How long does a FASTER bank transfer take?
FASTER Payment is a UK-based instant payment system that enables the transfer of money between bank accounts in near real-time. It allows customers to transfer money between banks in seconds, rather than the next day or in a few days. This makes it one of the fastest ways to transfer money in the UK.
Once the transfer has been initiated, it typically takes less than a minute for the funds to be credited to the recipient's account. However, it's important to note that while FASTER Payment is an instant payment service, it can take longer depending on various factors such as the sending bank's processing time, and if the sending bank is not participating in FASTER Payment scheme.
It's also worth noting that while the transfer itself may be quick, the recipient may not be able to access the funds immediately due to the recipient bank's processing time, or if the recipient bank is not participating in FASTER Payment scheme.
Overall, FASTER Payment is a very fast way to transfer money within the UK, but it's important to check with your bank for any specific time frame.