Petem95

Anyone used this?

It generally involves a fee of 20quid, but does it transfer funds between different bank accounts (held with different banks) instantly or same day or what?

Basically I might be buying a car, and if I do I will transfer the funds from my savings account with Bradford & Bingley to my HSBC current account via the phone using CHAPS, and withdraw the cash.

Anyone have experience of doing this?

lpski1

Used it with RBOS some years back, all went ok

CHAPS is an electronic bank-to-bank same-day value payment made within the UK in either sterling or euro.

The main benefit of CHAPS is that it is fast, secure and efficient and the money is transferred the same day. Unlike other forms of payment such as cheques, CHAPS payments are irrevocable.

CHAPS is one of the largest real-time gross settlement (RTGS) systems in the world. Banks themselves use CHAPS to move money around the financial system, but it is also used regularly:

for business-to-business payments;
by solicitors/licensed conveyancers to transfer the purchase price of a house between the bank accounts of those involved;
by individuals buying or selling a high-value item, such as a car, who need a secure, urgent, same-day guaranteed payment.