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Change of Time for Money Transfers

Change of Time for Money Transfers

Old Nov 1st 2009, 5:59 pm
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Default Change of Time for Money Transfers

A new law came into effect today which means that if you are having money transferred it must reach the account it is being transferred to by close of business the next day. This is to stop the banks holding onto the money for four or five working days.
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Old Nov 1st 2009, 6:01 pm
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Default Re: Change of Time for Money Transfers

Originally Posted by Chiclanagir
A new law came into effect today which means that if you are having money transferred it must reach the account it is being transferred to by close of business the next day. This is to stop the banks holding onto the money for four or five working days.
Oh, I'd love to see if that one works!
That means they lose all their urgent transfer fees, and all the interest they were making from our dosh.
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Old Nov 1st 2009, 6:13 pm
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Default Re: Change of Time for Money Transfers

Originally Posted by Mitzyboy
Oh, I'd love to see if that one works!
That means they lose all their urgent transfer fees, and all the interest they were making from our dosh.
Exactly. We have a transfer due to come out tomorrow so it will be interesting to see.
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Old Nov 1st 2009, 6:24 pm
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Default Re: Change of Time for Money Transfers

Devils in the detail.

Transferring money electronically from one account to another, including the payment of bills, will have to be completed by close of business the next day. However, until January 2012 banks can actually extend this to three days by writing to customers and changing the terms and conditions of their account. Many banks have already done this in preparation for the new regime. The rules does not apply at all to transfers where currency conversions are involved.

Jim
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Old Nov 2nd 2009, 5:56 am
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Default Re: Change of Time for Money Transfers

Originally Posted by Bigger Jim
Devils in the detail.

Transferring money electronically from one account to another, including the payment of bills, will have to be completed by close of business the next day. However, until January 2012 banks can actually extend this to three days by writing to customers and changing the terms and conditions of their account. Many banks have already done this in preparation for the new regime. The rules does not apply at all to transfers where currency conversions are involved.

Jim
Sounds about right, the loss would of been taken out their bonus.
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Old Nov 2nd 2009, 10:08 am
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Default Re: Change of Time for Money Transfers

Originally Posted by Bigger Jim
Devils in the detail.

Transferring money electronically from one account to another, including the payment of bills, will have to be completed by close of business the next day. However, until January 2012 banks can actually extend this to three days by writing to customers and changing the terms and conditions of their account. Many banks have already done this in preparation for the new regime. The rules does not apply at all to transfers where currency conversions are involved.

Jim
Well we had an email from Currencies Direct stating that it would be a shortened transfer period but they made it sound as if it was their decision.
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Old Nov 2nd 2009, 7:19 pm
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Default Re: Change of Time for Money Transfers

Hi all,

I have had something similar and this is what it said;

Text removed.


So, obviously, you have to watch just who you use or it could cost you more. I use another FX Company and will be checking with them.

Dave

Last edited by Fred James; Nov 2nd 2009 at 7:45 pm. Reason: Please read rule 7 and do not quote copyright material - a link to the article is acceptable
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Old Nov 3rd 2009, 5:32 am
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Default Re: Change of Time for Money Transfers

Originally Posted by Chiclanagir
A new law came into effect today which means that if you are having money transferred it must reach the account it is being transferred to by close of business the next day. This is to stop the banks holding onto the money for four or five working days.
So surely if you have a DD in the UK from your UK bank to say Currencies Direct (for instance), it is no change for Currencies Direct as they are NOT a bank? Fully appreciate that if you have a currency exchange from a UK bank (i.e. Halifax) to a Spanish Bank (i.e. La Caixa) that would now be speeded up.... or am missing something (when did foreign exchange companies bcome banks?)
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Old Nov 3rd 2009, 7:58 am
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Default Re: Change of Time for Money Transfers

Hi,

I think the gist of the text I submitted, which has now been removed, basically says that your FX Company may not be able to absorb the charges made by the receiving Bank as they have been doing, so it may be that YOU will be charged for your Bank accepting the transfer, not the FX Company.

It is something to look at.
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Old Nov 3rd 2009, 8:10 am
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Default Re: Change of Time for Money Transfers

Originally Posted by Chiclanagir
A new law came into effect today which means that if you are having money transferred it must reach the account it is being transferred to by close of business the next day. This is to stop the banks holding onto the money for four or five working days.
Truly amazing,..theres progress for you.
We're almost back to what was commonplace 50 or 60 years ago before computers,internet and modern communications.
Be most surprised if the (w)bankers dont find a loophole of some sort,make up some new rules or screw everybody from a different direction.
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Old Nov 3rd 2009, 10:54 am
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Default Re: Change of Time for Money Transfers

Originally Posted by cymruambyth
So surely if you have a DD in the UK from your UK bank to say Currencies Direct (for instance), it is no change for Currencies Direct as they are NOT a bank? Fully appreciate that if you have a currency exchange from a UK bank (i.e. Halifax) to a Spanish Bank (i.e. La Caixa) that would now be speeded up.... or am missing something (when did foreign exchange companies bcome banks?)
I would attach a link except I am useless in doing this. So if you want to look at the regulations yourself go to the Financial Services Authority website. They talk about money remitters who transfer money across the world which would cover Currencies Direct etc. Once the money leaves your bank it has to be transferred by the close of business the next day unless YOU AGREE OTHERWISE.
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Old Nov 4th 2009, 6:39 am
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Default Re: Change of Time for Money Transfers

Originally Posted by damatt
Hi,......... YOU will be charged for your Bank accepting the transfer, not the FX Company. It is something to look at.
The banks and currency companies will not loose out - all charges and costs are always passed onto the customer eventually !!

But is about time these transfers were done in real time - it's 2009 for gawds sake! - another example of the finance industry deliberating lining there own pockets by duping their customers... don't get me started on the £75BN bail out of Lloyds / RBS !!!
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Old Nov 4th 2009, 8:00 am
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Default Re: Change of Time for Money Transfers

There are also other new measures for example if YOU say there is an unathorised transaction on your account the bank has to pay it back within 10 days. As I have been trying to stop a payment to Sky for months now when I phoned up last there was no argument and I was told it would be paid back within 10 days, I thought it strange that they didn´t argue with me.
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Old Nov 4th 2009, 11:55 am
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Default Re: Change of Time for Money Transfers

GRRRrrrrHHHHH !!!

Banks !!!
Just got a €80.00 charge for "FACTURACION TARJETAS DE CREDITO "... for credit/debit cards on the account -

That's CAJA MURCIA ???

That's F****** outrageous and they charge me when I use the card as well... when will I be able to spend my money without these corporate fatcats taking a slice - it's not liek they don't use my saving to make money is it !!
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Old Nov 4th 2009, 12:01 pm
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Default Re: Change of Time for Money Transfers

Originally Posted by GrapeEater
GRRRrrrrHHHHH !!!

Banks !!!
Just got a €80.00 charge for "FACTURACION TARJETAS DE CREDITO "... for credit/debit cards on the account -

That's CAJA MURCIA ???

That's F****** outrageous and they charge me when I use the card as well... when will I be able to spend my money without these corporate fatcats taking a slice - it's not liek they don't use my saving to make money is it !!
In the UK I had an RBS account and I paid about £100 a year ... got stuff like free travel insurance etc etc
Here, I pay about €80 with SOL Bank. We have a card each and a cash card each.
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