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?
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.
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