Thanks to Faster Payments technology, most transfers between banks in the UK now happen within a few minutes.
If you make a payment to or from your credit union account, the money will usually arrive in your or the recipient's account more or less immediately.
It Can Sometimes Take Longer
It’s important to remember though that these bank transfer times are not guaranteed. Even when everything goes smoothly, you should allow up to two hours, and on rare occasions, it can be delayed by several days.
What Can Cause Delays?
Delays are more likely if you are transferring larger amounts than normal, or if your bank detects patterns of activity that are unusual for you. If this happens, they may carry out extra checks to make sure it is actually you, to prevent fraud and other types of financial crime.
So, if you’ve made a transfer that’s noticeably larger than the amounts you usually transfer, it’s no reason to panic. In most cases, the bank is simply doing its due diligence. To find out exactly what’s happening to your money, give the bank a call, and they should be able to explain what’s going on.