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Faster payments limit

cepheus
cepheus Posts: 20,053 Forumite
in Budgeting & bank accounts
For NatWest the limit is £10000/day but can you make several transactions of £10,000 each to different external accounts in the same day, so the total is more?
«1

Comments

  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    The 10K seems an across the board artificial limit. If you want more you might try asking for it. If you tried to move more than this without prior warning it may set of alarm bells anyway.
    J_B.
  • cepheus
    cepheus Posts: 20,053 Forumite
    Nope they wouldn't let me, without using CHAPS
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
    I am sure you are weighing up the cost of using CHAPS versus the delay of moving the money by other means. For some banks the FPS limit is 100K.

    I don't get to explore the financial limits of the faster payment system.
    J_B.

    Always send a token payment via FP to prove the system works. If an FP payment doesn't work then it is sent in to an unfathomable abyss as far as the banks are concerned.

    J_B.
  • Mikeyorks
    Mikeyorks Posts: 10,380 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    cepheus wrote: »
    Nope they wouldn't let me, without using CHAPS

    Do it as a Standing Order (then cancel it). NatWest limit £100k (well .... £99,999.99 actually)
    If you want to test the depth of the water .........don't use both feet !
  • cepheus
    cepheus Posts: 20,053 Forumite
    Mikeyorks wrote: »
    Do it as a Standing Order (then cancel it). NatWest limit £100k (well .... £99,999.99 actually)

    How long do those take if you have just arranged it (today)?
  • Mikeyorks
    Mikeyorks Posts: 10,380 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    cepheus wrote: »
    How long do those take if you have just arranged it (today)?

    Don't know how long NatWest take to actually set up the SO. They normally have to go through an overnight batch run to get into the system.
    Having done that it should trigger the day afterwards. But do bear in mind SOs do not work weekends or Bank Holidays - so the earliest would be in the early hours of Tue morning (as Mon is a Bank Holiday). It will go via FP and leave your bank and arrive in the destination in the window 0200hrs to 0600hrs normally.
    If you want to test the depth of the water .........don't use both feet !
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Mikeyorks wrote: »
    (as Mon is a Bank Holiday).
    ...but not this Monday coming. :)

    This year's Spring Bank Holiday has been put back a week (and preceeds Jubilee Day in June).
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Joe_Bloggs wrote: »
    The 10K seems an across the board artificial limit. If you want more you might try asking for it. If you tried to move more than this without prior warning it may set of alarm bells anyway.
    J_B.

    You don't really think their computer systems are set up to allow individuals to circumvent bank-wide limits do you? Because I can assure you they aren't, and there is no way what you are suggesting could be done.
  • cepheus
    cepheus Posts: 20,053 Forumite
    edited 25 May 2012 at 9:17PM
    I don't see why a higher limit couldn't be arranged in principle if they wanted to, since some other banks manage to do this. It still may be a good idea to insist on advance warning for higher amounts. However, then they wouldnt be able to charge CHAPS, and those Fat Cats need feeding somehow! :)
  • Mikeyorks
    Mikeyorks Posts: 10,380 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    YorkshireBoy wrote: »
    ...but not this Monday coming. :)

    This year's Spring Bank Holiday has been put back a week (and preceeds Jubilee Day in June).

    My Outlook calendar has not been informed!

    (and I must admit that had by-passed me)
    If you want to test the depth of the water .........don't use both feet !
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