transferring large sums of money between banks in uk

snooping_around

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Yorkie1

I'd have thought CHAPS is the quickest and most secure. Although you will pay £35 or so for each transaction.

shaun_from_Africa

Before you do the transfers, get your parents to contact the banks concerned and advise them that the money will be arriving and ask what sort of documentation they may require to satisy their money laundering checks.

For any transactions in excess of £10,000, all financial institutions are required to satisfy themselves that the money hasn't come from a "dodgy" source, and they must report any suspicious activities and they may freeze the money whilst this is being done.
The chances are that this won't happen, but for the sake of a simple phonecall or letter, it may save a bit of hassle in the future.

agrinnall

Yorkie1 wrote: »

I'd have thought CHAPS is the quickest and most secure. Although you will pay £35 or so for each transaction.

I don't think CHAPS is any more secure than BACS. I would opt for BACS transfers as the cost of two CHAPS transfers will almost certainly be greater than any interest lost, the way rates are at the moment.

PS Think carefully about transferring any money to Santander. I actually had no problems with them but many people would never bank with them again.

meatandtwoveg

UK electronic transfers - CHAPS



£25 each time


http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1403

Thrugelmir

In person with cheque. Transfer of large sums may well trigger anti laundering alarm bells unnecessarily.

George_Michael

Thrugelmir wrote: »

In person with cheque. Transfer of large sums may well trigger anti laundering alarm bells unnecessarily.

Doing it in person is no guarantee that there won't be problems.
Last year I deposited a cheque for £45,000 which had come from selling shares, and although I took the cheque to the bank myself, I was still asked to prove where this money had come from.
I had to show a copy of the contract notes for both the buying and selling of the shares before the bank was satisfied.

SliAbhaile

Bank with Barclays. Since the banking crises irrupted in 2008 I've frequently moved larger sums through my Barclays current account and they've never batted an eyelid.

There must be many moving bigger sums than me. I can't imagine it would be a problem.

shaun_from_Africa

I've also moved many large sums (with Nat West) and never once had a problem but this doesn't mean that it will always be the case.

The bank that the OP's parents uses may well have a jobsworth there on the day concerned, or they may be undergoing an audit of some sort so may be following everything to the letter.

Forewarned is forearmed as they say, so having the info ready may save a few problems.

GeorgeHowell

CHAPS is certainly the favourite. The banks do have to do money laundering checks in order to cover their a***s with the FSA. It's mostly no big deal and just a hold up and a nuisance.

dqnet

11 transfers at 9k each using Faster Payments?