Trivial things you don't understand/mildly annoy you

[The Artist Formerly Known as Audrey]

I transfer money from Nationwide to Wise within an hour. Wise to my Greek account gets there same day - which is fine. I have a savings account with RCI and when I transfer from that to Nationwide it takes 4 days. It’s not acceptable.

[Batch]

I transfer money from Nationwide to Wise within an hour. Wise to my Greek account gets there same day - which is fine. I have a savings account with RCI and when I transfer from that to Nationwide it takes 4 days. It’s not acceptable.

Change savings account!

It says in their docs it happens next business day, which if you did it on a Friday would be Monday - so if that's the case I don't think its a technical issue

https://www.rcibank.co.uk/sites/default/files/98647.016%20RCI%20Bank%20Managing%20Your%20Account%20r1_6.pdf

[The Artist Formerly Known as Audrey]

But who is to blame. The money leaves my RCI account as soon as I confirm the transfer. Where does it go between then and hitting my Nationwide account?

[BambooToTheFuture]

But who is to blame. The money leaves my RCI account as soon as I confirm the transfer. Where does it go between then and hitting my Nationwide account?

No one is really to "blame" just how some banking works. Some is a smidge antiquated and intentionally "slow" as they have more time using your (and others) funds. Not all banks are invested in moving money as quickly as email, due to actual investment reasons and then other things like insecurity regarding fraud but mostly due to their own investment strategies.

RCI though? If they are independant and not linked directly to other banks then this might be why you face delays with them when it comes to transfers.

Wise tends to work quite quickly because it doesn't predominantly rely on SWIFT messaging (at least at its end) and uses its own network. Wise is/was Transferwise correct no?

Nationwide to Wise will likely use FPI for the payment part and Wise's own network to settle it (Wise will have its own accounts located in various countries), so when you send £500 from Nationwide to Wise, it'll go to a Wise GBP account. When you then send from Wise to your Greek account, Wise will use their own network to pay the €560 (or £500 equiv) but it will leave a Wise EUR account and your Greek bank will mostly use SEPA for settlement. This is why it's cheaper and quicker than a traditional transfer as no actual funds ever cross borders in this instance. As there are no real intermediaries Wise just has its own network of banks.

With RCI, I think this is why you get the longer delay. If they have no real links and are mostly independent. Of course, I'm sure if you really needed to the RCI probably can do it slightly quicker (using SEPA one day) but they probably will charge you a premium for it.

If you need those funds quicker then it might be worth looking at switching from RCI to a more transfer friendly and efficient (and cheaper or free) service. If you can put up with the slower pace of transfers and/or them likely investing funds (since they are a savings and investments bank and probably making some decent dollar on it) then stick with them. Ultimately even if your money is "hanging" in the ether somewhere, it'll be being used as a combined collateral and traded with all the other pending transfers

[Batch]

But who is to blame. The money leaves my RCI account as soon as I confirm the transfer. Where does it go between then and hitting my Nationwide account?

you, for not reading their t&cs!

You must remember cheques 'clearing' scam.

[The Artist Formerly Known as Audrey]

Also, when I pay off my Nationwide credit card from my Nationwidecurrent account, that takes days as well.

[Bogus Dave]

The 2023 run of luck continues - Mrs Bogus was today informed the company she works for is being liquidated. Employment terminated immediately, unlikely to receive February pay. I know there are routes to get what she’ll be owed from the government, but that’s going to take months.

What a time

[Berniman]

But who is to blame. The money leaves my RCI account as soon as I confirm the transfer. Where does it go between then and hitting my Nationwide account?

Into a holding account that they earn interest off - old school banking

[tans]

The 2023 run of luck continues - Mrs Bogus was today informed the company she works for is being liquidated. Employment terminated immediately, unlikely to receive February pay. I know there are routes to get what she’ll be owed from the government, but that’s going to take months.

What a time

Fucking hell what an absolute nightmare

[Batch]

The 2023 run of luck continues - Mrs Bogus was today informed the company she works for is being liquidated. Employment terminated immediately, unlikely to receive February pay. I know there are routes to get what she’ll be owed from the government, but that’s going to take months.

What a time

Fucking hell mate. Difficult, but try to keep you heads up.

[donkey]

The 2023 run of luck continues - Mrs Bogus was today informed the company she works for is being liquidated. Employment terminated immediately, unlikely to receive February pay. I know there are routes to get what she’ll be owed from the government, but that’s going to take months.

What a time

Jeez man, that's awful. I hope you get a change of luck soon.

[Wobbly Bob]

The 2023 run of luck continues - Mrs Bogus was today informed the company she works for is being liquidated. Employment terminated immediately, unlikely to receive February pay. I know there are routes to get what she’ll be owed from the government, but that’s going to take months.

What a time

Never a nice experience. Been through it a couple of times.
Last time I got liquidated was in 2014.
Took about 6-8 weeks for the monies due to be paid.
Less than 10 employees though & also depends on how efficient the liquidators are.
Also depends if the failed company has assets including former employees that could be hoovered up by another outfit.

Hope it all works out for the best.

[horlock07]

The 2023 run of luck continues - Mrs Bogus was today informed the company she works for is being liquidated. Employment terminated immediately, unlikely to receive February pay. I know there are routes to get what she’ll be owed from the government, but that’s going to take months.

What a time

Fuck sake, hope it all sorts itself, can only say the time it happened to me (and my other half on the same day) it actually turned out to be a godsend in the long run.

[Bogus Dave]

Thanks all. Job market seems weirdly buoyant in certain aspects at the moment, so fingers crossed she can find something

Ironically the company she worked for provided back to work training for the unemployed

[jayohaitchenn]

What does Mrs Bogus do mate?