The Lemon Fool

Do any banks provide a good experience when transferring large amounts of money?

With Santander if I make a transaction over 20k it gets rejected, so I have to break it up into multiple transactions over 20k, probably over several days, with several transactions being rejected probably. I could maybe ring them up to do a transfer, but I know this will take ages.

I have the Santander Mobile app, and they use this, or sometimes SMS to confirm transactions, but I still find transactions get rejected.

So what I'd like is either being able to do large transfers with two factor confirmation via an app, or failing that a quick telephone banking service for the transfer.

I transferred £32K without any problems with my First Direct phone app last year. This was to a motor dealer I hadn't transferred to before.

Scott.

Possibly, but not mine, I'm with Santander too.

However I suspect the bank that Mr Max uses would.

https://www.ft.com/content/0cacf658-ee4 ... 6339d835c0

Apparently it's C Hoare & Co and he feels that an account there is money well spent.

I have had no problems with HSBC although for amounts over about £20,000 they may phone and ask for a bit more info to conform with Money Laundering they say. Once they are happy with that the transaction went through with no problem.

Dod

With NatWest there is a daily online transaction limit of £20,000 or £50,000 for Premier Clients.

For very large amounts they may push you to use Chaps and incur the £25 fee.
There is no limit for cheques, I think.

I am quite happy to have to go to a bank to pay more than 50K (which is the faster payments limit). I had to pay a hefty corporation tax bill yesterday and went to a bank to submit the CHAPS instruction. I am quite happy that this is not easier.

scrumpyjack wrote:With NatWest there is a daily online transaction limit of £20,000 or £50,000 for Premier Clients.

For very large amounts they may push you to use Chaps and incur the £25 fee. There is no limit for cheques, I think.

Yes, that is exactly what happened to me last year with NatWest. I wanted to move 30K to another bank but did not have my chequebook with me (I write, maybe, 2 cheques a year). They told me I had to split it into two amounts because of the £20,000 limit. And moreover it had to be on two different days.

Funnily enough they would have given me £30,000 in cash. But I didn't fancy walking the half mile with that amount of cash on me.

johnhemming wrote:I had to pay a hefty corporation tax bill yesterday and went to a bank to submit the CHAPS instruction.

I think the OP is talking as an individual (unless you pay your CT on behalf of the company).

Well personally, I found Santander to be the worst bank I have ever dealt with. But...

In theory Fastpay has a £250k per day limit. But Afaics no bank actually allows this. Typically banks only allow £20k or £25k per day using online or telephone banking. Nationwide (which is usually one of the better banks by reputation) only allows £10k. Go into a branch to authorise the transaction and many banks allow much more. Indeed, according to Fastpay, Santander have one of the largest limits, £100k by telephone or in-branch.

CHAPS payment have no upper limit, but you often have to do them in person to satisfy ID requirements. And they always cost money (£25?). They are available for individual accounts as well as business ones. I used one when I bought my house.

I have never had any problems transferring large amounts with HSBC. They tell me what I need to do. It works.

Gryff

gryffron wrote:Go into a branch to authorise the transaction and many banks allow much more. Indeed, according to Fastpay, Santander have one of the largest limits, £100k by telephone or in-branch.

You should be able to walk into any bank and close the account. In which case they should release all funds immediately. Unless it is an account with a notice period.

Lootman wrote:You should be able to walk into any bank and close the account. In which case they should release all funds immediately. Unless it is an account with a notice period.

Yes. But that won't breach Fastpay or cash limits. So it doesn't help the OP. If you Exceed the limits, I suspect they'd demand you take cheque/bankers draft or pay for CHAPS. "Release funds" does not equate to "make payment by your chosen method".

Gryff

I have a regular Barclays current account (not Barclays wealth) and transfer at least £20k per quarter, sometimes as high as £50k. Funds are wired from US broker in USD to dollar account held with Barclays, then wired to a forex shop for conversion to GBP and then onto my current account. I then transfer from current account back out to my UK broker.

Never had any issues or delays in 5 years. I find it to be a very prompt and efficient service and one I would have thought would be subject to the odd hiccup. Would recommend them.

Cheers,

Juan.

gryffron wrote:Well personally, I found Santander to be the worst bank I have ever dealt with. But...

In theory Fastpay has a £250k per day limit. But Afaics no bank actually allows this. Typically banks only allow £20k or £25k per day using online or telephone banking. Nationwide (which is usually one of the better banks by reputation) only allows £10k. Go into a branch to authorise the transaction and many banks allow much more. Indeed, according to Fastpay, Santander have one of the largest limits, £100k by telephone or in-branch.

CHAPS payment have no upper limit, but you often have to do them in person to satisfy ID requirements. And they always cost money (£25?). They are available for individual accounts as well as business ones. I used one when I bought my house.

I have never had any problems transferring large amounts with HSBC. They tell me what I need to do. It works.

Gryff

I bank at Intelligent Finance.

On occasions I have attempted to transfer funds that exceed the daily house limit, which prompts a "contact the call centre" type message. This is to go through security, check its me etc. On explaining I have set up a payment instruction and chose to send by "fastpay"(?) rather than CHAPs, and hit the internal limit, on more than one occasion I have been offered a free CHAPs payment to ensure it is processed, which actually gets there quicker. If not offered they authorise the payment and it goes in the usual way it would have done if it was below the limit.

As I say its not every time but don't have any complaint about the customer service. Unfortunately I don't think they are accepting new accounts as the bank is effectively in rundown as part of the agreement for Lloyds government support by the EU.

To answer my own post, I've now moved to Starling and they seem much better.

I've made a couple of large transfers to savings account. A £75k transfer to a savings account went through with no problems. An £80k transfer was delayed for checks, I called them, there was virtually no waiting time and the transfer went through within an hour. So far it has been a much better experience than Santander.

The limit on the Starling debit card is £10k per day though which seems a little bit low as it is the only way I can see to transfer funds into Lloyds sharedealing.

syrio wrote:To answer my own post, I've now moved to Starling and they seem much better.

I've made a couple of large transfers to savings account. A £75k transfer to a savings account went through with no problems. An £80k transfer was delayed for checks, I called them, there was virtually no waiting time and the transfer went through within an hour. So far it has been a much better experience than Santander.

Things have changed generally since the OP and some of the replies above.