Transferring money from a Santander online account.

fjsfjs

In a few weeks I shall want to transfer a six figure sum from a Santander 123 account to a third party account already set up in that account to receive payments. The bank the recipient uses accepts faster payments.

I have had problems in the past with this sort of online transaction. At the last moment you are told that you have to go into a branch with proof of identity. I then point out that I am essentially housebound, and am presented with no other solution.

Santander say you can transfer 100 000 GBP through the online account via faster payments. Experimentation shows that the upper limit is 40 000 GBP, the same as a Debit Card. You can undertake more than one transfer, but I have no idea why they state the higher sum. They do not respond when I ask, as detailed in another thread here.

Archi_Bald

Any transfer at any bank over a certain amount, say £15K - £20K, is not likely to just get just processed, regardless of the technical capability and daily payment limits. You will need to advise your bank well beforehand of your intention to make such a large payment. There is not much point questioning whether this should be so or not - - it is so, and I feel it's actually quite good that they have another security check before large sums of money are allowed to leave your account.

I don't know why Santander wouldn't respond to your online messages, but you can always call them.

The most cost-effective way to call Santander CS is probably via 01908 237963 from a mobile.

As an aside, it seems you have over £85K in your Santander account. Are you aware of the FSCS limits regarding safety of your funds?

Bankers_Bane

To my knowledge, Santander does not make these extra checks. I recently transferred £25k into an account that was not registered with Santander. They did not question it. Unfortunately I made an error with the account number, and that money is now lost. They quote £100k as the limit, because that is the limit in the Faster Payments system.

fjsfjs

Archi_Bald wrote: »

The most cost-effective way to call Santander CS is probably via 01908 237963 from a mobile.

As an aside, it seems you have over £85K in your Santander account. Are you aware of the FSCS limits regarding safety of your funds?

I keep a much smaller amount in the account. I use it to make payments as I cannot do so directly from the guaranteed accounts where the money resides.

Archi_Bald

fjsfjs wrote: »

I keep a much smaller amount in the account. I use it to make payments as I cannot do so directly from the guaranteed accounts where the money resides.

It's not just what you keep in the 123, but it's about your total balance with Santander UK Ltd. If you have more than £85K in there (or more than £175 if one or more of your accounts are joint), you are not covered by the FSCS guarantee.

Archi_Bald

Bankers_Bane wrote: »

To my knowledge, Santander does not make these extra checks.

You are the first and so far only person on MSE who reports that Santander doesn't make extra checks on higher amounts. My own experience is that they will always make extra checks on larger sums, unless you have previously advised them how much you will be paying to where and when.

bengal-stripe

Bankers_Bane wrote: »

I recently transferred £25k....... Unfortunately I made an error with the account number, and that money is now lost.

At least, you don't seem to mind the loss of 25k. - That's the spirit!!!

marlewuk

i transferred 20k then 15k in a week both needed additional checks