Upper Limit on Online Transfer Value?
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somethingcorporate
Posts: 9,449 Forumite
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.
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.
Thinking critically since 1996....
0
Comments
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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.0 -
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)?If you want to test the depth of the water .........don't use both feet !0 -
Brilliant, thank you both very much!Thinking critically since 1996....0
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