My monzo transfers to my Barclays account show as bank giro credits , I had a quick search and I think a Halifax transfer also was a BGC, out of interest why is it not a faster payment? Is it to avoid the faster payment fees?
It’s also possible Barclays is showing it incorrectly .
it’s still faster payment, however the banks might show something different when they received the money, in my nationwide ACC it show bank credit with the person’s name next to it, faster payment is a free service between banks
This has nothing to do with Monzo and Monzo send via Faster Payments.
It is just how Barclays/Halifax has legacy labelled an incoming Faster Payment from Monzo as a Bank Giro Credit is an old way to deposit cash. Monzo does not have access or make any decisions how Barclays/Halifax present information on their internal databases. Everyone has differerent, and in Barclays and Halifax’s case - very old, back-end database/systems.
It is also clearly not a Bank Giro Credit when you read what they are.
https://www.chequeandcredit.co.uk/information-hub/faqs/credit-clearing-and-bank-giro-credits
There is a tiny fee for each faster payments which adds up when you have millions of customers so was just wondering.
Fees
(seems to be very expensive !)
Was trying to work out how they were pulling off an instant payment as a BGC. As you say must be legacy tech.
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