How soon do you receive a chaps transfer in your bank account?

I’m due to receive a chaps transfer from a solicitors to my bank (abbey). They said they will put this in tomorrow and should receive it tomorrow. However, they said this will cost me £35 so do I need £35 in my account for this to be processed??? Is the Chaps transfer reliable and what time would it usually arrive in my account? All answers appreciated!

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6 Responses to “How soon do you receive a chaps transfer in your bank account?”

  1. Denis R said:

    same day transfer and there is no fee to recieve the fee charged is the solicitors fee which they pay, providing the CHAPS was done on a working day the money will enter the account the same day before close of business, in most cases the money will transfer between 1pm and 2.30pm but banks are advised to tell you that this can take up to 4:30 to hit your account and the funds are available immediately.
    Abbey Employee

  2. paintedtearz said:

    You could ask the solicitor to take the £35 off the amount being transferred to your account.If the solicitor is transferring the amount to your account to morrow,then it will be there to morrow.
    A transfer is reliable but only you will know if the chap himself is reliable.

  3. Matt B said:

    CHAPS transfers are same day transfers and providing the sender advises the bank before 2pm (depends on which bank but this is the approx cut off time) then it will hit your account by close of business the same working day.

    £35 is pretty much the standard charge for this type of transaction. It is paid by the sender i.e. in this case the solicitor. However solicitors never do anything for free so basically they are passing the cost on to you which they will probably bill you for.

    Hope this helps.

  4. Shagger said:

    CHAPS payments are Real Time Gross Settlements between banks. They are also known as Same Day Value Payments, as they are just that- settlements on the same day.

    This means that once the money had debited one bank, it should be in the beneficiary bank within minutes, provided all payment details were correctly input by the senders bank.

    Generally, there is only a charge by the bank for sending the payment. It is unusual to be charged for receiving a CHAPS payment. I can only assume that this £35 is the solicitors charge.

    If you bank with the same bank as your solicitor, the payment will appear in your account anytime from 6 am till 6 pm.

    If you bank with a different bank from your solicitor it will arrive anytime between 6am and 4pm.

    Sometimes, your bank will give a call to let you know that the CHAPS payment has arrived in your account, depending on what the sender asked for.

    Please note, I just read the answer below mine, this is bullsh*t. CHAPS Payments are irrevocable, this is why solicitors use them for house payments. They cannot be recalled or reversed. Sasha D you clearly didn’t work in the OPC!!

  5. SASHA D said:

    They will bill you the £35, your bank does not charge you for receiving a payment into your account. CHAPS are same day transfers (Clearing House Automated Payment System) however your bank will not let you draw on it until after 12:00pm the following day as they can be reversed.

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