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Last month I moved £10,000 between two UK banks and it settled in 3 seconds. Fees were £0.00. I could have moved more for exactly the same fee of free.
by Marazan 9y ago
Last month I moved £10,000 between two UK banks and it settled in 3 seconds. Fees were £0.00.
I could have moved more for exactly the same fee of free.
- mirimir 9y agoWhat mechanism? Moving funds internationally, in my experience, has sometimes taken days.
- tempay 9y agoIt will be using faster payments[1] which allows up to £250,000 to be moved between UK accounts without any fees. For how long it takes I'm used to seeing "within 2 hours" claimed but in practice it's instantaneous. [1] https://en.m.wikipedia.org/wiki/Faster_Payments_Service https://en.m.wikipedia.org/wiki/Faster_Payments_Service
- mirimir 9y agoOK, what about UK to Brazil? Or UK to Russia?
- kccqzy 9y agoI routinely move funds internationally using the old-fashioned mechanism called "wire transfer" which for my particular case, is settled in hours and has zero fee.
- mirimir 9y agoMaybe things have improved. I recall some hassle getting my bank to handle international wires. And I suspect that "routinely" may be the distinction. Once the bank does one transfer, it becomes routine.
- gruez 9y ago>settled in 3 seconds *subject to chargeback/reversal for up to n months.