Upper Limit on Online Transfer Value?

somethingcorporate

Evening all,

Does anyone know if there is a limit to the amount of cash that can be transferred between accounts electronically?

I assume it is probably unlimited but I am sure over a certain amount it would raise some flags, result in investigation and delay the process.

We are looking to transfer about £40k from my spouses parents to ourselves and want to do it in the quickest, most efficient way.

Thanks in advance for any help.

jonesMUFCforever

LTSB have a daily limit of £10000 online.
If it needs to be done in a single transaction and you are with different banks then CHAPS (with a fee) is the simplest way.

Mikeyorks

somethingcorporate wrote: »

I assume it is probably unlimited .

It's variable and Bank dependent. In theory the upper limit for Faster Payment is now £100k ...... but no Bank will go above £10k on personal accounts ... and a lot still operate below £10k.

For BACS (3/4 days) the majority operate to £10k ..... Halifax is £15k.

If you want to do it in a single chunk. Use a cheque or CHAPS (typically £20 to £30 fee)?

somethingcorporate

Brilliant, thank you both very much!