Halifax Faster Payments

rangers_fc

Has anyone any experience of using Bank Of Scotland faster payments recently. I want to transfer £70,000 so I utilised faster payments to the sum of £25,000 I think this may be the limit per 24hrs has anyone any information or experience they can divulge, Im trying to avoid a BACs transfer as this cost £25 has anyone any expeirience utilising faster payments for larger sums of money using the Bank Of Scotland / Halifax

Thanks

HappyMJ

Really...£25 on that sum of money isn't much. If you are moving from a 0% interest account to a higher rate of interest such as 4% you will make the money back as interest in 4 days.

YorkshireBoy

Title mentions Halifax, yet post talks of BoS?

Either way, it looks like £99,999 per transaction (and per day) if making the payment from a WebSaver savings account...

http://www.halifax.co.uk/onlinebankinghelp/fasterpayments.asp

http://www.bankofscotland.co.uk/helpcentre/internet-banking/faster-payments/

rangers_fc

Yeah Its a bit confusing As I log in through the Halifax web site but all branding in the branch is Bank of Scotland. thanks for the links ok re links is a online saver a £25,000 limit or £99,000. Its part of a house purchase as I dont think I can find a 4% savings account lol

innovate

You could probably make umpteen payments to the max they allow. I.e. at First Direct, for instance, the max per transaction is £10K, but the max per account per day seems to be a lot higher. How high it really is I don't know, but up to £80K-ish is ok (I don't keep more than £80K in any single institution). The actual limit is probably your balance --- suppose you could always ask the bank (and hope you speak to someone who knows their stuff).

So you can do x times £10K (even to the same recipient) on the same day at First Direct. I know Nationwide does similar, and I wouldn't be surprised if other banks did the same, too.

Best, however, to talk to the bank beforehand - you don't want your account locked on the 2nd or 3rd of umpteen important transactions. If you have advised them that you will be making payments amounting to a lot, they re a lot less likely to stop you in your tracks.

If you want to be on the safe side, just pay them the £25 to make the transfer for you in one transaction.

Milarky

If you have more than one account (a savings and current account for example) the daily limit applies per account, so you could exceed the £25k figure that way.

mulronie

An easy way to check your bank's limit is to look at this website: the Bank of Scotland limit shows as £25,000 per day.

I've made a couple of big payments from Lloyds recently (which shares the same payment systems at BoS/Halifax) and my experience is that this limit is actually per 24-hours, not per calendar day.

Best option is to phone the bank to see what your choices are, whilst being prepared to take the £25 hit on a CHAPS payment to guarantee timely delivery.

innovate

mulronie wrote: »

An easy way to check your bank's limit is to look at this website: the Bank of Scotland limit shows as £25,000 per day.

It's actually the limit per transaction that is shown in the table. This may or may not be the daily limit.

It says on the site (my highlighting):

These value limits for members of the Faster Payments Scheme, listed below, apply to each individual transaction.

In addition to these ‘per transaction’ value limits, most types of account have a daily limit on the total amount you can send from your bank, whatever payment system is used.

You should contact them in advance to check what this may be, if you are planning to send large-value amounts which may exceed any daily limits your bank has set.

jennifernil

I read it as £25k per account per day (though no idea what constitutes a day)

Will be testing this soon as need to send £88 k from my/our Halifax to DD's Halifax. I have 4 Halifax/BOS accounts, so planning to send £22k from each.

Will report back on results, but I am not expecting any problems.

Milarky

jennifernil wrote: »

I read it as £25k per account per day (though no idea what constitutes a day)

Will be testing this soon as need to send £88 k from my/our Halifax to DD's Halifax. I have 4 Halifax/BOS accounts, so planning to send £22k from each.

Remember you would need to set up the same payee on each account separately (that's how their systems operate). If sending £25k as a 'first payment' from each account it may be held for manual checking because of the amount. So do this early in the working day but not so early that you cannot then phone through to speak to the bank and they can/should remove any temporary stops in the system to allow you to complete all payments.