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Online banking maximum daily payment limit
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# 1
Mickey Monk
Old 22-05-2008, 11:12 PM
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Default 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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# 2
skyrider007
Old 22-05-2008, 11:16 PM
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£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).
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# 3
YorkshireBoy
Old 22-05-2008, 11:23 PM
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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.
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# 4
Mickey Monk
Old 22-05-2008, 11:34 PM
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Quote:
Originally Posted by YorkshireBoy View Post
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.
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# 5
skyrider007
Old 22-05-2008, 11:38 PM
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Cheque it is for you then if you want to avoid CHAPS fee.
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# 6
marshall2k
Old 22-05-2008, 11:41 PM
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No DD pull available with KE

Cheque details:

Quote:
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.

Last edited by marshall2k; 22-05-2008 at 11:45 PM.
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# 7
Mickey Monk
Old 22-05-2008, 11:51 PM
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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.
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# 8
marshall2k
Old 22-05-2008, 11:56 PM
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[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!)

Last edited by marshall2k; 23-05-2008 at 12:01 AM.
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# 9
skyrider007
Old 22-05-2008, 11:57 PM
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CHAPS then. Just ignore the fact that you have to pay the £20 fee. You'll earn interest anyway.
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# 10
YorkshireBoy
Old 22-05-2008, 11:59 PM
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Quote:
Originally Posted by Mickey Monk View Post
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).
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# 11
Mickey Monk
Old 23-05-2008, 12:03 AM
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Quote:
Originally Posted by YorkshireBoy View Post
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.
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# 12
Mickey Monk
Old 23-05-2008, 12:10 AM
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Quote:
Originally Posted by skyrider007 View Post
CHAPS then. Just ignore the fact that you have to pay the £20 fee.
Why would I want to ignore a £20+ payment?


Quote:
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.
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# 13
Mickey Monk
Old 23-05-2008, 12:14 AM
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Quote:
Originally Posted by marshall2k View Post
[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.
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# 14
marshall2k
Old 23-05-2008, 12:17 AM
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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.
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# 15
YorkshireBoy
Old 23-05-2008, 12:19 AM
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Quote:
Originally Posted by Mickey Monk View Post
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)
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# 16
Mickey Monk
Old 23-05-2008, 12:38 AM
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£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.
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# 17
YorkshireBoy
Old 23-05-2008, 12:52 AM
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Quote:
Originally Posted by Mickey Monk View Post
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.
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# 18
gt94sss2
Old 23-05-2008, 3:32 AM
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Quote:
Originally Posted by Mickey Monk View Post
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
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# 19
whu
Old 23-05-2008, 9:32 AM
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LLoyds have a £10K limit
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# 20
ldavies
Old 23-05-2008, 9:56 PM
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these limits are in place to help prevent money launderring...deffo 10k limit at HSBC:rolleyes:
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