Is there a minimum payment?

NowRetired

I have to transfer a large amount of money to a friend's bank account but want to make a test payment first in case I get the details wrong.

What is the minimum payment I can transfer or is there no minimum, i.e. can I transfer 1p?

Both accounts are with BOS if it makes any difference.

dr_adidas01

NowRetired wrote: »

I have to transfer a large amount of money to a friend's bank account but want to make a test payment first in case I get the details wrong.

What is the minimum payment I can transfer or is there no minimum, i.e. can I transfer 1p?

Both accounts are with BOS if it makes any difference.

Some banks have a limit of £1 to send via fps system. I usually send £1 to see if arrives in the account of the person i'm sending it too.

Also there is a limit of £25,000 with BOS for sending Faster Payments. So you cant send more then £25,000 a day via the FPS system anymore than this and it will take the usual 3 to 5 days to clear.

innovate

dr_adidas01 wrote: »

Also there is a limit of £25,000 with BOS for sending Faster Payments. So you cant send more then £25,000 a day via the FPS system anymore than this and it will take the usual 3 to 5 days to clear.

No Faster Payment will take 3 to 5 days to clear?

dr_adidas01

innovate wrote: »

No Faster Payment will take 3 to 5 days to clear?

Sorry for not being so clear, however I'm sure you knew what I actually meant!!!

If its over the £25,000 FPS limit, Then it will go via the standard channels and take 3 to 5 days!!!

IS THIS A BETTER EXPLANATION?????

Hominu

dr_adidas01 wrote: »

Also there is a limit of £25,000 with BOS for sending Faster Payments. So you cant send more then £25,000 a day via the FPS system anymore than this and it will take the usual 3 to 5 days to clear.

I thought that until I asked a BOS employee:

There's a £25,000 transaction limit AND a £25,000 daily limit.
If you want to send more than that it will cost £25 per transaction, you can avoid this by scheduling further payments to be sent the next day (unless they exceed the transaction limit).

Apparently. We all know bank staff don't know what they are talking about 90% of the time.

jonesMUFCforever

I would have thought that any transaction above £25k would be declined with a message from the bank to the customer to contact their branch to make alternative arrangements such as CHAPS.

mulronie

dr_adidas01 wrote: »

If its over the £25,000 FPS limit, Then it will go via the standard channels and take 3 to 5 days!!!

IS THIS A BETTER EXPLANATION?????

It's better but it's still factually incorrect.

If the payment is over the FPS limit, the only alternative is CHAPS. Or dust off the cheque book!

The 3 day payment type is no longer offered to consumers as it is not compliant with the Payment Services Regulations.

innovate

I attempted more than £25K, in several transactions, the other day from my Lloyds account, which probably uses the same systems as BoS. The first £25K sailed through. The 2nd immediately went into a 'pending' status. They advised me on the phone that I had to go online the next day (at least 24 hours after previous payment) and confirm the payment. Might as well just do the 2nd lot the next day since it doesn't seem to appear to go automatically.

Or pay the £25 for them to make the full transfer in one go. And/or move to a bank that doesn't have these sorts of restrictions. http://www.paymentscouncil.org.uk/resources_and_publications/faster_payments_value_limits/

Had a good experience with First Direct the other day when wanting to transfer more than their daily limit (forgot what it is now). They said they could do any amount on the same day against a £25 fee, or any amount next day for free. I opted (around 10am) for the 'free next day' and the money was in the recipient's account before 6pm.

Gromitt

Santander will allow you to send 100K in a single transaction, but be prepared for it to be blocked for security reasons.

LBG can do 100K in a single transaction, but it has to be a scheduled SO.

Nationwide say you can send as many 10K transactions as you like.

I've personally sent 100K in a day from FD. I got the warning saying "The payment can not be sent on the day requested (Today), the earliest possible date has been automatically selected (Tomorrow)", so probably the same as innovate. Strange, as the payment council says the limit is 10K...

simax

If a payment doesn't go by FP it will transact the next working day as per new guidelines.

innovate

simax wrote: »

If a payment doesn't go by FP it will transact the next working day as per new guidelines.

I thought that since Jan 2012 all payments must, by EU law, arrive at their destination by the end of the next working day. The UK implementation of this EU law is referred to as "Faster Payment", and all consumer instructions for immediate payment go by FP. The payment may arrive at the destination anything between almost instantly and end of next business day.