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Cleared funds

Money that's arrived in the recipient's bank account is considered 'cleared'. You may need to ask your bank how long any money you are transferring - or are due to receive - will take to clear.

When money is transferred electronically a CHAPs transfer can usually be cleared on the same day. Your bank will make a small charge (typically £15-30). Banks will not charge for a BACS transfer but this typically takes 3 business days to become cleared funds in the recipients account. There is generally no charge for cheques but they can take 5 days or longer to clear. See also Bank Draft

Note that In-Deed will need to transfer money between lawyers as part of the sale or purchase of your home. In-Deed charges £35 per Telegraphic Transfer which includes both bank charges and our administration cost.