How long does a bank transfer take in the UK?
Most UK bank transfers are processed via Faster Payments and arrive within seconds to a few minutes, 24 hours a day, 7 days a week. However, some banks place holds on first-time payees or large transfers, which can delay receipt by up to two hours. BACS transfers take three working days. CHAPS is same-day but has a cut-off time (usually around 3pm) and carries a fee.
Why might a bank transfer take longer than expected?
Delays can occur when sending to a new payee for the first time (banks may apply extra checks), when transferring a large amount that triggers fraud screening, when transferring to certain overseas banks, or during bank system maintenance periods. Some banks also hold transfers received outside normal hours for manual review. If a transfer has not arrived within two hours, contact your bank to trace the payment.
How do open banking payments compare to standard bank transfers?
Open banking payments initiated via a PISP (Payment Initiation Service Provider) use Faster Payments infrastructure and typically clear in seconds — the same speed as a standard bank transfer. The key difference is that open banking payments are initiated from within a third-party app, without requiring the payer to log into their bank separately. This is how services like GoCardless Instant Bank Pay, Cleo, and various lending platforms collect payments.
Open Banking in Practice: The Payment Systems Regulator (PSR) oversees Faster Payments in the UK and has set standards for payment speed and reliability. CHAPS is operated by the Bank of England and is used for high-value property and commercial transactions. International transfers via SWIFT or SEPA (for EU payments) operate on separate timelines. Read more about payment systems in the UK on openfuture.world.
FAQ
Does it matter what time I send a bank transfer?
Faster Payments work 24/7 and are not affected by time of day; CHAPS and BACS have cut-off times that affect same-day or next-day processing.
Is a bank transfer the same as BACS?
No — a standard bank transfer uses Faster Payments (near-instant); BACS is a separate system used for payroll and Direct Debits that takes three working days.
Can I transfer money between different banks instantly?
Yes — Faster Payments allows near-instant transfers between all UK banks and building societies that participate in the scheme, including digital banks.