How to pay someone large amount

Dan-Dan

Hi Guys

I hope this is the correct forum

We are executors of an estate , we have realised the estate (i.e sold the house left in the will) , there are stipulations in the will , for 5 grand kids to have some cash put in trust until 18 , and two adults to divide the rest equally , it means one person , is due about £137k

Now , this might be a stupid question , but is it just a case of paying it to their nominated account using online banking instant payment ?

This amount of money is quite intimidating to be blunt so want to be sure , that this is the way to go ?

Cheers

HappyMJ

Yes...you may not be able to do it online as the amount may be excess on your online banking limits...it might require a phone call...it'll also still take 3 days as the amount is in excess of the faster payments limit. To get the money to the recipient faster you can pay a fee.

le_loup

Cheque?
It may be old fashioned, but it works.

somethingcorporate

I'd suggest ringing/going into the bank to discuss it.

It will help minimise the chance of it being held up and investigated etc.

alanq

For sums over £100,000 the Faster Payments service is not an option and a bank is unlikely to allow a private customer to get anywhere near that limit.

The banks also offer CHAPS which, for a fee, allows for the same day transfer of large sums.
http://www.payyourway.org.uk/payments-explained/chaps/

There are cheques / bankers drafts which may not be a bad idea if they can be handed to the recipient but perhaps not best to entrust to the post.

Hominu

Give them a cheque from the account, it avoids the £25 CHAPS fee, they don't have to give you their bank details, and you don't have to worry about getting a digit wrong and sending it to the wrong person.

Cheques may be old, but they just work.

alanq wrote: »

For sums over £100,000 the Faster Payments service is not an option and a bank is unlikely to allow a private customer to get anywhere near that limit

Unless your bank is named 'Santander', in which case they'll process £100K faster payments.

Dan-Dan

Thanks all , good advice , the cheque sounds good because it can be handed directly over

robatwork

You can probably pay in multiples of £10,000 via faster payments

henm2

A cheque is simple cheap to use and you can do the payment in one go with the only slight downside of it taking a few days to clear.

DigForVictory

Even with cheques, tell the banks involved. That amount will cause queries, so pre-empt them.
Best of luck!

JuicyJesus

For that amount of money, is the CHAPS fee really too much to pay considering it offers almost guaranteed same day clearing direct to the beneficiary's account?