fast transfer for sum >£10k

gzed

I need to make a £16k transfer to my solicitor. I obviously would like to do that as quickly as possible but safe. The money will go from a Lloydstsb to Barclays account.

1-If i do it online/phone it will take ~3 days and I don't really have a proof of where the money goes as their is no recipt as such.

2- can do a same day CHAPS transfer but this will cost me £30.

3- I can withdraw the cash at LLoyds, go across the road and deposit the cash at Barclays on my solicitor account.

I think I'm going with solution 3. Any other option I'm missing?

thanks

willo65

gzed wrote: »

I need to make a £16k transfer to my solicitor. I obviously would like to do that as quickly as possible but safe. The money will go from a Lloydstsb to Barclays account.

1-If i do it online/phone it will take ~3 days and I don't really have a proof of where the money goes as their is no recipt as such.

2- can do a same day CHAPS transfer but this will cost me £30.

3- I can withdraw the cash at LLoyds, go across the road and deposit the cash at Barclays on my solicitor account.

I think I'm going with solution 3. Any other option I'm missing?

thanks

the only other thing I could think of is t/fer £10k as fp (maybe needs to be £9999.99) one day and the remainder the following day.

gzed

willo65 wrote: »

the only other thing I could think of is t/fer £10k as fp (maybe needs to be £9999.99) one day and the remainder the following day.

I though about that but I'm not sure how the receiving end would take having 2 transfers. They would then have to add the 2 together (not difficult for most) and they might be a bit funny about it.

Biggles

Maybe your solicitor will give you a discount for cash in hand?
;-)

gzed

Biggles wrote: »

Maybe your solicitor will give you a discount for cash in hand?
;-)

yeah right I wish...

c0c0nuts

Hi there,
From previous experience having worked for 2 High St banks, solicitors only generally take funds through CHAPS transfers, i've never known a sol to accept cash deposits (that is my experience only).
I believe its something to do with the lack of paper trail if cash is paid in.
You also may have probs withdrawing that amount of money without notice, generally 48 hours is required.
Has your solicitor advised you of the ways they accept payment?

gzed

c0c0nuts wrote: »

Hi there,
From previous experience having worked for 2 High St banks, solicitors only generally take funds through CHAPS transfers, i've never known a sol to accept cash deposits (that is my experience only).
I believe its something to do with the lack of paper trail if cash is paid in.
You also may have probs withdrawing that amount of money without notice, generally 48 hours is required.
Has your solicitor advised you of the ways they accept payment?

he said: "just do a telegraphic transfer" (ie chaps). He didn't say that it was the only method they would accept but you're probably right and I'll have to fork an extra £30 just for this transfer...

By the time I complete my transactions I will have had to pay for 6 chaps transfers and that's really ennoying me

blueberrypie

c0c0nuts wrote: »

Hi there,
From previous experience having worked for 2 High St banks, solicitors only generally take funds through CHAPS transfers,

Mine will accept CHAPS, BACS, Faster Payments or cheques.

I think the Faster Payments option is probably the best solution, as long as the OP's bank will allow FPs for those amounts. When we remortgaged, I made three separate payments to my solicitor, all on the same day; it wasn't a problem at all, and I'm not sure why any solicitor would think it was.

jonesMUFCforever

I don't think you can just deposit a large sum of cash into a solicitors account without their authority.

Pay for a CHAPS or bank draft or issue a personal cheque and delay the transaction until your cheque is cleared.

Extant

Whilst this would be fine to break up in to small transactions and send by FPS, good luck getting the FPS out of Lloyds...

I wouldn't recommend just taking the cash without asking your solicitor first - some client accounts (the accounts used by solicitors for holding funds in transit, etc.) explicitly will not accept cash deposits, or will charge heavily for it - so ask first.

You might have to just stump up and pay the fees. Alternatively - do you have an account with RBS/HSBC/Barclays? They all offer full FPS access and would resolve much of this. You could do one CHAPS transfer to them, and then distribute out separately.