Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to nimnarb,Clitheroekid,AndyPandy,DrFfybes,smokey01, for Donating to support the site

Nationwide transfer limits

Discussing offers, rates and deals on suppliers
Oswulf
Posts: 31
Joined: April 25th, 2023, 9:41 am
Has thanked: 7 times
Been thanked: 2 times

Nationwide transfer limits

#673552

Postby Oswulf » July 9th, 2024, 8:54 am

More of a disgruntled rant than anything, but I want to transfer GBP 300,000 to my stockbroker. The normal limit on single online transfers is GBP 100,000, but for some reason Nationwide has decided to limit me to GBP 25,000 per day, despite my having made four large transfers to my broker in the last year. They claim the limit is "for my protection".

Their (rather misnamed) Helpdesk said they could do nothing, other than suggest that I pay them to make the payment by CHAPS.

So, I'm going to have to spend 14 days making individual transfers, and be out of the market for far longer than I would like.

Really more than a little peeved - particularly since I've previously made similar transfers of GBP 90,000 without problem.

Oh, and they wouldn't tell me the exact criteria they use to decide when to reduce the transfer limit.

I thought Building Societies were supposed to be run for the benefit of their members, not their hindrance.

y0rkiebar
2 Lemon pips
Posts: 177
Joined: July 29th, 2022, 5:06 pm
Has thanked: 28 times
Been thanked: 49 times

Re: Nationwide transfer limits

#673565

Postby y0rkiebar » July 9th, 2024, 10:21 am

All down to the "protections" to try and limit how much scammers can take from their victims. Very difficult now to get large amounts of cash transferred from some banks. We spent about 45 mins on the phone to Santander earlier in the year going through the nth degree when trying to transfer £££ to buy a motorhome.

88V8
Lemon Half
Posts: 6100
Joined: November 4th, 2016, 11:22 am
Has thanked: 4472 times
Been thanked: 2762 times

Re: Nationwide transfer limits

#673566

Postby 88V8 » July 9th, 2024, 10:25 am

Oswulf wrote:More of a disgruntled rant than anything, but I want to transfer GBP 300,000 to my stockbroker. The normal limit on single online transfers is GBP 100,000, but for some reason Nationwide has decided to limit me to GBP 25,000 per day.....
Their (rather misnamed) Helpdesk said they could do nothing, other than suggest that I pay them to make the payment by CHAPS.

£25k is more than our daily limit via Natwest, despite having been a customer for 50+ years. Perhaps they anticipate senility.
As to CHAPS, that has to be done in-branch, and guess what... they've closed all our local branches.

V8

scrumpyjack
Lemon Half
Posts: 5019
Joined: November 4th, 2016, 10:15 am
Has thanked: 661 times
Been thanked: 2827 times

Re: Nationwide transfer limits

#673570

Postby scrumpyjack » July 9th, 2024, 10:52 am

88V8 wrote:
Oswulf wrote:More of a disgruntled rant than anything, but I want to transfer GBP 300,000 to my stockbroker. The normal limit on single online transfers is GBP 100,000, but for some reason Nationwide has decided to limit me to GBP 25,000 per day.....
Their (rather misnamed) Helpdesk said they could do nothing, other than suggest that I pay them to make the payment by CHAPS.

£25k is more than our daily limit via Natwest, despite having been a customer for 50+ years. Perhaps they anticipate senility.
As to CHAPS, that has to be done in-branch, and guess what... they've closed all our local branches.

V8


If you go for NatWest's Premier Banking (doesn't cost anything, but subject to meeting their criteria) the daily limit is £50,000. You also get much better telephone support if you have any problems, which was very useful when a cheque for £9k went missing in the post.

SebsCat
2 Lemon pips
Posts: 249
Joined: July 22nd, 2022, 12:09 pm
Has thanked: 125 times
Been thanked: 139 times

Re: Nationwide transfer limits

#673573

Postby SebsCat » July 9th, 2024, 11:10 am

Oswulf wrote:Their (rather misnamed) Helpdesk said they could do nothing, other than suggest that I pay them to make the payment by CHAPS.

So, I'm going to have to spend 14 days making individual transfers, and be out of the market for far longer than I would like.

CHAPS costs £20 (at least it did at our bank when we made a payment using it in May, albeit for a much smaller amount). If you're worried about being out the market then it is a trivial cost for the amount you are moving.

JohnB
Lemon Quarter
Posts: 2585
Joined: January 15th, 2017, 9:20 am
Has thanked: 749 times
Been thanked: 1030 times

Re: Nationwide transfer limits

#673584

Postby JohnB » July 9th, 2024, 1:14 pm

https://www.nationwide.co.uk/help/payme ... imescales/ confirms £25k/day online, £100k/day in branch with id

Oswulf
Posts: 31
Joined: April 25th, 2023, 9:41 am
Has thanked: 7 times
Been thanked: 2 times

Re: Nationwide transfer limits

#673591

Postby Oswulf » July 9th, 2024, 1:47 pm

JohnB wrote:https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/ confirms £25k/day online, £100k/day in branch with id


No it doesn't. It states

"If you set up a payment online through our Internet Bank or Banking app (including with Open Banking), you can generally make payments of up to £100,000 per transaction"

"However, there are times when we limit online payments to £25,000 per day."

And I've been caught up in their seemingly arbitrary decision to limit online payments without explanation or justification.

JohnB
Lemon Quarter
Posts: 2585
Joined: January 15th, 2017, 9:20 am
Has thanked: 749 times
Been thanked: 1030 times

Re: Nationwide transfer limits

#673596

Postby JohnB » July 9th, 2024, 2:19 pm

It goes on to define the conditions for the £25k limitation. They are only a little bit arbitary

bluedonkey
Lemon Quarter
Posts: 1844
Joined: November 13th, 2016, 3:41 pm
Has thanked: 1478 times
Been thanked: 664 times

Re: Nationwide transfer limits

#673611

Postby bluedonkey » July 9th, 2024, 3:32 pm

I recently transferred online £100,000 per day to my solicitor from our Nationwide account.

gryffron
Lemon Quarter
Posts: 3793
Joined: November 4th, 2016, 10:00 am
Has thanked: 602 times
Been thanked: 1730 times

Re: Nationwide transfer limits

#673648

Postby gryffron » July 9th, 2024, 5:35 pm

To be fair many of the banks have a £25k limit on Fastpay, and some are £10k. Although Fastpay itself permits transactions up to £1M.

Gryff

mutantpoodle
Lemon Quarter
Posts: 1036
Joined: November 7th, 2016, 4:21 pm
Has thanked: 520 times
Been thanked: 126 times

Re: Nationwide transfer limits

#673920

Postby mutantpoodle » July 11th, 2024, 8:48 am

qq
were supposed to be run for the benefit of their members
uq

you mean like local councils operate for local community?
and politicians work for the voters??


Return to “Bank Accounts Savings & ISAs”

Who is online

Users browsing this forum: No registered users and 5 guests