Transfer large sum of money

someadvicereq

Is it possible to transfer a large sum of money (CHAPS or BACS) to someone? I'm talking over 50k?

Is it better to write them a cheque?

Any issues with either of these things? Or just do it 10 grand at a time online?

FireWyrm

The short answer is : of course it is....people transfer large sums of money around all the time when they are buying houses for instance.

CHAPS usually incures a £20 - £30 charge but it goes immediately. BACS is free but takes 3 days and there might be upper limits on how much you can send in a single transaction. You could however send 5 x £10K or some similar multiple.

Many banks offer 'faster payments'.

Go into your bank and ask to transfer the money. You will most likely require additional identification such as a driving license and council tax bill or something like that just to ensure you are who you say you are. Slight inconvenience, but to be expected in the climate of 'money launderers under the bed' we live in.

someadvicereq

Do you need to tell them what the money is for?
If I was transferring 50 grand to my mums account would they ask why? Its so she can buy a house.

FireWyrm

They might ask...but you dont have to tell the truth and really, all the AML regulations say is that the money needs to be 'traceable' not what you intended to do with it. Well, if you have a qualified bank account and you are transfering via CHAPS or BACS, it is most certainly traceable...they dont need to know the purpose as such. However, it is usually sensible to comply with innocuous questions no matter how impertinent from a bank since they can and have been known to close accounts and blacklist people for little more than a 'suspicion' of strange behaviour.

Given that though...people move large sums each day for various reasons. It isnt extraordinary.

someadvicereq

Thanks - I would be transferring from Santander, it looks like I can do so using Faster Payments (the destination account accepts this). My only issue would be they would stop the payment due to 'fraud' checks etc.

From Santander:

What is Faster Payments?



It's a quicker way of moving money electronically to another UK bank. Generally speaking, funds will be available within two hours of sending.
The Faster Payments Scheme is a free and secure service to transfer money up to and including £100,000 between accounts.
You don't need to do anything to benefit from Faster Payments, just continue making payments from your banking or savings accounts as normal.
Please note that transactions have to fall within the limits of the scheme, and the recipient bank must be able to accept Faster Payments.

Gromitt

They probably would stop the payment for fraud checks, etc, but the worse that can happen is a 24 hour delay whilst they performs those checks and possibly phone you to confirm before allowing it on.

Its still going to be faster than a cheque.

If you need it there the same day, then the only other solution is CHAPS at a branch with full id.

innovate

FireWyrm wrote: »

They might ask...but you dont have to tell the truth.

You always have to tell the truth, particularly when you are talking to banks. They'll sooner or later find out if you tried it on, and the consequences can be very unpleasant.

telling the truth does not mean that you give them a detailed account of everything. For example, if you wasn't to give your mum money so she can buy a house, you don't have to say any more than that you want to transfer money to your mum. None of the bank's business what she might do with the money once it it her's ( which it will be once it has landed in her account).

If any benefits agencies are involved, things will be different. Both the donor and the recipient will have to detail the use of their funds to the benefits agencies.

agrinnall

FireWyrm wrote: »

The short answer is : of course it is....people transfer large sums of money around all the time when they are buying houses for instance.

CHAPS usually incures a £20 - £30 charge but it goes immediately. BACS is free but takes 3 days and there might be upper limits on how much you can send in a single transaction. You could however send 5 x £10K or some similar multiple.

Many banks offer 'faster payments'.

Go into your bank and ask to transfer the money. You will most likely require additional identification such as a driving license and council tax bill or something like that just to ensure you are who you say you are. Slight inconvenience, but to be expected in the climate of 'money launderers under the bed' we live in.

!!!!!!, how long are people going to keep living in the past? I will put this very simply for you and all the other people who don't seem to realise it:

There is no BACS for personal banking customers any more.

Since January 2012 all payments must arrive by the end of the next working day, meaning BACS was defunct by definition at the end of 2011. There are now only two UK inter-bank electronic payment methods, Faster Payments (free, but with limits on the amount that can be transferred) and CHAPS (at a cost in most circumstances, but effectively with no limit on the amount).

Archi_Bald

FP limits: http://www.paymentscouncil.org.uk/resources_and_publications/faster_payments_value_limits/

Pretty reliable. But worth checking with your bank, particularly for larger amounts.