Nat West £10000 daily transfer limit

sc52

Natwest won't let me transfer more than £10,000 per day on the net or by phone. Chap on the phone said that I could do more if I went to a branch.

But the branch said no - other than if it were done by a CHAPs payment.

Funny how they will accept amounts greater than 10k without a second thought.

Are other major banks the same?

I think it's time to move - as they aren't allowing ready access to my funds, anybody would have though that it was their money!!

mclaren32

sc52 wrote: »

Natwest won't let me transfer more than £10,000 per day on the net or by phone. Chap on the phone said that I could do more if I went to a branch.

But the branch said no - other than if it were done by a CHAPs payment.

Funny how they will accept amounts greater than 10k without a second thought.

Are other major banks the same?

I think it's time to move - as they aren't allowing ready access to my funds, anybody would have though that it was their money!!

And if someone obtained your online banking details and transfered 100k im sure you would take the hit.

jambosans

sc52 wrote: »

But the branch said no - other than if it were done by a CHAPs payment.

The cost of a CHAPS in relation to the amount being sent (+£10k) makes the fee, generally speaking, a tiny percentage of the transaction value.

sc52 wrote: »

Are other major banks the same?

Yes, £10k is the upward limit for Faster Payments. It's worth adding, that NatWest are part of the RBS Group, one of the few banks to offer full FPS implementation.

sc52 wrote: »

I think it's time to move - as they aren't allowing ready access to my funds, anybody would have though that it was their money!!

Move to where? Barclays, or HSBC? They also apply an upward limit of £10k for Faster Payments.

Some banks will allow a higher upward limit on a BACS transfer, however these take 3 working days. I do not find it unreasonable that the bank levies a small charge for large electronic transfers which are rare (in terms of personal banking).

sc52

mclaren32 wrote: »

And if someone obtained your online banking details and transfered 100k im sure you would take the hit.

Err - think you missed the "in branch" bit.......

You may find the 10k limit more than enough - I don't.

FWIW the A&L don't have a limit - well not one that I've reached anyway.

sc52

jambosans wrote: »

Some banks will allow a higher upward limit on a BACS transfer, however these take 3 working days. I do not find it unreasonable that the bank levies a small charge for large electronic transfers which are rare (in terms of personal banking).

I have nothing against using CHAPs for large transfers but to have a £10k bank limit on BACs seems very low.

I suppose it was the fact that I was told that I could do the BACs in branch for a greater amount only to discover that I couldn't that annoys me. Sure, a £10k limit online or via phone for security purposes is fine, but not to allow a greater amount in branch with passport and bank cards (as advised by chap on the phone) seems like obstruction ie we'll only do it if you pay...

D1zzy

You don't say how much you want to move but with a 10K faster payments limit, its only 3 days (equivalent to BACS) to move 30K.
I keep my Natwest account opne purely for shuffling money as it I think it has just about the best FP service.

noh

D1zzy wrote: »

You don't say how much you want to move but with a 10K faster payments limit, its only 3 days (equivalent to BACS) to move 30K.
I keep my Natwest account opne purely for shuffling money as it I think it has just about the best FP service.

I use First Direct for that purpose as they appear to allow multiple faster payments of max £10k each. So £30k could be moved on the same day in 3 payments.

KarenBB

A few years ago Barclays had a £1000 daily limit, last time I checked they had increased it to £5000 so £10K is double that. I think the limit at Nationwide is £50K but the maximum transaction amount is £10k so to transfer £50K you would need to do 5 transfers, a bit of hassle but at least you can do it

jambosans

KarenBB wrote: »

A few years ago Barclays had a £1000 daily limit, last time I checked they had increased it to £5000 so £10K is double that. I think the limit at Nationwide is £50K but the maximum transaction amount is £10k so to transfer £50K you would need to do 5 transfers, a bit of hassle but at least you can do it

I'm not sure whether you're talking about Faster Payments or BACS? If the former than the below page gives details on Faster Payments implementation broken down by institution and their respective limit:-
http://www.ukpayments.org.uk/faster_payments_service/value_limits/


If you're talking about BACS, then I'm not sure. I don't see why Barclays would have a £10k FP limit, and only a £5k BACS limit? You're statement about Nationwide also seems to suggest you're talking about BACS, seeing as they have one of the worst implementations of Faster Payments (£10).

iblametheparents

For Personal Customers, Barclays' limit via the telephone for BACS/FP is £5,000. Online Banking limits for both are £10,000.

a&akay

And if you've a joint account with Barclays and separate PINS you can FP £20k a day. I've done this on several occasions.