Online banking maximum daily payment limit

2

Comments

  • Mickey_Monk
    Mickey_Monk Posts: 65 Forumite
    CHAPS then. Just ignore the fact that you have to pay the £20 fee.
    Why would I want to ignore a £20+ payment?

    you'll earn interest anyway.
    That's like saying, "Oh go on, I'll blow all this month's salary because I'll get some more next month."


    skyrider007: Looks like you aren't as careful with your money as I am. Each to their own.;)
  • Mickey_Monk
    Mickey_Monk Posts: 65 Forumite
    marshall2k wrote: »
    [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!)


    I have successfully made payments from my wife's current account. So Kaupthing will accept payments from non-linked accounts with the same surname but different forename.
  • marshall2k
    marshall2k Posts: 206 Forumite
    Ahh! That's interesting! If your wife holds an account with a Natwest group bank then a transfer to them would be very fast. Then it could be sent on to Kaupthing.
    Do Something Amazing - Give Blood

  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    Why would I want to ignore a £20+ payment?
    Because it would be cheaper to pay this than lose interest on a 3-day BACS transfer if your transfer amount was large...and you haven't given us an indication of the amount (only that it's >£10K)
  • Mickey_Monk
    Mickey_Monk Posts: 65 Forumite
    £32000 would be a loss of interest of £5.69 for each day it was not in my savings account.

    So for a straight 3 day BACS transaction I would lose £17.07
    Less than £23

    But I would only lose interest on the full £32000 on the 1st day.
    Transfer of £10,000 so 2nd day loss of interest would be based on £22,000
    etc.

    Actual loss (not taking weekends into account) would be approx. £11.00

    Not a great sum, but, because of the limits imposed it is MY loss and Nat West have the benefit of MY money for longer than they should.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    But I would only lose interest on the full £32000 on the 1st day.
    Transfer of £10,000 so 2nd day loss of interest would be based on £22,000
    etc.
    Please explain your logic here.
  • gt94sss2
    gt94sss2 Posts: 5,614
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    Do any other banks have no limit or a much higher daily payment limit?

    All the big banks have this sort of limit on bill payments and external transfers.

    Of those I know about, HSBC is the highest at 10k/day per account. From what you say, it sounds as if Natwest has a similar limit.

    I think the daily limit for Barclays/Lloyds may be lower

    The only bank I know of, which doesn't have a daily limit on payments is First Direct.

    Regards
    Sunil
  • whu
    whu Posts: 23,461
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    LLoyds have a £10K limit
    Keep the Faith:cool:
  • ldavies_3
    ldavies_3 Posts: 217 Forumite
    these limits are in place to help prevent money launderring...deffo 10k limit at HSBC:rolleyes:
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    Halifax wouldn't let me trasnfer more than £15000 from my current account into my websaver, That confused me! It let me do one transaction of £15000 and one of £10000 one after the other though (same minute, even) lol!
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

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