Transaction Limits

Moggles_2 · 22 August 2006 at 10:50AM

The Bank of Scotland reduced their transaction limit from £15,000 to £5,000 sometime during the past year. .. I would presume that the limits are the same for Halifax accounts.

I telephoned the Hally on Monday 14 August 2006 to check whether the limit had changed, before transferring £15,000 from my current account.

Online Helpdesk staff had to go away and ask though. Obviously, it's not a question they're used to answering.

Dagobert · 22 August 2006 at 10:55AM

According to this post, the Nationwide limit of £10,000 is a transaction, not a per day limit. Apparently, it is even possible to set up multiple £10K transfers to the same destination on the same day, which not many banks allow.

Dagobert · 22 August 2006 at 11:08AM

£25,000 per day to its linked account (which can be an external account).

Moggles_2 · 22 August 2006 at 1:05PM

... the Nationwide limit of £10,000 is a transaction, not a per day limit. Apparently, it is even possible to set up multiple £10K transfers to the same destination on the same day

Thanks for the tip. Some of Nationwide's staff are unaware of this.

~~~~~~~~

Does anyone know the reasons for these transaction limits and how they're set?

Halifax tell me it's tied up with money laundering.
(Apparently, the Hally does not object to money launderers paying money in, as long as they don't want it back in a hurry)

Nationwide says it's all about costs.

codetown · 22 August 2006 at 2:11PM

I can confirm with no doubts.

You can transfer large amounts (I was told that for sure 100k was not a problem) from Nationwide out via (free) BACS and their excellent online services.
The amount needs to be divided in chunks of 10k pounds maximum, but you can repeat the payment many times with no problems. This is the preferred method as suggested by the Nationwide staff and I successfully used it recently.

If you do so, I would suggest for ease of tracking your money not to divide in chunks of 10k exactly, but instead to trasfer slightly smaller chunks with pounds indicating the transfer number. For example: 9991 (first transfer), 9992 (second transfer), 9993 (third transfer), etc. You can compensate with the last transfer if you wish a very precise amount out!

As for the reason of this division in chunks, they mentioned to me that this is done to reduce potential large online frauds.

Moggles_2 · 22 August 2006 at 5:31PM

Thank you so much, Codetown

I would suggest ... to trasfer slightly smaller chunks with pounds indicating the transfer number. For example: 9991 (first transfer), 9992 (second transfer), 9993 (third transfer), etc. You can compensate with the last transfer if you wish a very precise amount out!

This is a really good strategy, even when transferring savings on consecutive days - as will be necessary when moving money out of most current accounts other than Nationwide.

JoseChungsDoomsday · 22 August 2006 at 5:40PM

I can understand the thought behind this thread but I worry about the info being available for fraudsters to see. while knowing the info for one bank is understandable , noone will ever need to know the info for 10 banks.

so this gets thumbs down from me. sorry folks

masonic · 22 August 2006 at 6:37PM

JoseChungsDoomsday wrote:

I can understand the thought behind this thread but I worry about the info being available for fraudsters to see. while knowing the info for one bank is understandable , noone will ever need to know the info for 10 banks.

so this gets thumbs down from me. sorry folks

This information is already in the public domain. In fact, it has been heavily publicised in the past.

I think anyone trying to make an informed choice about various bank accounts would need to know this informartion.

Dagobert · 22 August 2006 at 6:44PM

JoseChungsDoomsday wrote:

I worry about the info being available for fraudsters to see

As though a fraudster relies on MSE. Anybody can find out this information from their bank advisor or from other online resources.

Dagobert · 22 August 2006 at 6:52PM

Only £1,000 per external online transaction unless you transfer to one of the predefined payees.

Greater amounts need to be transferred via phoneline.

Transaction Limits

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