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The 2-3 day wait isn't the case in the UK anymore. UK banks - under pressure from the government via the Office of Fair Trading - now process money transfers i
by davweb 15y ago
The 2-3 day wait isn't the case in the UK anymore. UK banks - under pressure from the government via the Office of Fair Trading - now process money transfers in half a day.
The point is that the transfer never required that long to process, but if a Bank (or PayPal) can hold on to your money for a few extra days then it's a few more days of interest on the money for them.
http://www.ukpayments.org.uk/faster_payments_service/background/ http://www.ukpayments.org.uk/faster_payments_service/backgro...
- cma 15y agoIn the US they also hold it that long so that if you overdraft they can retroactively reorder your transactions largest first so that you will get the maximum number of overdraft fees.