4 ms·
Bacs limit is £20 million per item but is 3 day clearing. The £250k limit is FPS (instant clearing) I believe, or your bank.
by danielmg 7y ago
Bacs limit is £20 million per item but is 3 day clearing. The £250k limit is FPS (instant clearing) I believe, or your bank.
- AdamGibbins 7y agoYou're correct, sorry. AIUI there's a higher limit for corps/govs too. Banks often have lower limits than these but I've no doubt they'll lift them if there's need. For those not familiar, FPS offers 2h (normally instant) transaction speed.
- xvilka 7y agoHaving bank transfers in 2019 so slow is outrageous. It's the time when trading bots produce millions in a split second. But bank transactions require hours and days. And they dare to call them fast!
- blibble 7y agothe orders might only take a few ms from creation to execution, but the settlement still takes time (hours to days)
- beatgammit 7y agoEh, when does it really matter? The only time I care about speed is when buying something, and the more expensive that something is, the less fast it needs to be.
- ChuckNorris89 7y ago2h is quick. In EU sometimes it can take days.