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Introducing Faster Payments: One Hour GBP Transfers

July 11, 2017

Transfer GBP In Less Than One Hour

We are delighted to introduce Faster Payments on all GBP transfers.

CurrencyFair users who deposit GBP will already be familiar with our lightning fast transfer times. When depositing GBP, the funds generally reach your CurrencyFair account within one hour.

With the introduction of Faster Payments for outgoing transfers, you can now expect funds to reach their destination just as quickly.

What does this mean for me?

It means your money moves faster. When transferring UK Sterling, your funds will move to and from your CurrencyFair account within one hour.

Is there a fee for Faster Payments?

No. There is no additional cost for this service. The standard CurrencyFair transfer fee will still apply (£2.50). For anyone familiar with the excessive fees banks charge for same-day transfers, this may come as a welcome surprise.

Are there any exceptions?

The vast majority of GBP transfers will qualify for Faster Payments. The only exceptions are:

  • Transfers to/from certain banks – to qualify for the one-hour transfer, the bank account in question must be participants in the Faster Payments Service. You can find more details about participating banks here.
  • Transfers in excess of £250,000: payments greater than this limit cannot be processed via the Faster Payments Service. This is a limit imposed by all banks participating in the initiative.
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