Luckycharm
Registered User
- Messages
- 540
why does it take 3 days?
Firstly, the answer is that all banks provide a next-day service up to a certain cut-off time in the day. This provides delivery by 07.00 (at the latest) the next day. So if the cut-off time is say 2.00pm, then the delivery time is 17 hours. If you miss that cut-off time, by say 1 hour, then the delivery time is 16+24 hours = 40 hours. It is never 3 days (i.e. 72 hours) (although parts of the transaction may stretch into 3 different calendar days)
Wheels
My response related to transfers between banks in Ireland, and was based upon the clearing process as it operates following changes about 3 years ago. Have you asked about the cut-off time or whether it can be done within 24 hours
From your earlier response, it appears that you are referring to transfers between countries operating in different currencies (UK and Ireland). Under new processes operating since Jan 26th of this year(SEPA day), transfers effected in Euro within Europe should now be more efficient, but until the UK adopts the euro...............
I'm assuming your solicitor banks with an another bank. Overnight tonight, UB will send an electronic file to your solicitors bank. The other bank will receive the file tonight/early tomorrow morning but the norm in Irish banks is for banks to do most of their EFT posting overnight, therefore they will not run the file until tomorrow night and it will update your solicitors account on Wednesday
It's an urban myth that banks make a fortune out of this float. UB will exchange value with the other bank for this tomorrow and even though the funds will not be credited to the solicitors bank account until Day 3, most banks actually backdate the interest by a day.
Process is antiquated for the 21st century, however the UK, including NI has started a process 2 weeks ago called faster payments, with same day value being given for interbank electronic transfers. It's not fully rolled out in the North just yet, hopefully if it is sucessful up there, it will make it's way down to us in due course
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