To ask about the speed/process for money transfers? Slightly panicking.

[Acapulco12]

Hi all, I’m posting for traffic and reassurance, just to see if this is a common thing or if I should be worried.

I withdrew some money from an investment account a couple of weeks ago. It arrived in my main bank account late last week.

I then transferred some of that money from my main bank account to a savings account with another bank. I’ve made 2 transfers in total: 1 yesterday afternoon, and 1 this morning.

I’ve checked the balance of my savings account to which I made the 2 transfers, and it’s not showing any evidence of the transfers. They’re not showing in the savings account yet or showing in it as pending transfers either.

I do appreciate it takes time (perhaps a couple of days) for transfers to fully clear between accounts. Also, I’ve made successful transfers between these accounts before, so I know I’ve got the correct details of the savings account I am trying to make the transfer to.

I’m just a bit worried though, as the transfers aren’t even showing as pending on the savings account that I’m trying to transfer them to, but I can see both transfers have left my main bank account.

The savings account company offices are closed today, so I can’t call them to check up on this. In the meantime, I’ve emailed them to ask about this, and will call them next week.

In the meantime, I just wanted to post on here just for reassurance really, in case anyone has also experienced this sort of situation.

Thank you!

My mum once opened a savings account where they said that you got no acknowledgement that the money had transferred in at first. It was with one of those accounts that you've never heard of that Money Saving Expert recommend as being the highest rate. Presumably it wasn't at all dodgy, but I wasn't comfortable helping her transfer that money, so we didn't.

You could Google the bank and whether this has been an issue/if they openly state it as this bank did.

If the bank wants to check for fraud or suspicious transfer details it can take up to 5 days though doesn't usually take that long. Based on where the money came from and route it might look like something they want to verify details on. Usually the initiating account has a "trace" function that would let you see where it stands - still in process at the originating bank, at the other bank but not credited yet, or finalized but not credited yet (as if it showed up when they are closed on Saturday or Sunday it may not get credited until next business day. I guess see if there is a trace option and then call on Monday is about all you can do.

Thanks everyone!

I read on another thread that there was a delay on Friday so that might be why it's not got there yet. As long as it's all straightforward UK stuff and you're not trying to launder money through the Cayman Islands or similar, it will be OK.

If you know you sent it to the right place it will show up tomorrow probably. If you've proof it went from one to the other they have to honour that surely. They can't just say it's disappeared? Well I hope not anyway. Contact them tomorrow if it hasn't appeared.