Sooty and Sweep

Just a thought?

In the UK we have direct debits, standing orders.

Also BACS and CHAPS payment options.

If say you have $000.00 in an account at say Westpac, and you want to withdraw the full amount and move it all to HSBC, what optioins do you have in Austalia, and at what cost? How long do the options take?

In the UK,

BACS = Free = day 1 instruct, day 2 process, day 3 cleared paying interest.

CHAPS = Around £30.00 cost = Same day clear, no loss of interest.

Thanks.

Swerv-o

It's much quicker than that here. When I have transferred money between accounts in the past, the entire transfer is usually complete within 24 hours of the instruction. It can take longer over weekends and public holidays, but generally you can rely on the money having touched down in the target account within 24 hours. This is between HSBC and Commonwealth and back again.

S

Sooty and Sweep

Thanks;

I have always thought transactions here in the UK are in the banking systems favour?

I mean BACS 3 days?

and CHAPS £30.00, AND YOU CAN STILL LOSE one day in interest payment, baffles me?

Swerv-o

Yes, the banks here obviously don't make as much money investing your money in the markets over those three days for a transfer like they do in the uk. I wonder if that is why they are so keen to maintain the account keeping fees, just to balance that up.

S

NJJ

Just like Woolworths / Safeway supports all the farmers