Incoming FPS GBP payments.

Taymouch

Hi! To anyone that has tried, how long do GBP faster payments take to appear on my Bunq local currency account?
I was sent an amount around an hour ago, but nothing appeared yet.

Do these payments work on weekends? Or only weekdays
Thank you!

thijsoost

@Taymouch#253001 This depends on how the payment was sent. Did the sending bank send the transfer as an Instant Payment, and does it support the same Instant Payment network as bunq? Than it's on your account in a few seconds.

Did the sending bank not send the transfer as an Instant Payment? Then it'll be on your account in 1-2 business days.

Taymouch

@thijsoost#253012 Thanks Thijs. Nothing came yet. I'm sure it's FPS but nothing arrived yet. I'll wait.

thijsoost

@Taymouch#253013 It can also be the case that Instant Payments isn't activated on GPB accounts, not sure. But the money will probably arrive today or tomorrow!

Taymouch

@thijsoost#253014 Yep I think that's the case too. Payments are weird with Currency Cloud, sometimes they arrive instantly sometimes you have to wait 15-30 min. But I think the blockage happened because of the weekend, and i'm sure it will arrive successfully today! 😁 Thanks again Thijs for explaining to me)

Andrew-Blue-Badger

As one of the guys who helped to implement Faster Payments in the UK. I do find the Currency Cloud solution a little hit & miss. So, first up there is only one mass instant payment scheme in the UK and that is "Faster Payments", the maximum amounts you can send is limited to £1m but banks can set their own lower limits. Usually, the limit is lower for personal customers and higher for business customers. For amounts over this a separate system called "CHAPS" is used "Clearing House Automated Payments System" According to Currency cloud website, Faster Payments for inbound receipts is live and is the primary method for crediting GBP wallets. Given these are neo banks as opposed to what we call in the UK 'Clearing Banks' there are likely a number of hops involved. There is also a question about whether Bunq make a hold and fund wallets in a delayed manner to manage margin settlement. That is the balance between what is sent / received each day. Though, again according to Currency Cloud margin for gbp can be sent via "Faster Payments" too. I would be interested to hear more about peoples experience......