When payment appears in my account, is it cleared?

I’m selling a car, so will be expecting a large payment into my Monzo. When the money lands in my account (which is usually a few seconds going on previous, albeit smaller, payments), is that it cleared? Or is there a period of time that the payment could be reversed?

If so, how will I know it’s cleared and I can release my car worry-free?

When the money arrives in your app, it’s yours.

However, a large payment might not appear as instantly as usual if either Monzo or the sending bank want to do some fraud checks.

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Oh, ok. That’s good to know. Everything I read online is that BACS takes up to three days to clear, but I’ve never known that. You hear stories of people seeing the money in their bank and then it disappears because it was reversed.

Oh, yeah - BACS is different and does take a couple of working days to shuffle its way to you

But, again, as soon as it’s in your app the money is yours

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This is confusing!

When my partner (who is with Barclays) pings me some money using my account no. and sort code, within seconds the money appears in my bank. I always assumed that was BACS… but I’m guessing it’s not?

Ah, no - very quick and rough explainer: there’s two methods of sending money in general day-to-day banking, BACS and Faster Payments

Whenever you send some money to someone, personal account to personal account, it will very very likely be a Faster Payments transfer - these take up to a couple of hours but are mostly instant

BACS is a slower method and is what is usually used for salary payments


Brilliant explanation - thanks for that.

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