Fast Payment (FP ), is there any the Limits ?

adindas

I understand that Fast Payment is electronic system, so the money that we transfer to pay the bill will normallly hit the destination a/c within 2 hours.

Is there any limit of the amount of money that could be trasnfer but it will still hit the destination a/c within 2 hours ??

I am asking this question because based on my experience if I transfer it online below £1000, it arrives in the destination a/c within 2 hours. But if it is £1000 or higher it takes longer 2-4 working days ?. How is your experience >>

ADINDAS

D1zzy

Which bank? The FP limit is 10K, but banks impse their own restrictions - LLoyds, Natwest, Tesco are all 10K

goggle

each bank has their own limit
Nstionwide b/s for instance has imposed a £1000 limit - it's a per day limit not a per transaction so send £100 now & £200 later and you'll be ok, but you can't send £800 now & £500 later both by FP - the first one will go FP the next will go via normal BACS transfer

more info here: http://www.ukpayments.org.uk/faster_payments_service/

info_addict

Also check out this post which is very helpful

https://forums.moneysavingexpert.com/discussion/985463

adindas

Great
Thank you to all of you guys. This forum is very useful ...

ADINDAS

Milarky

There is a 'system-wide' limit of £10,000 per single payment

There are in addition bank-to-bank variations in how much access they allow their customers. The 'definitive' list is maintained by APACs but don't be fooled - it's not 'official' merely 'indicative' of what the banks are telling them and does not take account of occasional or unexplained 'outages'

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

What will be interesting is whether banks continue to push the line that they are 'unable' to facilitate particular requests which Faster Payments is designed to carry (e.g. repeated amounts of £10K to the same account on the same date) on the grounds of 'security' etc. In theory from 1 Jan 2012 BACS transfers will be unavailable to them so any request - for any amount - will have to go via Faster Payments. Looking at the way they handled (and were allowed to get away with) implementing Faster Payments in the first place however I would expect they will continue to claim that 'unrestricted' access to Faster Payments by banks customers should not be permitted.

adindas

Thank you for the answer. I did direct debit from HSBC to Lloyds TSB in sum of £,1000.00. Both a/c are under my name. This is actually quite annoying as, as I want that it will hit the a/c at the same daya. Not to mention, I loose interest rate for 3 days.

From the link it says that for HSBC and Llloyds TSB is up to £10,000, FP should be available.

ADINDAS

D1zzy wrote: »

Which bank? The FP limit is 10K, but banks impse their own restrictions - LLoyds, Natwest, Tesco are all 10K

dealer_wins

The banks that have stupid limits like £500 or £1000 max are basically taking the pi$$ out of us customers IMO.

Its my bloody money but they dont seem to remember this grrrrr

D1zzy

adindas wrote: »

Thank you for the answer. I did direct debit from HSBC to Lloyds TSB in sum of £,1000.00. Both a/c are under my name. This is actually quite annoying as, as I want that it will hit the a/c at the same daya. Not to mention, I loose interest rate for 3 days.

From the link it says that for HSBC and Llloyds TSB is up to £10,000, FP should be available.

ADINDAS

I believe both HSBC and LTSB have a £10,000 transaction limit for manual transfers, but I'm not sure Direct Debits are included in FP processing.

D1zzy

BTW -the overall FP limit appears to have been raised this month to £100K ... when the banks choose to implement it
Faster Payments Scheme Boosts Banks’ Ability to Provide a Competitive Service to Customers

From this week, the Faster Payments Scheme is raising the maximum value threshold for internet and phone payments from £10k to £100k. Putting this facility in place will help banks increase their capability to offer the service to customers. This change reflects demand from some corporate customers, and it is most likely that they will benefit first over the coming months. The threshold for standing orders remains unchanged at £100k.

Although this change came into effect on Monday 6th September, individual banks and building societies will continue to set their own value limits for their corporate and consumer customers. Customers wanting to check their own bank or building society limits should either speak to their bank or visit http://www.chapsco.co.uk/faster_payments/-/page/fpslimits/

The new system was launched in May 2008 to speed up internet and phone payments, making it possible to transfer money every day of the week, 24 hours a day, usually immediately.

rb10

adindas wrote: »

Thank you for the answer. I did direct debit from HSBC to Lloyds TSB in sum of £,1000.00. Both a/c are under my name. This is actually quite annoying as, as I want that it will hit the a/c at the same daya. Not to mention, I loose interest rate for 3 days.

From the link it says that for HSBC and Llloyds TSB is up to £10,000, FP should be available.

ADINDAS

I assume that you mean standing order, rather than direct debit.

Standing orders up to £100k can be processed by Faster Payment, but, like with single payments, this depends on the bank that is sending the payment.

In your case, it's coming from HSBC, and they do not currently send any standing order payments by faster payment.

You could get around this by doing each one individually as an immediate payment - this way it should go as a faster payment.