Making large transfer from Halifax Reward Current Account

rorylando45

Hi all,

Was wondering if anyone could help, if not I will ring Halifax and ask them.

I am currently in the process of buying my first flat (yay) and am due to complete next Friday (31st May). I have to transfer about £130k to the solicitor. At the moment it is all in my Halifax Reward Current Account, having moved it there this past week from various ISAs and Savings Accounts.

My question is, what options do I have for transferring this to the solicitor's account? Presumably it is too much to send in one online payment?

Thanks for any help/advice

Gromitt

The easiest way would be to visit Halifax with Id and your solicitor letter and request a CHAPS transfer. It'll cost about £25 but will transfer the money in one go.

Or you can split it up into multiple transfers across multiple days and get it done for free, but the solicitor may not like lots of 10K transfers (or whatever the limit is with Halifax).

dr_adidas01

rorylando45 wrote: »

Hi all,

Was wondering if anyone could help, if not I will ring Halifax and ask them.

I am currently in the process of buying my first flat (yay) and am due to complete next Friday (31st May). I have to transfer about £130k to the solicitor. At the moment it is all in my Halifax Reward Current Account, having moved it there this past week from various ISAs and Savings Accounts.

My question is, what options do I have for transferring this to the solicitor's account? Presumably it is too much to send in one online payment?

Thanks for any help/advice

You could do it via CHAPS which will cost you £25 and let you pay the £130k in one go to your solicitor. Otherwise you could probably do it over a few days using online banking and the Faster Payment System which will cost you nothing. You should also if your going to use this method inform halifax of what your doing as it may get stopped in there fraud prevention system.

There is a £25k daily limit on Halifax FPS system so you would have to do this over a few days to get your £130k transferred across, to your solicitor, provided they will accept this method.

rorylando45

How does CHAPS work, do I do it online or should I go into the branch?

derrick

FP limits on current account is £25000 per day, but if you open an online savings account, (instantly), you can transfer into it immediately from your current account then the savings account lets you transfer £99999 by FP, so can be done over 2 days, although with the amount you are talking about the £25 Chaps fee is a drop in the ocean, but we are a money saving site so make your choice.

http://www.halifax.co.uk/onlinebankinghelp/fasterpayments.asp?!!!!!HOME2

Then click on "Payment limit and time frames"
.

dr_adidas01

rorylando45 wrote: »

How does CHAPS work, do I do it online or should I go into the branch?

Pop into a branch with ID and they will be able to do it for you.

mcphail

If you go into a branch, they can print you a cheque (if you dont have a cheque book)to give to the solicitor - however you don't have a lot of time for it to be cleared before Friday , so would need to get in done, handed to solicitor and banked on Tuesday .

ColdIron

If it absolutely definitely has to get there quickly and without interruption CHAPS is the only way to go

rb10

mcphail wrote: »

If you go into a branch, they can print you a cheque (if you dont have a cheque book)to give to the solicitor - however you don't have a lot of time for it to be cleared before Friday , so would need to get in done, handed to solicitor and banked on Tuesday .

If the solicitor paid a cheque into their account on Tuesday 28 May, it would clear on Wednesday 5 June.

For a house purchase, CHAPS is the only way forwards. £25 is a drop in the ocean when you're spending that much money.

Just make sure you have sufficient ID with you when you go to the bank.

YorkshireBoy

mcphail wrote: »

If you go into a branch, they can print you a cheque (if you dont have a cheque book)to give to the solicitor - however you don't have a lot of time for it to be cleared before Friday , so would need to get in done, handed to solicitor and banked on Tuesday .

For a cheque paid in next Tuesday, T+4 would be the following Monday. And T+6 (ie cleared for fate) would be close of business the following Wednesday (effectively the following Thursday morning). I can't see the solicitor agreeing to a cheque for £130K if it needs to clear by next Friday.

Goldiegirl

I think CHAPS as well.

You could do it in dribs and drabs over a few days, but as this is going to be the biggest purchase of your life so far, I think it's worth paying £25 you know the money will get to the solicitor in one chunk.

It'll save a lot of messing around for you and the solicitor