Best way to transfer a large amount of money?

Vegeta

I would like to know the best way to transfer £100,000 from one bank account to another persons bank account.

Would it have to be a wire transfer from the local branch i.e CHAPS?

I've read that online faster payments have a £100,000 limit but that is only for corporate customers, not retail like me.

BACS has a £15,000 limit with my bank.

Thanks.

alanq

It seems that the £100,000 Faster Payment limit only applies to regular standing orders from a couple of banks at present.

http://www.chapsco.co.uk/faster_payments/-/page/fpslimits/

Reaper

Are you sure about that BACS limit as it sounds very low? Sounds more like the typical limit for a Debit Card transaction to me.

Failing that, how about a cheque?

wriggly

On £100,000 you should be earning £5/day interest, even more if you're using MSE's top savings accounts.

So BACS or a cheque will easily cost one of you £15 or more in lost interest. Add on the peace of mind of a same-day transfer, and the £20/25 fee for CHAPS is a bargain.