Faster Payment delayed for new accounts?

#1

Is there a delay with Faster Payments on new business accounts?

My Revolut Business account was approved a couple of days ago, and so far I’ve sent three test bank transfers from my existing Barclays and HSBC business accounts, to get familiar with the service.

The first (Barclays) showed up the next morning; the second and third (Barclays and HSBC) were sent just now. Neither are showing up as yet.

I understand FP can technically mean 2-24 hours, but generally payments are sent instantly (especially with this being from two different banks) so I’m wondering if there’s some kind of delay imposed on new accounts?

Just for my own edification, more than anything - these were small payments just to test, so I’m just curious :slight_smile:

#2

Hi @itsmelee - thanks for your email and signing up. As you say, the Faster Payments into the account tend to not be instant and there will be a couple of hours delay. We are at the mercy of payment infrastructure and our partners, but are always looking at how we can do things more efficiently, so hope to be able to improve this in the future.

Thanks
James

#3

@JamesRevolut, I appreciate your response, but payments routinely seem to exceed the ‘couple of hours’ mentioned. I posted a £500 payment at 15:10 today; at 17:25, it still hasn’t landed.

I realise this may be a technical limitation of your upstream providers, so I’m not entirely sure what/if anything can be done in the meantime save making transfers sooner than they might be required.

Is topping up via debit cards (which seem to happen instantly in Revolut Personal) on the roadmap? Revolut is currently the slowest of any UK bank I’m currently using, and I’m finding myself opting for TransferWise Borderless instead, in those instances where I need to top-up solely to get a foreign payment en route.

#4

I’m trying to make a Top-Up payment into my wife’s account by a payment instruction from my Barclays bank account. At the end of the Barclays online inputs I receive a message indicating Faster Payments are not accepted by Revolut and I should use the Barclays Chaps service at a charge of £25. How can I overcome this problem?

#5

well that’s odd because the FasterPayments sort code checker does confirm that the Revolut GBP accounts are enabled:
http://www.fasterpayments.org.uk/consumers/sort-code-checker

We are at the mercy of payment infrastructure and our partners

Well, it’s not the payment infrastructure because FasterPayments are enabled on the GBP account sort codes and they’re instant to other enabled sort codes.

So what exactly is the issue here? Who is sitting on our funds while we wait for them to appear?

#6

my experience today:
07:45 Transfer from HSBC to Revolut GBP using Faster Payments
11:23 Notice that the Revolut GBP balance is updated
11:25 convert Revolut GBP balance to EUR and send to Deutsche Bank in Germany with SEPA transfer
15:38 Notice that Euro funds have appeared in Deutsche Bank