Which banks can move large amounts to other banks in one go (excluding CHAPS)?

Squibbler

We have some money from a recent inheritance that due to the financial crisis we thought ought to be spread around so that we had no more than 50K in any account. To be safe as quickly as I could, as a temporary measure, I moved 45K out of Nationwide via internet banking (presumeably BACS) into a Lloyds account which I already had in place. I had to split the payment into 4 x £10000 and 1 x £5000, but Nationwide let me do all the transactions to come out on the same day. Having now opened a savings account elsewhere with a better rate to put this money, today I tried to move it out. Not only will LLoyds internet banking only allow a max of £10k out a day, but you cannot set up payments for subsequent days to the same recipient until the first one has cleared. This means the hassle of logging on every day next week to set the next day's transfer up and just seems ridiculous.

I went into the Lloyds branch to see if they could do any better but was told they cannot do BACS payments at all, only CHAPS (which they wanted to charge me £30 for). Weird since they are able to do BACS (and now faster payments) online. They said BACS is for payroll only and the best I could do was to write a cheque for this large amount, but even then I will probably get a phone call to check that I wrote it. What if I'm not in when they call? Are they going to bounce it?

Having experienced serious bank fraud recently, I am totally for security, and I do understand the online 10K daily limit, but why cannot Lloyds at least allow payments to be put in place ready for subsequent days? Also why can the branch not do BACS - even the dreaded Kaupthing Edge (ING) were able to refund my £25k by BACS eventually?

Anyway - i would be interested if people have experience of other banks/ Building societies and if they can transfer sums greater than 10K out, without CHAPS charge. Thanks

ozzage

Can't help but the Lloyds internet banking site sucks. As you say, it's impossible to put two payments through to the same receiver, until the first one has been processed! Ridiculous.

sunflowerseeds

ING certainly let me take out 18k all in one go a few weeks back (BACS). They may allow more, I don't know. Chelsea Building Society let me take a large amount of money out but that was a postal account (paying some of our mortgage off!)


HSBC is a pain in the proverbials as only allows £10k in the way you describe Lloyds' operation.

Check out Cahoot. Not sure of their policy.

evenasus

I can't help either I'm afraid.

Other financial institutions would do well to take a look at the Nationwide banking system.

I have accounts with several other banks/building societies but none are as user friendly as Nationwide.

BiggaThanBen

sunflowerseeds wrote: »

HSBC is a pain in the proverbials as only allows £10k in the way ...

Is it just for external bank transfers ? Can I move more than 10K in one go to my current HSBC account ? Can I then deposit it to another bank via debit card payment ?

Squibbler

BiggaThanBen wrote: »

Is it just for external bank transfers ? Can I move more than 10K in one go to my current HSBC account ? Can I then deposit it to another bank via debit card payment ?

The 10K issue with Lloyds seems to be external transfers. Internally I could move my money around no problem.

I'm not sure about debit card payments. I know if you pay for holiday money via debit card at a Lunn Poly etc they say the banks make a charge. Never really understood this.

Baldur

Squibbler wrote: »

I'm not sure about debit card payments. I know if you pay for holiday money via debit card at a Lunn Poly etc they say the banks make a charge. Never really understood this.

That's a specific situation, covered by LTSB's Ts & Cs:

When you use your Lloyds TSB debit card to buy foreign currency or traveller’s cheques

From Lloyds TSB branches
Free

From any other banks, travel agents, Bureau de Change and other outlets displaying the Visa sign.
1.5 % of the amount with a minimum transaction charge of £2 and a maximum charge for each transaction of £4.50.

Oblivion

evenasus wrote: »

I can't help either I'm afraid.

Other financial institutions would do well to take a look at the Nationwide banking system.

I have accounts with several other banks/building societies but none are as user friendly as Nationwide.

What puts me off from opening an eSavings account with Nationwide is their insistence that I have to open a FlexAccount current account with them first. What on earth is all that about?

I don't want another current account, I simply want to link a Nationwide savings account to my existing HSBC current account, just like I can with any other building society. Why can't they do that?

Dave.

Exo

Oblivion wrote: »

What puts me off from opening an eSavings account with Nationwide is their insistence that I have to open a FlexAccount current account with them first. What on earth is all that about?
Dave.

Worth having the Flex Account if only because you get a Nationwide Visa card which you can use abroad with no charges. Nationwide are the only institution that do this as far as I am aware.

Zebra

Does anyone know what the situation with Nat West is?
I've got a fairly large deposit going in this week, and don't want it hanging around in there too long while I transfer it out to other accounts.

Squibbler

Oblivion wrote: »

What puts me off from opening an eSavings account with Nationwide is their insistence that I have to open a FlexAccount current account with them first. What on earth is all that about?

I don't want another current account, I simply want to link a Nationwide savings account to my existing HSBC current account, just like I can with any other building society. Why can't they do that?

Dave.

True - I have experienced the same with Lloyds too - in that I cannot transfer my money out of the esavings direct but have to go via a current account. Silly really because the transfer from esavings to current is instantaneous anyway.

I do like the Nationwide internet banking though, it's better thought through than Lloyds and the other major bank that I use.. Whilst my main current account is elsewhere, I use Nationwide current account as my "through-channel"/ linked account for all my savings accounts with the other weird and wonderful possibly less stable banks. Probably one of the safest places as a default to put money right now in that it doesn't get hit by stock market scaremongering every 5 minutes.

My Nationwide Visa also gives me 2% Cashback which is fantastic. I never mind when a holiday company say they'll charge me 1.5% to use Visa cos I earn 2% on my card all the time so I actually gain. Nationwide have stopped issuing this card to new Customers a couple of years ago though sadly, so if you don't have one right now, you can't get one