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question about electronic funds transfer.
vicstick86
Posts: 133 Forumite
Just sent my deposit to the convency, YAY!
My dad gifted me my the deposit so went to the bank to transfer it today straight to the conveyancing peoples account!
I told him it shouldnt cost him anything because on the solicters fee list there is a charge of 41.41 for electronic money transfer fee.
His bank charged him £20 to send the monies.
So what is this electronic money transfer charge actually for? anyone know.
Cheers!
My dad gifted me my the deposit so went to the bank to transfer it today straight to the conveyancing peoples account!
I told him it shouldnt cost him anything because on the solicters fee list there is a charge of 41.41 for electronic money transfer fee.
His bank charged him £20 to send the monies.
So what is this electronic money transfer charge actually for? anyone know.
Cheers!
0
Comments
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Faster payments is limited to £10K, above that CHAPS are still charged for.0
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Bank want paying for sending the money, solicitors want paying for receiving it, solicitor's bank want paying for receiving it. Rubbish, but just one of those things.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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Meanies! lol Thanks0
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No problem, good luck with your purchase!Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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The fee on the solicitors list is for the tranfer of money from your lender to the solicitors (and may well also include the transfer fee from your solicitors to the seller's solicitors). It is perfectly standard for banks to charge these fees on same day CHAPS transfers - just another cost to factor into the budget!
Good luck with it all.0 -
I told him it shouldnt cost him anything because on the solicters fee list there is a charge of 41.41 for electronic money transfer fee.
His bank charged him £20 to send the monies.
When your solicitors complete the purchase they have to send the money to the seller's solicitors by electronic transfer and that is what their charge is for. Your mortgage lender may make an entirely separate charge for sending the money to your solicitor.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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