sapphire
Member of DD Central
Posts: 487 
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Post by sapphire on Dec 21, 2017 13:48:37 GMT
For bank transfers to RS via Faster Payments how long does it usually take for the credit to appear on the RS account?
Hopefully RS have an automated (and so a quicker) process to credit the account once they receive the funds?
I just called their contact centre but she was not aware of the process and just said I could expect the credit "by the end of the day".
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mb
Posts: 38
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Post by mb on Dec 21, 2017 13:53:14 GMT
It's quite variable, but not too long. I think 2 to 4 hours is typical. It's longer at weekends.
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benaj
Member of DD Central
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Post by benaj on Dec 21, 2017 14:05:15 GMT
I usually do a debit card payment, it is instant. It's great for payment from £1000-£15000
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sapphire
Member of DD Central
Posts: 487
Likes: 410
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Post by sapphire on Dec 21, 2017 14:22:11 GMT
Thanks to mb and benaj for the helpful responses. Unfortunately debit card is not a option for me as the funds are from my SIPP. I would like to add the following info which I have just received from someone who had previously spoken to the RS Payments team: * Funds received by RS via Faster Payments and BACS are credited to the investor’s account by an automated process and actioned within 4 hours of receipt and so usually credited the same day. * Payments received via CHAPS are processed by them manually and so could take longer. The RS automated process to credit funds to investor accounts (used for BACS and Faster Payments) does not process CHAPS payments because “When a CHAPS payment is sent, a few extra characters are added to the manually entered reference number..” which the automated process is unable to handle. So ironically, a payment via CHAPS to Ratesetter could take longer to be credited to the investor’s account than a transfer via Faster payments! |
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