Faster Payments - transaction limit or daily limit?

dorsetlass

I'm still a little confused about Faster Payments. I want to move a sum out of Barclays that is higher than the FP limit. So I've moved the amount that is allowed, but am not sure if I can also, on the same day, send another amount to a different bank.

So is the limit - a daily one, or a transaction one? Sorry if this is really obvious to everyone else, but whatever I read on this topic just seems to talk about transaction limit - and I don't want to send the next sum and find it goes by BACS as I've already reached my limit for today.

Thank you

EarthBoy

Policy varies from bank to bank. On Barclays website it says:

"Q2. .... If a payment is within the Faster Payments Service limit [see Q9] and can be sent through the Faster Payments Service, Barclays will automatically send it that way.


Q9. How much money can be sent via the Faster Payments Service?
The Faster Payment Service limits are:

• £10,000 maximum – bill payments/3rd party transfers/future dated payments
• £100,000 maximum – standing orders

These limits are set by the UK Payments Administration not Barclays. Additionally, for your protection, we have set transaction limits based on customer segment and the channel used for making a payment. These may be lower than the Faster Payments Service limits."

So, presumably, there is no daily limit and Barclays will send all payments by Faster Payments if they can. But it depends what other transaction limits they have set based on your segment. Whatever that means!

Sparky47

I think you will find that Barclays has a daily limit of £10,000 for online payments.
If you try a second payment that exceeds this, you will get a message saying you have exceeded the daily limit.

dorsetlass

Sparky47 wrote: »

I think you will find that Barclays has a daily limit of £10,000 for online payments.
If you try a second payment that exceeds this, you will get a message saying you have exceeded the daily limit.

I decided to risk it, as if the above message did appear then I wouldn't have lost anything, I would just have had to wait until tomorrow. Anyway, it worked - I sent a second transaction to a different bank than the one I sent to this morning - and its already appeared in the new account.

So it appears, at least with Barclays, that its a transaction limit rather than a 'daily' limit.

Thanks for your responses.

oldfella

in some cases the Barclays daily limit is £25000, made up of multiple transactions of less than £10000

TCA

Does anyone have first-hand experience of the RBS limit for faster payments? The figure of £10,000 is all I can find but it's unclear as to whether this is a daily limit or transaction limit.

If the former and I wanted to pay out say £20,000, could I just make 1 payment of £10,000 followed by another just after midnight?

D1zzy

I believe RBS limit is 10k per day - but have a go, you will be advised if you are exceeding the limit and you can cancel the transaction and send it the next day (still faster than BACS for 20k)

lulu999

If you're a Barclays Premier customer their daily limit is 3 * £10,000.

psychic_teabag

TCA wrote: »

Does anyone have first-hand experience of the RBS limit for faster payments? The figure of £10,000 is all I can find but it's unclear as to whether this is a daily limit or transaction limit.

If the former and I wanted to pay out say £20,000, could I just make 1 payment of £10,000 followed by another just after midnight?

With NatWest (which is probably the same as RBS) £10k is the daily online limit. The cutoff is 6pm I think, so you can make one FP at 5.59pm and another at 6.01pm (which counts towards the next day's quota). ANything after 6pm on Friday counts towards Monday's quota. Might be able to transfer more via phone banking.

For a joint account, a payment counts towards the daily limit for both parties, but you can first do an internal transfer to a sole account and then do the payment from there to preserve the other person's quota.