Compare Credit Cards with CardSmart

Home » Credit Card News » Card Types » Electronic bank transfers to take one day

Electronic bank transfers to take one day

Payments Council announces that phone and internet payments will now have to reach the recipient's account by the next working day

More from Card Types
3 January 2012

Electronic bank transfers to take one day”

Bookmarks

UK credit card holders will be among those to benefit from faster electronic bank transfers from the start of next year.

The Payments Council has announced that, from January 1st 2012, phone and internet payments across the European Union will now have to reach the recipient's account by the next working day.

Under the Payments Council's Faster Payments process, UK transactions can currently be completed within two hours and the new proposals are expected to boost the number of these transactions by 25 per cent to create an additional 15 million internet, phone and standing order payments per month.

Adrian Kamellard, chief executive of the Payments Council, said: "This is great news for consumers and businesses. More bills are going to be paid more quickly through Faster Payments and the change will mean more certainty if you have been sent money too."

All credit card accounts will benefit from faster payments as they are classified as 'payment accounts'.

Posted by Sarah Nyman

Written by ©

Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
Compare More Credit Cards...

The content and information on this website are intended as general information only and shall not be construed as financial advice or recommendations of any nature in accordance with the Financial Services and Markets Act 2000 nor is it intended to address specific financial requirements. Read more... We strongly recommend that you seek independent financial advice before using and/or relying on the information made available to you or prior to purchasing any financial product/service listed on the Website. Whilst every attempt has been made to ensure that the content and information published are true, correct and up to date, no warranty, guarantee or representation is given as to its accuracy, reliability or fitness for a specific purpose.

The Best Buy credit card comparison tables feature financial products/services of our advertisers and may not necessarily constitute the best offers in the market for each of such products/services.