How long does a bank transfer take?

Bank transfers are usually fast and easy, however there are a few instances when they can take longer to clear.

Most bank transfers can be done by logging into your online account or by using your bank's telephone banking service. All you need is:

The date you'd like the payment to be made
The name of the person or business you're paying
The six-digit sort code
The eight-digit account number
A payment reference is also helpful so the person or business you're transferring to knows who it is from.

Bank transfers and payments made using Faster Payments should arrive in the payee account immediately, however sometimes it can take up to two hours to go through. Most banks have a limit of £10,000 but some have higher limits and so it's worth checking this with your bank if you're transferring a large amount.

If you're using a Bacs payment to transfer money, these can take up to three days, whilst transfers made through the Clearing House Automated Payment System (CHAPS) will usually go through on the same day (but the payment needs to be made before a certain time).

However, banks don’t always allow instant transfers to other bank accounts. This is to reduce the risk of fraud. The receiving bank sometimes takes a few days to release funds to customers to ensure that it’s not a fraudulent bank transaction.

Also, if your bank transfer is to a credit card account, your money might take more time than usual to show up.

It's also important to keep in mind that you can't take back or cancel a Faster Payment transaction once it's gone through and so you'd need to contact the payee to get it back.

An international bank transfer will take longer still. These are actioned through the SWIFT network and generally can take up to one to five business days.

If you're making regular monthly payments, you can take the headache out of worrying if a bank transfer will clear in time by setting up a direct debit. You'll need to ensure, however, that your account has sufficient funds on the day of the scheduled transfer, otherwise the payment might fail and you may be charged a fee.

How do I make a bank transfer at Monzo?

You can send a bank transfer to anyone with a UK bank account. You’ll need the name of the person or company you’re sending it to, and their account number and sort code. Transfers should happen instantly, but can sometimes take up to 2 hours. To send a transfer:

Go to your Payments tab.
Tap Bank transfer and follow the instructions.

If you plan to make a transfer over £10,000 you'll need to get in touch with our team to raise your limits, and that this can take a few hours.

You can also make international transfers using our Transferwise integration, unfortunately at this point in time you can't receive international transfers into your account.

If you want to send a payment to someone on Monzo, you just need to have them as a contact in your phone!

You can also try pay someone using Nearby Friends, which lets you pay people through bluetooth.