Internal transfer limits

PeterTea

Hello, I am getting close to retirement and am thinking about making the largest purchase of my life - a static caravan on the east coast, I am expecting to pay around 20k for what I want, the problem is that I am not used to dealing with such large amounts of money.

I am with the Yorkshire bank & have an instant access ISA & a current account with them, I am registered for online banking for both accounts.

Would it be possible for me to transfer the 20k from the ISA to the current account online or would I need to contact the bank because of the sum involved?.

Also when the money is actually in the current account & I am ready to make the purchase would it be best to write a personal cheque or should I ask the bank to issue a cheque for me?.

Sorry if I sound a bit dim but I am very naive when it comes to financial matters.

Thankyou in advance for any advice offered.

Sceptic001

Surely the first thing to do would be to ask the vendor of the caravan their preferred method of payment. I guess if it is a business they will prefer a debit card; if a private individual, probably a bank draft.

PeterTea

Sceptic001 wrote: »

Surely the first thing to do would be to ask the vendor of the caravan their preferred method of payment. I guess if it is a business they will prefer a debit card; if a private individual, probably a bank draft.

Thanks for that, the vendor is a business, but I didnt realise you could make such a large purchase on a debit card, if I can that would be ideal.

jennifernil

Should not be a problem using your debit card, the bank will possibly need to speak to you before putting it through.

When I bought a car for about £14k I had to speak to them, for our caravan costing £16k we had to speak to them, but for our present car (£35k) it just went straight through.

Sometimes an internal transfer is limited to say £15k on internet banking, so then you just make 2 transfers.

PeterTea

jennifernil wrote: »

Should not be a problem using your debit card, the bank will possibly need to speak to you before putting it through.

When I bought a car for about £14k I had to speak to them, for our caravan costing £16k we had to speak to them, but for our present car (£35k) it just went straight through.

Sometimes an internal transfer is limited to say £15k on internet banking, so then you just make 2 transfers.

Thanks for that Jennifer, you've just about answered my question in full, I was hoping for a DIY transaction but I think I probably will have to talk to the bank at some point during the process, thanks again.

Mikeyorks

Be prepared that - for such a referral call - the questions may be a little more teasing than 'mother's maiden name'. And it would be as well to have in your head such things as 'last transaction on account' / 'source of any regular credit to account' / 'number of Direct Debits on account' / 'monthly value paid on a Direct Debit that's not a Utility'.

I find the payment part of car purchase via Debit Card a little like an exam!