Faster Payments and limits

glocal

How quickly do West Brom and Santander complete Faster Payments? I believe all banks must complete retail transactions by the end of the next working day, but some do that within seconds. Also, and perhaps more importantly, what are the limits for retail customers? I will need to transfer up to £60,000 from each to a Halifax account, and timing can be very critical. I am a little concerned that I may not be able to use Faster Payments through internet banking for these amounts, in which case what are my options?

Many thanks in advance

grumbler

Santander do them instantly.

Re the limits see this recent thread: Large payment from Halifax to Llyods

YorkshireBoy

grumbler wrote: »

Santander do them instantly.

...but only to existing payees I believe? For first time payments there's usually a small delay.

grumbler

Maybe. TBH I don't remember about the very first transfers and most my payees existed before the Fast Payments were introduced.

YorkshireBoy

glocal wrote: »

I am a little concerned that I may not be able to use Faster Payments through internet banking for these amounts

Allow me to eliminate those concerns, at least for Santander...

Simply go to the Santander website, and locate the search box at the top of the page.

Type in your thread title, ie "faster payments and limits", and press 'search'

Read the first result returned.

You may find West Brom have a similarly useful feature?

melbell

YorkshireBoy wrote: »

Allow me to eliminate those concerns, at least for Santander...

Simply go to the Santander website, and locate the search box at the top of the page.

Type in your thread title, ie "faster payments and limits", and press 'search'

Read the first result returned.

You may find West Brom have a similarly useful feature?

Oh god that is an amazing system. Do you own the patents?

Hazzanet

Google also has this feature:

http://lmgtfy.com/?q=faster+payments+limits+site%3Asantander.co.uk

glocal

Thanks for the replies. Santander does transfers up to £100k per transaction and per day. Most others have limits below £50k though, and there is no information on West Brom's site, which is mainly why I asked if people know anything more. If their limit is too low, unless a transaction can be broken into installments over several days, it seems that CHAPS at £25 per transaction is the only option, which is scandalous!

grumbler

If it is £100K at Santander and if you are concerned about WB, why can't you make one/two transfers from WB to Santander today and tomorrow?

ponbeam

You can send up to 100 k with Santander via faster payment. 50k online and 100k in a branch or telephone

YorkshireBoy

ponbeam wrote: »

You can send up to 100 k with Santander via faster payment. 50k online and 100k in a branch or telephone

Do you have a source for that? Their website doesn't seem to mention the £50K cap on online transactions...unless I've missed it?