering (and thus it costs a hell of a lot of money)

CHAPS unfortunately is still a VERY old way of doing it but its still the only common way across the banks to guarantee the transfer. Once all banks have the faster payment system it could be used more.
AndyKent
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Registered: 3rd Sep 05
User status: Offline
6th Apr 11 at 08:52   View User's Profile U2U Member Reply With Quote
First Direct ftw. No charges for standard transfers (unlimited amount).

CHAPS and whatever does attract a charge but thats standard. If you want it guaranteed same day it'll cost.
John
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Registered: 30th Jun 03
User status: Offline
6th Apr 11 at 10:51   View User's Profile U2U Member Reply With Quote
They called it a telegraphic transfer, is that CHAPS?

Within 2 days would have been fine. Considering its the same bank I would have expected it not to take days.
Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
6th Apr 11 at 11:08   View User's Profile U2U Member Reply With Quote
I swap money around my Santader accounts all the time, no cost.
s4k1b
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Registered: 11th Nov 02
Location: West Yorkshire
User status: Offline
6th Apr 11 at 11:55   View User's Profile U2U Member Reply With Quote
i transfer money to and from natwest > hsbc and santander all the time. never had a problem.
John
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Registered: 30th Jun 03
User status: Offline
6th Apr 11 at 13:50   View User's Profile U2U Member Reply With Quote
I transfer money between various banks and accounts without a problem normally, that's not what this thread is asking about though.
Baskey
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Registered: 31st May 06
User status: Offline
6th Apr 11 at 13:55   View User's Profile U2U Member Reply With Quote
Cut the crap John, your just showing off on the sly that your buying a house.

Fair play
John
Member
Registered: 30th Jun 03
User status: Offline
6th Apr 11 at 14:06   View User's Profile U2U Member Reply With Quote
There will be a post about that soon.

That's not the reason for this one though, this is a pissed off at stupid bank charges post.
AndyKent
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Registered: 3rd Sep 05
User status: Offline
6th Apr 11 at 14:07   View User's Profile U2U Member Reply With Quote
Don't know what a telegraphic transfer is exactly. When I bought my place my solicitor told me to do CHAPS, but instead I just sent him the money 3 days early so avoided the fee.

At worst it arrived on the right day, as it happens the transfer was instant and he had my cash for 3 extra days.

[Edited on 06-04-2011 by AndyKent]
adiohead
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Registered: 28th Sep 01
User status: Offline
6th Apr 11 at 14:08   View User's Profile U2U Member Reply With Quote
My solicitors trusted me with just a screenshot of the transfer.
Pete_vxl
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Registered: 24th Nov 06
Location: Lochgelly, Fife
User status: Offline
6th Apr 11 at 16:57   View User's Profile U2U Member Reply With Quote
A telegraphic transfer is a transfer which involves using international banking codes to send the money ie IBAN number and BIC code. I still cant understand why you had to do a TT unless your solicitor has an offshore account?

A chaps payment is circa £20 and is a gauranteed method of transfering large amounts of money (mainly solicitor fees) between two accounts within the same day, if done before a certain time. All banks have different cut offs.

Faster payment is free of charge and if you have a large balance you can split it up into the faster payment amounts but it is not gauranteed to go through within the 2 hour timescale, hence you dont pay for it... yet.

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