Bank Transfer limits
Discussion
robscot said:
Some have low limits for new accounts and destinations, mobile apps and web apps can also be different.
Patterns of use can also change per user policies to lower automatic limits.
This.Patterns of use can also change per user policies to lower automatic limits.
Sounds like they may not make these types of payments on a regular basis and their limit is set accordingly. They can often just be increased to something higher by the customer when required.
When I bought my car I came across this problem. I preempted with a trip to the branch.
I'm buying a car, is it easier to do the transfer in branch?
What the value?
50.
Fifty? Thousand?
Yes.
Errr.
Don't they take a card payment?
Err no, it's private
Oh. But you have seen this vehicle right?
Er no.
You have met the seller, in person?
Er no, it's been Covid but we've spoken on the phone
Convinced her eventually I knew what I was doing. Long and short of it was a transfer in branch had to go through the counter assistant, then be signed of by the branch manager before going to head office to be finally authorised. 50 could be done that day but an indeterminate amount of time.
She suggested FP was the quickest way and I could do multiples of that. Seller was okay with it once I'd explained and ended up doing slightly differing amounts so we could track each transaction end to end. x 1x 10000, 1 x 9900, 1 x 9800 etc.
I'm buying a car, is it easier to do the transfer in branch?
What the value?
50.
Fifty? Thousand?
Yes.
Errr.
Don't they take a card payment?
Err no, it's private
Oh. But you have seen this vehicle right?
Er no.
You have met the seller, in person?
Er no, it's been Covid but we've spoken on the phone
Convinced her eventually I knew what I was doing. Long and short of it was a transfer in branch had to go through the counter assistant, then be signed of by the branch manager before going to head office to be finally authorised. 50 could be done that day but an indeterminate amount of time.
She suggested FP was the quickest way and I could do multiples of that. Seller was okay with it once I'd explained and ended up doing slightly differing amounts so we could track each transaction end to end. x 1x 10000, 1 x 9900, 1 x 9800 etc.
I had to send the money to our solicitor to complete on our house by multiple online payments when I was told that the only way to do a CHAPS was to physically visit a branch.
The payment limit was £100k per day and maximum single transaction of £50k, so two payments per day.
Despite agreeing this with the bank each payment got held up with the fraud team and I had to speak to them each and every time which was a real pain in the neck as there was no shortcut to get through to them, only ringing the number of waiting on hold until the answered.
But all done for my own protection, or so they kept telling me……
The payment limit was £100k per day and maximum single transaction of £50k, so two payments per day.
Despite agreeing this with the bank each payment got held up with the fraud team and I had to speak to them each and every time which was a real pain in the neck as there was no shortcut to get through to them, only ringing the number of waiting on hold until the answered.
But all done for my own protection, or so they kept telling me……
grumbledoak said:
What bank is that?The UK Faster Payments system has a limit of £1M per transaction.
skeeterm5 said:
The payment limit was £100k per day and maximum single transaction of £50k, so two payments per day.
Same as mine.I spoke to the bank enquiring about the difference between CHAPS and Faster Payment since CHAPS would involve visiting a branch. They responded that there's no difference between them - CHAPS is apparently just a bigger version of a Faster Payment. So I moved the money by a few Faster Payments and avoided a trip to a branch.
I assume these internet-only banks are much more lenient with these limits, what with having no branches etc?
Santander are really starting to grate with me. Their app and online services are 3 years behind, and branches are closing left right and centre. Really need to pull my finger out and move away to an online only bank I think.
I do have a Chase current account which sits empty, so might have a dabble with that.
Santander are really starting to grate with me. Their app and online services are 3 years behind, and branches are closing left right and centre. Really need to pull my finger out and move away to an online only bank I think.
I do have a Chase current account which sits empty, so might have a dabble with that.
davek_964 said:
Natwest has a limit you can change in the app. I think it defaults to £5k but can be increased to £20k and immediately changes the limit.
Yep - their max is £20K.Supposedly if you pay with a debit card it's limited only by your account balance, but even transferring to NS&I to store some money for a while it rejected anything over £25K.
I've had a massive argument with NatWest about limits
I wanted to pay my Barclaycard (£5k)
Logged onto Barclaycard, entered NatWest debit card details, payment refused.
According to NatWest "there is a maximum we will allow you to pay to another financial institution per day" I said what's the limit and they refused to tell me. Just try different amounts until it works...…
I asked exactly who's money is it in my account? no answer. Just a simple we decide how much you can transfer and that's that.
Logged back into Barclays to make a few more payments the next day, error message saying "you've reached the maximum number of payments this billing period" Great, more interest to pay. It seems we are not in control of our own money.
I wanted to pay my Barclaycard (£5k)
Logged onto Barclaycard, entered NatWest debit card details, payment refused.
According to NatWest "there is a maximum we will allow you to pay to another financial institution per day" I said what's the limit and they refused to tell me. Just try different amounts until it works...…
I asked exactly who's money is it in my account? no answer. Just a simple we decide how much you can transfer and that's that.
Logged back into Barclays to make a few more payments the next day, error message saying "you've reached the maximum number of payments this billing period" Great, more interest to pay. It seems we are not in control of our own money.
Fonzey said:
I assume these internet-only banks are much more lenient with these limits, what with having no branches etc?
Santander are really starting to grate with me. Their app and online services are 3 years behind, and branches are closing left right and centre. Really need to pull my finger out and move away to an online only bank I think.
I do have a Chase current account which sits empty, so might have a dabble with that.
Been with Santander for ages, can't fault them at all really.Santander are really starting to grate with me. Their app and online services are 3 years behind, and branches are closing left right and centre. Really need to pull my finger out and move away to an online only bank I think.
I do have a Chase current account which sits empty, so might have a dabble with that.
One of the reasons being their 100k daily limit which has come in very handy for car purchases etc. whereas most other high street banks only have a 25k limit.
996owner said:
I've had a massive argument with NatWest about limits
He went through this facial recognition thing then it restricted him to £5k. Might suggest he can change it in the app as suggested above - he did say he doesn't use the system very often.Asked in TSB today - she thought £25K and as far as I know HSBC are £10k unless they've changed.
ChrisNic said:
robscot said:
Some have low limits for new accounts and destinations, mobile apps and web apps can also be different.
Patterns of use can also change per user policies to lower automatic limits.
This.Patterns of use can also change per user policies to lower automatic limits.
Sounds like they may not make these types of payments on a regular basis and their limit is set accordingly. They can often just be increased to something higher by the customer when required.
996owner said:
I've had a massive argument with NatWest about limits
I wanted to pay my Barclaycard (£5k)
Logged onto Barclaycard, entered NatWest debit card details, payment refused.
According to NatWest "there is a maximum we will allow you to pay to another financial institution per day" I said what's the limit and they refused to tell me. Just try different amounts until it works...…
I asked exactly who's money is it in my account? no answer. Just a simple we decide how much you can transfer and that's that.
Logged back into Barclays to make a few more payments the next day, error message saying "you've reached the maximum number of payments this billing period" Great, more interest to pay. It seems we are not in control of our own money.
I had similar and have now moved away. I’m with HSBC and a simple phone call means all limits can be bypassed. I wanted to pay my Barclaycard (£5k)
Logged onto Barclaycard, entered NatWest debit card details, payment refused.
According to NatWest "there is a maximum we will allow you to pay to another financial institution per day" I said what's the limit and they refused to tell me. Just try different amounts until it works...…
I asked exactly who's money is it in my account? no answer. Just a simple we decide how much you can transfer and that's that.
Logged back into Barclays to make a few more payments the next day, error message saying "you've reached the maximum number of payments this billing period" Great, more interest to pay. It seems we are not in control of our own money.
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