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

rb10

JustAnotherSaver wrote: »

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?

The payment may be delayed, particularly as it's a large amount to a new payee.

Instead of following the CHAPS method, you could transfer all the money into your Santander account (through online banking), and then do a (free) Faster Payment transfer from Santander to the solicitor.

To ensure it is received by the solicitor by Friday, I would recommend making the payment asap, but certainly by tomorrow lunchtime.

Edit: Just seen your latest post; as you have over a week, if it was me, I would collate all the money together in Santander by Monday, then send as a free Faster Payment to the Solicitor on Wednesday morning - giving plenty of time for delays or additional security checks to get to the solicitor by Friday. (It'll probably actually arrive on Wednesday, but better safe than sorry!).

If you do want to do CHAPS, then it'll have to be from Nationwide as they are the only one to allow online CHAPS payments.

JustAnotherSaver

Thanks. I just wanted to avoid needless charges (if possible). I should've really added earlier that the payment needs to be there by the 8th but it didn't cross my mind. If anything, it'd probably need to be in the solicitors bank ON the 7th, as the 8th is the day they need it for.

Although i've just realised that since i've closed down all accounts i barely used, i now only have a Santander ISA account & that's it. I'd have to open up an eSaver or something to make the payment from one account.

Gromitt

A newly opened account with money transferred into it from various accounts and then transferred out to another account might look suspicious and may get both the account and transferred stopped for further investigation or possible money laundering.

May be better to ring them up and tell them what you intend to do.

Either way, make the transfer as soon as possible, expecting delays. I'd do it no later than next Monday unless your going to chaps it, and even then, give them fair warning of what you are going to be doing, so it's not a surprise for them (as I'm guessing its not your regular account habit to be transferring 50K through your accounts).

JustAnotherSaver

I've just remembered - the wife has a Santander eSaver & a Santander Everyday Current Account. Neither have been used much. I think the eSaver was just opened in case she needed somewhere to dump money temporarily, but has never really used it other than to chuck £1 in. The Everyday account was opened for Quidco cashback & i don't think she ever closed it.

She'll secure message them saying she intends to transfer £45k out in the next few days. Probably better from the Everyday account since it's a current account.

Gromitt

I would concur on that suggestion.

Also, always better to get the wife to do it. As in, she can't complain then if it's not done in time

JustAnotherSaver

Trust me, if it goes wrong, it'll be my fault

To confirm - she does have the everyday account. She's messaged them to say she'll have £45k coming in & going out within 24hours of each other & reason as to why.

YorkshireBoy

Re Santander...

You (she) ought to read up on their OTP* system (but possibly time is against you?).

Possibly send a tenner first (and deal with the OTP), before sending £44,990 a day or so before the deadline.


* http://www.santander.co.uk/csgs/ContentServer?c=Page&canal=CABBEYCOM&cid=1237911848189&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1

JustAnotherSaver

We both have the OTP thing set up & working on our Santander accounts, so that should be ok.

I thought today though - wouldn't it be a good/better idea to send to the solicitor from the account(s) the money is in right now?

Basis for this is we had a nightmare when trying to prove deposit. All this transferring about caused some real aggro & those were just £1k transfers. If I start throwing £10ks about here & there, it could look strange. It I just pay direct from each account then it's direct.

agrinnall

To be honest, given that you have a week to play with, I'd agree with your suggestion to send the money now (or tomorrow evening) from the accounts where the money currently is - assuming that all of them offer FPS transfers - and that should allow the solicitor plenty of time to reconcile them into the single figure that is expected.

Hominu

JustAnotherSaver wrote: »

Basis for this is we had a nightmare when trying to prove deposit.

Which estate agent did you use? The ones I've used in the past were happy with a printout from online banking, so I just knocked one up in front page and they accepted it. Saved all the hassle of showing my real bank accounts.

The solicitors didn't care whether I had the deposit or not, they just said that if I couldn't afford to pay the deposit when requested they would charge for all work up to that point (about £500) and cancel the sale. Needless to say, each went through without a hitch.