Online banking maximum daily payment limit

I have a Nat West current account and wanted to transfer a large sum to my KE savings account.
Only I couldn't!

Nat West online banking wouldn't let me as they have a £10,000 per day payment limit.
They allow you to pay any sum into the account but it will now take me several days to complete the transfer.

This came as a surprise as they do not advertise this in their T&Cs.

The only way around this is a visit to a branch to make a CHAPS payment costing £23.

Do any other banks have no limit or a much higher daily payment limit?
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Comments

  • skyrider007
    skyrider007 Posts: 1,108 Forumite
    £10,000 per day per beneficiary seems to be the standard for most banks. I'd be worried if they allow any more than that (imagine your online banking being hacked).

    I guess £23 is not that much considering you are transferring more than tens of thousand pounds. Otherwise you could always write a cheque (unlimited amount and it's free).
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    I'm guessing NatWest isn't your 'linked' account then? Otherwise, you could 'pull' the money in by DD (with no limit?).

    If you're registered for telephone banking, many banks will overide online transfer limits...subject to additional security measures/questions.
  • Mickey_Monk
    Mickey_Monk Posts: 65 Forumite
    If you're registered for telephone banking, many banks will overide online transfer limits...subject to additional security measures/questions.

    But not Nat West, unfortunately, as they made it clear when I phoned them.
  • skyrider007
    skyrider007 Posts: 1,108 Forumite
    Cheque it is for you then if you want to avoid CHAPS fee.
  • marshall2k
    marshall2k Posts: 206 Forumite
    No DD pull available with KE

    Cheque details:
    Deposits by cheque should be made payable to yourself with your Account Number on the reverse.
    Please post cheques directly to Customer Services at Kaupthing Edge, PO Box 9403, Nottingham,
    NG9 9DR.
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  • Mickey_Monk
    Mickey_Monk Posts: 65 Forumite
    Cheque is NOT an option.
    I would have to have the total funds available in my current account from the day after I posted the cheque as they might receive the next morning and present the same day.

    That would mean I would lose interest from that day until the cheque was presented and then cleared. Which could be up to 14 days.
  • marshall2k
    marshall2k Posts: 206 Forumite
    [edit] Crazy idea was present here about using family accounts as Kaupthing do accept non-linked account payments but it turns out accounts need to have the same name (no go on that one!)
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  • skyrider007
    skyrider007 Posts: 1,108 Forumite
    CHAPS then. Just ignore the fact that you have to pay the £20 fee. You'll earn interest anyway.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    That would mean I would lose interest from that day until the cheque was presented and then cleared. Which could be up to 14 days.
    Don't Kaupthing operate the 2-6-6 process? I agree the clearance time is 6 days, but you'd probably only lose 3-4 days interest max if posted 1st class...wouldn't you?

    The other option, depending on how much is involved, is to keep the money in a NatWest linked e-Saver and BACS transfer £10K per day Mon-Wed, meaning the last payment should arrive on Friday (so you don't lose a weekend).
  • Mickey_Monk
    Mickey_Monk Posts: 65 Forumite
    The other option, depending on how much is involved, is to keep the money in a NatWest linked e-Saver and BACS transfer £10K per day Mon-Wed, meaning the last payment should arrive on Friday (so you don't lose a weekend).

    That's exactly what I have done. :T
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