Payment timescales. 2.6.1. The execution time for payments made from your Account depends upon the method of transmission and the currency involved. Please refer to the Payment Times Document for more information.
Payment timescales. 2.6.1. The execution time for payments made from your Account depends upon the method of transmission and the currency involved. Set out below are details of the maximum execution times which will apply to Payment Transactions from your Account following receipt of Payment Instructions from you prior to the relevant cut-off times (subject to terms 2.5.4 and 2.5.5 – BACS payments in sterling are not included, please see term 2.5.5):
a) for payments to another Account held by us, the payment should arrive in the recipient’s Account on the same Business Day;
b) for payments to an account at a UK bank made via CHAPS the payment should arrive in the recipient’s UK bank on the same Business Day;
c) for payments to an account at a UK bank made via Faster Payments the payment should arrive in the recipient’s UK bank on the same Business Day;
d) for payments in sterling to an account at a UK bank not made via CHAPS or via Faster Payments, or for payments in euro to another person’s account held with a non-UK bank within the EEA:
i) funds will arrive at the recipient’s bank no later than the end of the Business Day after we receive your instructions;
ii) where a Payment Transaction follows a paper payment order from you, the maximum execution time set out in (i) above is extended by one Business Day;
e) for payments in an EEA currency which is not sterling or euro, to another person’s account held with a non-UK bank within the EEA, the payment may take an additional Business Day and as a result the maximum execution time for funds to arrive in the recipient’s bank is no later than four Business Days following the day we received your instructions; or
f) for payments in non-EEA currencies, the execution time in respect of such payments will depend upon the foreign currency and the countries involved. We will let you know the likely execution time for such payments at the time we receive your Payment Instructions. We will not be able to control exactly when the payment will be received by the foreign bank.
Payment timescales. HOW LONG DOES IT TAKE TO MAKE A PAYMENT? We understand that when you make a payment, you need to know that the person you’re sending it to will receive it on time. When their bank will receive the money depends on: ● what time you ask us to make the payment, i.e. when we receive the payment instruction from you; and ● the currency you want to make it in. The time of the payment instruction is when we receive it from you, except where we receive your payment instruction at the end of a business day, in which case we treat it as received by us the next business day. We’ll always tell you the maximum time it’ll take for us to make the payment and the amount of any charges payable, including a breakdown if you ask us for one. The table below explains when we make payments: An outgoing payment from £ to € or vice versa If we receive your payment instruction by 2pm on a business day, we’ll make the payment by the end of the next business day Other outgoing payments, e.g. £ to other EEA currency If we receive your payment instruction by 2pm on a business day, we’ll make the payment by the end of the fourth business day Outgoing payments within the UK Can take from 2 hours to up to three business days depending on the recipient’s bank, depending on the type of payment made Outgoing payments within the EU Usually within two business days Outgoing payments outside the EU/UK - 15 - Usually within three to five business days but can take longer depending on the country you’re sending to Incoming payment (receiving money) We’ll add the money to your Monese Account the same business days that we receive it For the purposes of this section 2.28, “business day” means any day that we’re open for business as required for the execution of a payment transaction.
