Hi, if I do a manual bank transfer using the instructions in the app, how long would it usually take for the funds to arrive in my account? I did so last night and I’m still waiting so just wondering what the ETA is. Also, how safe is the “Instant Bank Transfer” as I had worries about connecting the two platforms.
Manual bank transfer takes several days to process and appear in your trading account, and I think they have been taking a bit longer than normal recently. If you’ve got the option of instant bank transfer, go for it as it is fee free and does arrive in minutes.
Instant bank transfer uses open banking, is secure, and also regulated by the FCA (note it’s outsourced to a third party, TrueLayer, who are regulated by the FCA for this purpose). They are only able to initiate payments at your request, and your bank should require you to confirm the transfer in a similar way you would confirm a credit card transaction via 3d secure.
From personal experience, it’s a very simple process that takes minutes to complete and the money arrives in moments. It’s branded “instant”, but in reality it seems to take a couple of minutes before the money shows up, but as there is no human intervention there is nothing to slow it down.
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Thank you Ben! It ended up arriving in the afternoon so no harm done. Will bare in mind your info about TrueLayer for next time.