with Faster Payments local transfers in the UK happen instantaneously. this has been the case for more than a decade. all banks participate and makes transferring funds in the UK a breeze.
to give you an example as to how fast this payment system is: i press pay and the money is received on the other end before the “successful transfer” screen pops-up on my device :)
for international payments i’ve noticed that it takes less time to receive money from the UK than it is for the receiving party to do a local transfer :)
It's distribution was very unequal in my experience (2008-2014). Not as bad as USA, but still. And of course the acceptance of bank transfers seemed hilariously low vs cheques.
with Faster Payments local transfers in the UK happen instantaneously. this has been the case for more than a decade. all banks participate and makes transferring funds in the UK a breeze.
to give you an example as to how fast this payment system is: i press pay and the money is received on the other end before the “successful transfer” screen pops-up on my device :)
for international payments i’ve noticed that it takes less time to receive money from the UK than it is for the receiving party to do a local transfer :)
it’s mind boggling honestly.
https://en.m.wikipedia.org/wiki/Faster_Payments_Service