Making a bank transfer in uk takes 3 days. Will this ever be speeded up?
Answers:
I've heard (on tv) that this is coming though may be a few years away.
Yes.
As long as the banks can make a profit from this delay, they are never going to speed things up. And it can take up to 10 days.
The transfer coulld be carried out instantaneously using the technology we have today. However by delaying the transfer by a few days, the bank can hold onto the money and any interest accrued for that period and so makes a small profit on each transaction. When you consider that there are many millions of these transactions every year, the banks can make a considerable amount of money from the delay.
Having said all of this, banking is a very competative business and it only takes one major bank to shift its policy to have the others follow suit so there is some hope that the delay can be reduced or even eliminated.
Seriously doubt it - the bank will earn interest on the money while they have it.
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