Seriously why does it take “3 to 5” business days to take the money from my account when it’s all handled electronically?
In: 294
This is not a thing in the UK,
We have several systems, the one that is most popular is the Faster Payments system, that most banks are members of, and allow payments to be made almost instantly, but with a max time of 2 hours, this has a limit of £1 million. This allows one person to send money to another person with just their name, account number and sort code. This can be done online, app, or mobile.
We also have the CHAPS system, which is for higher sums of money, but has a small fee (£30).
The reason for this is that all banks in the UK must abide by the Payment Services Directive, which mandates that any payments made by mobile, app, or internet banking must arrive by the following business day.
We’ve had faster payments for 15 years.
As to why? It’s because they don’t want to make laws to enforce it.
Read more [here](https://multipass.co/help-centre/knowledge-base/swift-sepa-bacs-chaps-and-faster-payments-what-s-the-difference)
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