Are IG stuck in the stone age with payments?

[cassiopeia]

Still having to wait three days for transfers into my account by BACS with IG! I'm amazed these guys aren't using faster payments by now, even the smaller BS are. Normally these guys seems quite advanced for most things.

 

[Jon41]

Scuse my ignorance but don't you have to pay for the faster payments (CHAPS?). I know that UK banks are supposed to be catching up with the rest of Europe for same day payments but if it's CHAPS you refer to then I can understand why IG wouldn't take the hit on the cost.

 

[cassiopeia]

CHAPS is rarely necessary nowadays up to the limit value, which for my bank is £10,000 although it can be as much as 100k see

Which banks can send Faster Payments and what is my bank's value limit

All UK banks and building societies now send and receive faster payments.

There are, however, varying limits in place depending on who you bank with and how you choose to send the money. These value limits for members of the Faster Payments Scheme, listed below, apply to each individual transaction. In addition to these ‘per transaction’ value limits, most types of account have a daily limit on the total amount you can send from your bank, whatever payment system is used. You should contact them in advance to check what this may be, if you are planning to send large-value amounts which may exceed any daily limits your bank has set.


UK Payments Administration - Which banks can send Faster Payments and what is my bank's value limit

I sent it by BACS from IG two days ago. It may now be delayed until next Wednesday before the money is accessible due to the holiday!

I think money sent to IG goes in almost immediaitely, but is very slow coming out!