How Long Does a Bank Transfer Take Over the Weekend?

The speed of modern banking has transformed the way we manage our finances, offering unprecedented convenience, especially when it comes to bank transfers. With the majority of UK banks now utilising the latest technology, the traditional wait times associated with transferring funds have become a thing of the past in most cases.

But is this technology in operation at weekends, outside of normal banking hours? And what happens if you want to send money abroad? Let’s take a look at how everything works.

Majority of UK bank transfers are instant

Most bank transfers in the UK are completed instantly, even on weekends and bank holidays. That’s because the majority of these transactions are processed using the Faster Payments system which is implemented by all major and most minor banks. This framework enables near-instantaneous transfers between bank accounts at any time of the day, all year round.

You don’t have to do anything specific to benefit from this system, as your bank will determine how to process the payment. Therefore, you just need to set up a transfer as usual and wait for the funds to clear.

Since being widely rolled out, this technology has revolutionised UK banking and has had a significant impact on various sectors and industries, particularly those popular at the weekend. A good example is the online gaming industry. Players using a bank transfer casino can now enjoy instant deposits and withdrawals without waiting several days for the money to clear their account. This has significantly improved satisfaction rates and has led to more players in the UK choosing bank transfer as their primary payment method.

BACS not processed on weekends

While Faster Payments has become the dominant method for most bank transfers, it's essential to understand that the older BACS system still exists. It’s primarily used for regular payments and direct debits, but it’s crucial to know that BACS does not operate over weekends or bank holidays. Instead, any payments scheduled during these dates will be processed on the next working day. It will then take up to 3 working days before the money is cleared from the receiving account.

Although BACS might not be as convenient as Faster Payments for person-to-person transfers, its role is still useful for modern financial management. For example, with many people looking to reduce bills and expenses with monthly payments, this has added extra transactions that need to be processed. BACS is therefore used to help ease the strain on the overall banking network, avoiding wider delays and issues, while also ensuring the payment is made on time.

Sending money overseas

The UK's departure from the European Union raised questions about the speed of transfers to the continent. Fortunately, the UK is still part of the Single Euro Payments Area (SEPA) which can facilitate fast banktransfers within Europe. In many cases, SEPA payments on weekends are processed instantly. However, as this system connects banks in different countries, it’s worth giving yourself an extra day or two just in case.

Transferring funds to countries outside the EU can vary significantly depending on the destination country's banking infrastructure and systems. Some countries may have slower processing times, and weekend or holiday delays are common for non-EU payments. Therefore, it's advisable to research the specific transfer times to understand any potential delays.

Finally, if sending money abroad in a different currency, make sure to check the exchange rate and any sending fees before effecting the payment. UK banks usually offer poor rates and have high charges so it can be beneficial to use a separate service to send money abroad.