Natwest Faster Payments Limit?

bonzer

Anyone know what the maximum limit is to send a payment online from a Natwest account and have it go by faster payments?

I asked the call centre twice and they claimed it's £20,000 both times both their transaction limit and faster payments limit.

However on the Natwest website it doesn't say directly but links through to a faster payments website which says it's £10,000.

http://www.natwest.com/microsites/personal/faster_payments_service/faster_payments_faq.asp

I'm wondering whether the web is out of date or the call centre is misinformed?

Thank You

Bonzer

agrinnall

I suspect it is still £10K, I'd be more surprised if they changed the limit to £20K rather than a much higher one (£50K or £100K) than to discover that call centre staff don't have a clue what they're talking about. But I could be wrong, I've only got £19 left in my NatWest esaver so I can't test it for you I'm afraid.

innovate

I think Natwest might be one of the banks that allow you umpteen payments of up to £10K a day. May be they recently upped the £10K to £20K.

However, if you do want to transfer larger sums, it's always advisable to advise the bank beforehand.

bonzer

Thanks for the replies. Natwest call centre claim it definitely is £20K but I'm still not sure I believe them. I think they might be confusing per day transaction limits and faster payments limits.

I've sent a payment of over £10K already online which it seemed to accept but I'll have to see if the recipient got it tomorrow.

sparkyxxx

Its certainly £20k a day.

innovate

bonzer wrote: »

I've sent a payment of over £10K already online which it seemed to accept but I'll have to see if the recipient got it tomorrow.

If Natwest processed the payment, it will almost certainly already be in the recipient's account by now. Only in very exceptional cases can it take until the end of the next business day.

Don't let the recipient worry you - - if the transaction shows on your Natwest account, and if you used the correct sort code and account number, it has happened as far as you are concerned.

alanq

Unless the bank is suspicious (especially with a new payee) in which case you could be contacted to confirm the payment.

You'd have thought that having entered a correct password and used a card and PIN to set up a new payee that would be enough. But on one occasion I was phoned by NatWest and had to verify a large transaction before it went through.

agrinnall

bonzer wrote: »

Thanks for the replies. Natwest call centre claim it definitely is £20K but I'm still not sure I believe them. I think they might be confusing per day transaction limits and faster payments limits.

I've sent a payment of over £10K already online which it seemed to accept but I'll have to see if the recipient got it tomorrow.

If the limit was still £10K then a payment for more than that would have rejected straight away, so it does sound like it's been increased but that the limits on the Payments Council page have not been updated (last update was done in Dec 2012). You could make a complaint to NatWest as their information directs you to that page and is therefore misleading.

Milarky

It looks official. See here: https://www.questions.natwest.com/RBSG/index?page=content&frompage=homepage&actp=search&id=FA2904&searchid=1372363166499

Provided there are sufficient funds in the account that you want to pay from, you can make payments to the limits as follows:
A minimum of £00.01 in any case

A maximum of £20,000.00 per day for personal customers

A maximum of £20,000.00 per day for business customers

Please note: the maximum daily sum is per working day, therefore payments made on a Saturday, Sunday or Bank Holiday will form part of the allowance for the next working day.

If you are a business customer who regularly needs to make transactions greater than £20,000 then the RBS Bankline lite or RBS Bankline service may be better suited to your needs.

If you need to make a payment above the maximum online payment limit you may consider making a CHAPS payment through your branch. Remember to take your debit card and proof of ID with you.

chambta

As stated above it's £20k online. For some reason branch initiated payments are still only £10k.