transferring large sums of money between banks in uk

oldvicar

dqnet wrote: »

11 transfers at 9k each using Faster Payments?

Can't be. Nationwide's FP limit is a measly £1000 per day. Above that it goes by BACS

dqnet

oldvicar wrote: »

Can't be. Nationwide's FP limit is a measly £1000 per day. Above that it goes by BACS

oh.. never knew that one

MoneySaverLog

agrinnall wrote: »

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.

So true, I would never bank with them again.

manxmoney

I like Barclays too, although they did bat an eyelid when I tried three large on-line BACS payments on the same day to various building societies. Said the third would be delayed by 24hrs, or I could complete it by telephone service. Think there must be a per day aggregate limit without additional security checks.

Important I guess is to choose the reinvestment products and get them established beforehand ready to receive the monies.

My observation - whilst FSCS protection up to £170k for joint account looks good on paper, it may take a good long while for compensation payouts to be received in full. Unless there is a clear reward for making larger single institution investments, my preference is to spread it around in 50k tranches, offering more flexibility with short/medium/long term bonds, notice and instant access.

agsnu

manxmoney wrote: »

My observation - whilst FSCS protection up to £170k for joint account looks good on paper, it may take a good long while for compensation payouts to be received in full.

The FSCS now aims to pay the vast majority of claims within 7 days.

typistretired

The other problem transferring with Nationwide is that for every payment you make out of your account you have to insert your debit card into the little machine they supply you with and go through the process of obtaining the processing code the machine gives you. So it would be long winded to transfer online and their faster payments are touch and go

manxmoney

agsnu wrote: »

The FSCS now aims to pay the vast majority of claims within 7 days.

Surely only established claims after agreement with the administrator and assignment of creditor rights? Presumably some allowance for interim payments in cases of hardship. Either way, can't see it being 7 days from when a bank / building society closes it door and suspends its accounts.

MarcoM

This is an old post. But the question is relevant to my situation.
Does anyone know if I should contact my branch which is thirty minutes away or is it enough to contact any branch of my bank?
The transfer would be via chaps from another uk account.

I do not want to deal with the hsbc call centre so I would rather sort this in person. However, if the person authorising the transfer is the manager at the branch where my account was originally opened, then I would be rather inconvenienced.

mania112

having a local branch isn't really a 'thing' anymore - they all seem to operate like they don't know you

My only advice would be to ring ahead to the branch you'd like to go to confirm if they'll need any ID and/or proof of source before making the trip.

ManAtHome

MarcoM wrote: »

I do not want to deal with the hsbc call centre

Why not - I've always found them very efficient and easier to contact than the local branch PRM.