There is no single definitive answer to the question “What time does money in the bank start UK?”, as it depends on various factors. However, there are some general guidelines that can provide an overview of when banks start processing financial transactions each day in the UK.
Opening Hours
Most banks in the UK are open for business from 9am to 5pm, Monday to Friday. This includes high street bank branches as well as contact centers and online/mobile banking services. So for the majority of traditional over-the-counter transactions, 9am is the earliest time customers can visit a branch to deposit or withdraw cash, speak to an advisor, etc.
However, banks operate behind-the-scenes 24/7 to settle electronic payments, update accounts, manage transfers and more. So the timing of when a payment appears in your account depends on what kind of transaction it is.
Faster Payments
The UK’s Faster Payments Service allows near real-time transfer of funds between accounts at participating banks. It processes payments instantly 24/7, 365 days a year. However, whether the payment shows in the recipient’s account straight away depends on each bank’s cut-off times.
Faster Payments cut-off times for the major high street banks:
Bank | Cut-off Time |
---|---|
Barclays | 5pm |
HSBC | 6:30pm |
Lloyds | 5pm |
NatWest | 7pm |
Santander | 5pm |
So if you make a Faster Payment from Barclays at 4:55pm on a weekday, the funds should reach the recipient’s HSBC account almost immediately. But a Faster Payment made from Barclays at 5:10pm will not appear in the HSBC account until the next day.
BACS Payments
BACS is used for direct credit transfers like salary payments. It takes 3 working days for BACS payments to clear.
Most BACS files submitted by organisations on weekdays get processed overnight in batches. The receiving banks usually credit them to beneficiary accounts by the morning of the next working day.
For example, if you get your salary paid by BACS transfer, the funds will likely hit your account on Friday morning if your employer submits the payroll on Wednesday.
CHAPS Payments
CHAPS is used for same-day bank-to-bank transfers of high-value payments. Payments made via CHAPS are guaranteed to be processed within the same working day, as long as they are made before the bank’s cut-off time which is typically around 4:20pm or 4:45pm.
International Payments
International payments involving currency conversion or SWIFT transfers can take anywhere between 3 to 5 working days to be credited. This includes wire transfers as well as foreign checks deposited in a UK bank account. Processing depends on the bank’s daily cut-off times.
Internal Transfers
Transfers between accounts held within the same bank are usually instantly processed. So you can immediately transfer funds 24/7 between your savings and current account with a UK bank’s online, mobile or telephone banking facility.
But keep in mind there could be individual transaction limits or daily caps in place.
Debit Card Transactions
Debit card purchases are deducted from your current account balance almost immediately, thanks to near real-time authorization through Visa or Mastercard’s networks.
However, some merchants like hotels, rental cars, etc. might not initiate charges until after your stay or use. The timing will depend on their billing cycle.
Cash Deposits
If you deposit cash over the counter at your bank or via an ATM, it will be credited to your account almost instantly. Or within 2 hours maximum if deposited after branch closing times.
But there are cut-off times for cash deposits made via the Post Office too, which then get credited the next working day.
Day | Cut-off Time |
---|---|
Monday to Friday | 5pm |
Saturday | 12pm |
Check Deposits
Check deposits can take anywhere between 2 to 7 working days to fully clear, depending on the bank. Banks give immediate value on most checks, so you have provisional funds to withdraw against while the check is being cleared.
GIRO Credit Transfers
GIRO transfers are used for direct debits like bill payments, council tax, utilities, etc. They get processed in batches overnight and typically appear on your statement 3 working days after being initiated.
Conclusion
In summary, the timing for when money deposited or transferred reaches UK bank accounts depends on factors like:
– Type of transaction (BACS, CHAPS, SWIFT, Faster Payments, etc)
– Each bank’s business day cut-off time
– Whether transfer is within same bank or interbank
– Weekends and public holidays
But generally, electronic payments start being processed by 9am when banking systems come online in the UK. Faster Payments happen in near real-time, while BACS and GIRO processed overnight in batches take 2-3 days to appear.
Cash deposits are instant or overnight, while check clearing can take up to a week depending on the bank. Within a bank, account transfers are usually immediate 24/7. And debit card purchases deduct in real-time but can take a day or two to finalize in your account.