Do bank transfers go through on weekends and bank holidays?

What is a bank transfer?

Before we get started, let’s quickly begin with the basics. A bank transfer is the process of moving money from one account to another – allowing consumers and business owners to transfer funds at a time that’s convenient for them.

Since the introduction of online banking, this process has become even more simplified, and sending a bank transfer has never been easier. Rather than heading into your local branch, you can now complete a transfer online in a matter of clicks.  

Explained: Do bank transfers go through on weekends and bank holidays?

The answer to this question is still determined by who you bank with. The reason for this is that banks use different systems to transfer money, so it will largely depend on what system your bank of choice uses.

However, one service that has sped up bank transfers considerably, and is used by most major banks around the world in some form, is Faster Payments. Let’s take a look at Faster Payments, BACS and CHAPS to see how each service impacts bank transfers on weekends in the UK – and whether they are possible or not.

Faster Payments

So, do bank transfers go through on the weekends in the UK? When it comes to Faster Payments, the answer is yes.

The introduction of Faster Payments has meant that sending and receiving money is quicker than ever before – shortening the entire money transfer process to just a few minutes (although it can sometimes take up to two hours). This is one of the reasons why it has become so popular. In 2021 Faster Payments broke the record for the highest amount of payments processed in a single year, with over £2.6 trillion transferred.

Not only has it improved the speed of bank transfers, but it has also helped to improve the accuracy and convenience of sending money. Once the necessary security checks are complete and sufficient funds have been determined, the money will be sent to the receiver’s bank account – no matter what time of day during the week you send it – providing the receiving bank or building society uses Faster Payments as well.

Like with most bank transfers, a transaction limit is still enforced. In most cases, this is set at £250,000. Not only can these bank transfers be done online, but you can also use Faster Payments over the phone and in a branch – depending on who you bank with.

If you want to make bank transfers on weekends and bank holidays regularly, then using a bank that offers Faster Payments is an excellent option.

Which banks offer Faster Payments in the UK?

Just about every bank in the UK can receive Faster Payments. However, it’s worth bearing in mind that some banks aren’t direct participants of the service – which means the transaction will go through a third-party sponsor. So, if you want to use a bank that is a direct participant of the Faster Payments service, you can use the following:

• Barclays

• Citi

• Clydesdale Bank

• The Co-operative Bank

• HSBC

• Lloyds Bank

• Nationwide

• NatWest

• Santander

• Starling Bank

• Tesco Bank

Please note: This is not the full list. We have only listed some of the major banks that offer this service.

BACS

BACS, or Bankers’ Automated Clearing System, is an electronic system used to make payments directly from one bank account to another. In the main, they’re used for direct debits and direct credits from organisations, although some banks may still use them instead of Faster Payments.

The turnaround on BACS payments isn’t quite as quick as Faster Payments, as they usually take three working days to clear. Unfortunately, this means that if you send your money transfer on a Friday, then your recipient is unlikely to receive their money until the following Wednesday. As such, this particular bank transfer method won’t allow you to complete bank transfers on weekends or bank holidays.

CHAPS

CHAPS stands for Clearing House Automated Payment System and guarantees that money paid from and to a UK bank account is received on the same working day. To do this, you’ll need to set up the payment online, over the phone or at your local branch before the daily cut-off time. This cut-off time is usually before 3.30pm over the phone or at a branch and 5pm online (this can vary depending on the bank).

However, using this method means you won’t be able to transfer money on a bank holiday or at the weekend. If you do, then the payment will always be sent the next working day. The good news is, after Faster Payments, this is still the second fastest way to transfer money in the UK.

CHAPS is still the preferred system when it comes to transactions that are high-value, such as putting down a deposit on a property. It represents 0.5% of UK total payment volumes but 93% of total sterling payment values.

International bank transfers

When you move money internationally, you’ll need to consider even more factors. Very few countries in the world will have their banks open on weekends. But while that’s something which is easy to account for, things like time zones and what other countries consider to be their “weekend” in the first place might be harder to work out.

For example, countries like Egypt and the UAE consider Friday and Saturday to be their weekend – which means if you want to send money there late on a Thursday, it might not arrive until the following Monday, owing to their and then your bank being closed for weekend hours.

You’ll also have to think about bank holidays in the country where money is being sent. There’s a good chance these will differ from your own days off, so you’ll want to make sure you aren’t sending a last-minute payment at a time when it won’t arrive when you were expecting.

When you use an international money transfer service like WorldRemit, you’ll be told an accurate estimation of when the money you’re sending will land in the bank account of your recipient.

Why can’t banks process over the weekends and bank holidays?

Unfortunately, standing orders and direct debits still do not fall under the Faster Payments service. If you have a bill to pay that uses either standing orders or direct debits, then you’ll usually have to wait until the next working day for that money to be sent and/or received. Therefore, if you decide to make your payment on a Friday, you’ll have to wait until the following week for that transaction to go through successfully. The same rule applies when wanting to do a bank transfer on a bank holiday.

Another payment that won’t be processed over the weekend is your salary. However, in this instance, you’re likely to receive your money the last working day before the weekend – rather than it extending into the following week.

Summary: Bank transfers on weekends and bank holidays

Hopefully this guide has answered whether bank transfers go through on weekends in the UK. The short answer is yes, but, as we have explained, this depends on the bank transfer method you use. If you’d like to regularly make bank transfers on weekends and bank holidays, then the obvious choice would be to use a bank that offers Faster Payments.

If you’re still unsure if your current bank will facilitate weekend and bank holiday bank transfers, then it’s best you check with them what system they use. Preferably you’d like them to offer Faster Payments, but the next best option is CHAPS.

At WorldRemit, we create helpful guides like this to give our customers the tools to know everything they need about transferring money. We offer fast, flexible and secure international money transfers around the world – meaning you can save time and money when you send money with us.

Bank transfers on weekends and bank holidays FAQs

How long does it take to transfer money between banks in the UK at the weekend?

This all depends on the bank transfer method you use. If you and your receiver’s bank use Faster Payments, then the money will reach the recipient's account within two hours – even on the weekends. However, this won’t be possible with BACS and CHAPS, which will go through on the next working day.

Is Saturday a business day for bank transfers?

No, Saturday is not classed as a business day by banks. Weekends are non-business days for banks, so unless you’re using the Faster Payments service, your money transfer won’t go through until Monday.

What happens if money is transferred but not received?

If the transfer has been initiated by your bank but the receiver hasn’t got their money in the timeframe given, then make sure you contact your bank immediately. You can usually do so online, over the phone or in-branch.

Do bank holidays delay bank transfers?

Yes, unless your bank uses Faster Payments. Public, or bank holidays are classed as non-business days for banks – which means they will be closed. It’s always worth remembering this around Easter and Christmas when more bank holidays occur. In 2023 the UK will have eight bank holidays in total.

Useful resources

• UK bank holidays – a list of UK bank holidays to be aware of.

• Faster Payments – more information about faster payments.

• CHAPS - information from the Bank of England about CHAPS.

• BACS - find out more information about BACS.

This communication is intended for marketing purposes only and does not constitute or provide legal, tax, investment or financial planning related advice.