Faster Payments and limits

YorkshireBoy

grumbler wrote: »

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

With some (maybe all?) banks (and building societies), Monday starts at close of business Friday, meaning anything sent on a Saturday/Sunday uses Monday's daily allowance.

OP should check out WB's policy on weekend immediate FPs before making their plans.

glocal

@grumbler, most banks have a limit of £10k. It can take six transaction over six days to transfer £60k. I suppose I will have to wait until Monday and call them. @Yorkshireboy, several pages describe Faster Payments as 24/7 and in my experience they are. It's just that the rules give banks time until the end of the next working day, which apparently some use. WP may be one of them. I couldn't find a reference for what @ponbeam says either. If it is correct and it is based on personal experience, that's precisely the kind of information you can't find on websites. WP's website doesn't even bother to try.

innovate

glocal wrote: »

@grumbler, most banks have a limit of £10k. It can take six transaction over six days to transfer £60k.

You may be able to to make several transactions, for the maximum FP limit, on the same day. Definitely works at some banks.

telboyo

I am puzzled by this thread, surely someone who has a need to transfer £120K instantly would have the wherewithal to find the info required or pay £25 for chaps or employ someone (solicitor perhaps) to do it for them.
Unless, of course, it is some dodgy scheme to make millions.

glocal

innovate wrote: »

You may be able to to make several transactions, for the maximum FP limit, on the same day. Definitely works at some banks.

From what I saw, some explicitly state the limit is per day. I am sure that will not be the case with all of them. If the technical limit for the system is £100k, it is really unacceptable some of them impose a limit of £10k. The limit wouldn't apply if I turned up at the branch, would it?

rb10

glocal wrote: »

From what I saw, some explicitly state the limit is per day. I am sure that will not be the case with all of them. If the technical limit for the system is £100k, it is really unacceptable some of them impose a limit of £10k. The limit wouldn't apply if I turned up at the branch, would it?

Yes, it would apply in a branch as well.

(In fact, I think some banks may not permit faster payments at all in branches).

glocal

rb10 wrote: »

Yes, it would apply in a branch as well.

Sorry, I meant, if you wanted to withdraw your money over the counter, they wouldn't stop you. By imposing an artificial restriction on FP amounts, they effectively prevent someone unnecessarily from withdrawing their cash.

jonesMUFCforever

glocal wrote: »

Sorry, I meant, if you wanted to withdraw your money over the counter, they wouldn't stop you. By imposing an artificial restriction on FP amounts, they effectively prevent someone unnecessarily from withdrawing their cash.

It is more difficult in branch to make a huge withdrawal - body language, ID checks and all that - you are annonymous on the internet.
Too many are lax with their security to let FP be a free for all.

Let's be honest how many of us personal customers need to make a payment of £10k or more in a lifetime?
Me - well a few times when buying a house maybe but that's it.
There are alternatives - use a cheque for instance - if you need same day cleared funds then CHAPS is there for you at a cost.

You would not be stating your view here if your account had been cleared out by fraudsters/hackers.

rb10

glocal wrote: »

Sorry, I meant, if you wanted to withdraw your money over the counter, they wouldn't stop you. By imposing an artificial restriction on FP amounts, they effectively prevent someone unnecessarily from withdrawing their cash.

Ah ok, branch cash withdrawal limits will vary by bank and by branch, but will in many cases be much less than £10k.

innovate

jonesMUFCforever wrote: »

Let's be honest how many of us personal customers need to make a payment of £10k or more in a lifetime?
Me - well a few times when buying a house maybe but that's it.

With the need to shuff about money because of expiring bonus rates,
quite a few people will want to move tens of £Ks almost regularly.