The_Munchmaster Posted August 4, 2014 Report Share Posted August 4, 2014 Why is it that HSBC Cyprus can transfer funds to my HSBC Jersey account in well under 24 hours, however when I transfer funds from my HSBC Jersey account to pay my HSBC credit card, based in the UK, it takes a minimum of 3 working days (4 last time)? I'm sure there is some legitimate technical reason for this and it's not some sinister ploy by the bank? Link to comment Share on other sites More sharing options...
Mekong Posted August 4, 2014 Report Share Posted August 4, 2014 It is down to system used in the UK BACS (Banking Automated Clearing Services) transfers enter the system on day one, processed on day two and cleared on day three. http://en.wikipedia.org/wiki/Bacs Link to comment Share on other sites More sharing options...
King Kung Posted August 4, 2014 Report Share Posted August 4, 2014 While your money is between your accounts somebody is earning interest on it. Your individual case might not be much, but every HSBC customer transferring money that's churning interest for the bank over the course of a year probably pays a few salaries, three or four days at a time. They also likely include money in transit as part of their fractional reserve ratio (amount of cash they must have on hand). It's in the bank's interest to move slowly. Link to comment Share on other sites More sharing options...
SpiceMan Posted August 5, 2014 Report Share Posted August 5, 2014 The main frame computers used by UK banks update financial transactions as "batch jobs" over night. The software is incredibly antiquated and nobody understands it or dares to tinker with it. The last time anybody looked at is was to check it for Y2K bugs. A friend who did that reported that at one bank the software didn't handle pounds and pence transactions but rather pounds, shillings and pence i.e. Britains old pre-decimal currency which went out in 1970. There was a COBOL language software routine in place on top to convert from pre-decimal currency to decimal but the underlying internal representation of money was still pounds, shillings and pence. I think the banks should have been required by law to modernise their systems during the boom years, so that transactions can take place within seconds rather than days. Link to comment Share on other sites More sharing options...
King Kung Posted August 5, 2014 Report Share Posted August 5, 2014 An "easy" society accustomed to being shafted by Nanny is prime target. SpiceMan is not wrong in his assessment of the software. He's wrong in that nobody dares tinker with it. Brit banks know what they're doing and they're taking your money. British banks are the biggest thieves on the planet --but many Brits accept it as normal. The other side of the coin -- most other countries find Thai banks far inferior to their national banks. Argue if you like. It's my opinion. Link to comment Share on other sites More sharing options...
Mekong Posted August 5, 2014 Report Share Posted August 5, 2014 Back in 2008 FPS (Fast Payment Service) went live and most in country transfers happen within 15 minutes now, in Jan 2012 European Commission Law came into effect that all inter EU transactions had to happen within 24 hours. I assume that Muchies account is in Nicosia it is on the border between EU and Cyprus but even though classed as "Europe" does not fall under European Commission Law as its on the Turk Cypriot Side. Kung, I won't argue with you but allow me to disagree with your opinion. I mainly use 2 banks in Thailand one a Thai Based SE Asian Bank (Siam Commercial Bank) and the other an International Bank with a presence in Thailand (Standard Chartered Bank). I have both set up for free SMS alerts whenever I make a withdrawal from an ATM, not just in Thailand but in every country I have visited, OK need a Thai Number to receive SMS alert but it is instantaneous 9 times out of 10 within 2 seconds of hitting the ENTER key on ATM to confirm withdrawal, I have not seen that from any other country. If I get a message about a withdrawal which I have not sanctioned just reply to the message and card is cancelled instantly. In Nam limited to VND 3,000,000 per transaction approx THB 4,500. Also both banks offer "Verified by Visa" OTP (One Time Password) where any online or counter transaction requires me to input the password before the transaction is executed. IMHO "Certain" Thai Banks such as the two I mentioned are on par with, if not even better than national banks of my home country where as others (Bangkok Bank I am looking at you) are inferior. Link to comment Share on other sites More sharing options...
SpiceMan Posted August 5, 2014 Report Share Posted August 5, 2014 Faster Payments Service only applies to transfers between bank accounts. Transfers to credit cards are not subject to this so can take as long as the companies involved want it to. Link to comment Share on other sites More sharing options...
Guest Posted October 4, 2014 Report Share Posted October 4, 2014 You can transfer your money free here .... every little helps http://www.awin1.com...217171&r=121357 Link to comment Share on other sites More sharing options...
My Penis is hungry Posted October 4, 2014 Report Share Posted October 4, 2014 BULLSHIT NOT free! I just checked Link to comment Share on other sites More sharing options...
My Penis is hungry Posted October 4, 2014 Report Share Posted October 4, 2014 Exchange rate sucks too - send Pounds to Thai bank, you'll pay a higher fee but end up ahead, especially for larger amounts GBP United Kingdom 51.58 Link to comment Share on other sites More sharing options...
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