Do bank transfers clear right away?

[percypiggy]

Accidentally paid my rent twice on Monday and the estate agents said they have to wait for it to clear before they can send it back. I thought bank transfers were instant?

"Faster payments" are pretty instant, up to 2 hours. But old style bank payments took 5-7 days, so it depends on the banking system your bank and their bank use. But I thought they almost all use faster payments now.

Although when I make faster payments it says it can take up to 2 working days but it's never actually taken that.

If they have already received it by bacs into their account then it is cleared and they can send it back straight away.

BACS payments can take 3-5 days to clear (not always but can). Faster Payments or Bill Payments usually go through and clear immediately but there is no guarantee that it will. They will need to see it as cleared funds on their accounts before they can refund.

What kind of payment was it?

Faster payment I use online banking whenever I send money people usually get it right away.

Faster payment usually does arrive straight away, it can take longer though.

It's now Friday so they should have returned the money even if it did take longer.

Did you ask them to return it as a bill payment? If they send it bacs then it will take three working days, so if they sent it yesterday it won’t arrive in your account until Tuesday.