At what point would a transfer be classified as a Friday transfer?

JustAnotherSaver

jonesMUFCforever wrote: »

The more transfers you have to make the more difficult for your solicitor to marry them all up.
I strongly advice you use the internet and transfer all of the monies into one bank account and do a CHAPS payment from there.

Really? (regards the difficulty). I'm not doubting you, just asking.

To be specific, we have a straight £45k to pay. That is £45,000 now. We've been given a reference we must add in with the transfer so that they can identify the payment being from us - this is why i don't get how it can be difficult for them to marry it up. All the references will be the same, plus they'll all be coming within minutes of each other.

But trying to be proactive, i'll see what Halifax, Santander & Nationwide charge for CHAPS.

JustAnotherSaver

Right, i've just had a look & out of those 3 i can only find the answer to how much Halifax charges - £25. I can't find it for Nationwide or Santander.

More worrying (for me), i can't find how to send via CHAPS. The only time i've ever seen it even listed was when i had a savings account with Derbyshire.

So how do i send via CHAPS? Both Santander & Nationwide would be handy to know.

ERICS_MUM

faster pay timescales state that funds must reach the payees bank by the close of business on the next working day.

CHAPS payments must be received by the payees bank by close of business day 1. Assuming you provide all the correct details, any delay will have to be borne by the banks. For this reason alone I would pay the CHAPS fee for a large value & time-critical payment.

JustAnotherSaver

I'll probably take the hit then & send it in 1 chunk via chaps (can you send £45k in one CHAPS payment?). I know that if it all goes wrong & i don't use CHAPS then the missus may castrate me.

But still, how do i send it via this method? I've had a look but can't see how to.
Also, what do Nationwide & Santander charge? Halifax are £25, but even with them i can't see how to do it.

EDIT: Just found out how to do it with Nationwide & they also charge £25. Question is Santander now.

Just looking at the CHAPS payment & they ask information like recipients bank address. Seriously??! Guess that's more information i'm going to have to find out.

jonesMUFCforever

You don't need to do them all by chaps. Transfer all the monies to one account go into a branch with your debit card and suitable ID and make one CHAPS payment for the lot.

rb10

JustAnotherSaver wrote: »

I'll probably take the hit then & send it in 1 chunk via chaps (can you send £45k in one CHAPS payment?). I know that if it all goes wrong & i don't use CHAPS then the missus may castrate me.

But still, how do i send it via this method? I've had a look but can't see how to.
Also, what do Nationwide & Santander charge? Halifax are £25, but even with them i can't see how to do it.

You can send any value by CHAPS.

If it's critical that the money is received on Friday, then definitely use CHAPS. If it can be delayed until Monday, then you can go by Faster Payment.

From Halifax, CHAPS payments can only be made in branch (unless you happen to have a Premium Savings Direct or ISA Saver Direct account), and have to be set up by 2.45pm.

Nationwide charge £25, payments can be made online (by 1pm).

Santander will charge £25 as well, it's not clear how payments can be made.

JustAnotherSaver

Problem is getting time off work. I tried for some of that today - no. I'd need to be able to do it at home.

I can transfer them all around my/our accounts so they're pooled into one. I know how to do it from Nationwide now. I've emailed Santander to ask what they charge & how i do it through them.

Found this though - http://www.santander.co.uk/csgs/Satellite?c=Page&canal=CABBEYCOM&cid=1237886380034&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1 says they can transfer up to £100,000 without charge. I'm probably being dim, but why would this be no good to me?

Gromitt

JustAnotherSaver wrote: »

I'll probably take the hit then & send it in 1 chunk via chaps (can you send £45k in one CHAPS payment?).

Ask your solicitor to print out their banking information and reference. Take it down to your bank and ask for a CHAPS transfer. Pay the fee. Relax knowing the money will be with the solicitors the same day.

Before that, transfer all funds into one account. There is no transaction limit with CHAPS, so send in one go.

CHAPS forms may ask for things like bank address. This is only to confirm things like the sort code/account number being correct (after all, some people use it for transferring hundreds of thousands of pounds). If you know they are correct, you can ignore.

JustAnotherSaver wrote: »

says they can transfer up to £100,000 without charge. I'm probably being dim, but why would this be no good to me?

1) It's not a guaranteed service. Transactions made on a Friday may not be received until Monday.
2) For a transfer of 50K, it's likely to be held up for security and fraud reasons, which may add delay.
3) If your not careful (typos), you could transfer to the wrong account and take weeks trying to get it back.

Going down the bank with id (eg. passport) and requesting a CHAPS transfer gets rid of all the above problems.

rb10

JustAnotherSaver wrote: »

Just looking at the CHAPS payment & they ask information like recipients bank address. Seriously??! Guess that's more information i'm going to have to find out.

Just put the sort code and account number in here.

JustAnotherSaver

Just to stress again - i can't just pop into the bank. I can't get the time off work.

Also, as i seem to have not put it in at the start of the thread, it needs to be in the solicitors bank by next Friday at the latest (8th Nov).