In recent years, banking has changed dramatically. The days of having to physically visit the bank to transfer money from your account to another person’s, or to simply check your balance, are long gone. Now, everything is done online and through your mobile.
With these changes, a lot of other aspects of banking have changed. Traditionally, bank transfers would not clear on the weekends, but has this changed with the rise of online banking?
In this quick guide, we’ll be taking a look at this and lots more. So, to find out, then keep on reading.
As we have said, traditionally, banks would not transfer money on the weekends. Any transfers made on the weekend would not clear into the other person’s account until the following Monday.
But, online banking has made everything a lot more convenient, and part of this added convenience is that banks now transfer money on the weekends.
But, this doesn’t mean that all payments will be transferred on the weekend.
Some banks still don’t transfer money on the weekends, so if you are with one of these, payments still will not clear until the following Monday.
Other banks will allow transfers to clear on the weekend if they are made using online banking, but not if the transfer is completed in-store.
So, it is important that you realize that not all banks allow transfers to go through on the weekends.
In order for a bank transfer to be processed on the weekend, your bank will have to offer something known as ‘faster payments’.
Most banks offer this nowadays, but it is still best to check if you have any urgent payments scheduled for the weekend.
Faster payments operate regardless of the day or time that you are making the payment, so you will be able to make payments using this feature throughout the weekend.
Payments made using faster payments usually clear into the recipient’s account within 2 hours of leaving your account.
If you are with a bank that offers faster payments, then any transfers made from your account using this feature will clear into the recipient’s account within 2 hours. Even on the weekends.
But, not all banks offer this, and not all payments can be made using this feature, so how long do bank transfers take to clear on the weekend without faster payments?
Some bank transfers are not eligible to be transferred using ‘faster payments’, for example standing orders cannot be transferred using this.
This means that the payment has to be transferred using the traditional payment route, and this will add more time to the process.
Standing orders can only be transferred on a working day, and neither Saturday nor Sunday are technically working days.
Due to this, standing orders that are scheduled for the weekend will not clear until the following working day, which will be Monday.
But, as we have said, most banks offer ‘faster payments’. So, the majority of bank transfers that are made over the weekend (using online and/or mobile banking) will clear within 2 hours of it being sent.
The only real exception is payments that are standing orders, and payments where the transfer has been arranged in-store.
It might sound very traditional, but banks are generally a working day-only sort of thing.
Banks take non-business days very seriously, and this is why the majority of them do not open on Sundays, and only work limited hours on a Saturday.
This might lead you to believe that bank transactions will not go through on Sundays, but this isn’t the case.
As we have said multiple times now, most people will be able to make bank transfers on a Sunday, and these transactions will process thanks to ‘faster payments’.
So, yes, bank transactions will usually go through as the majority of banks offer faster payments, and these will process regardless of what day of the week you make the payment. But what about traditional payments?
If you do not have online banking, then you have to make payments the traditional way, by visiting a bank. In which case, most transfers sent on a Friday will not clear until Monday (the next business day). The same goes for standing orders, as we said earlier.
If you still make transfers through the traditional route, it is important to remember bank holidays, as these will delay any payments made on a Friday to the following Tuesday.
In short, yes, the majority of banks do transfer money on the weekends. This only applies to online/mobile banking, as these platforms use something known as ‘faster payments’ to ensure that all transfers clear within 2 hours. Regardless of what day it is.