Faster payment help and transfer limits!

Paul_B.

jonnym8083 wrote: »

Yes I don't mind paying the £25 chaps as long as it is for the whole 100k I don't wan them to say there is a chaps limit of 10k for example and have to do 10 chaps transfers of 10k each and pay £25 every time. I cannot seem to find anywhere the chaps limits

In theory there isn't a limit to this, only that your bank has enough cash in reserves to fund the transfer. CHAPS is Real Time Gross Settlement (RTGS) and goes through the Bank of England. Fast Payments while payments appear in near real-time, the payment system behind it is actually netted several times per day. In effect when you send money from Bank A to Bank B, Bank B might not get the funds in its accounts until hours later while their customer is able to spend the funds you transferred.

In answering your question, if you send the payment through CHAPS it will be a single payment for the value you specify, not multiple payments and there will only be a single £25 charge.

jonnym8083

Can't find info so thought I'd post on here as sure to be someone sent a payment from one account to another before for that amount

YorkshireBoy

jonnym8083 wrote: »

Can I send 100k from a Barclays account to a santander account all over Barclays it says there are daily limits you can transfer by faster payments 10k per day I want to send 100k is there a daily limit with chaps payment or not?

What did I tell you in post #17?


I even gave you the link which took you directly to a Barclays source that would confirm it in context.


Did you even bother to read the post and/or click the link?

jonnym8083

Thanks Paul that helps.. And finally if chaps payment is made on a Friday after 3pm or what ever the cut off is will it go in sat or sun?

YorkshireBoy

jonnym8083 wrote: »

Thanks Paul that helps.. And finally if chaps payment is made on a Friday after 3pm or what ever the cut off is will it go in sat or sun?

Again...answered in the link in post #17...

CHAPS guarantees same-day payment so long as the instructions are received by 2pm on a working day.

jonnym8083

It doesn't really answer it just says got to be done by 2pm on a working day if I do it tonight will it go in tomorrow then or Monday?

YorkshireBoy

jonnym8083 wrote: »

It doesn't really answer it just says got to be done by 2pm on a working day if I do it tonight will it go in tomorrow then or Monday?

CHAPS is same day transfer of money on a working day.


In CHAPS banking terms, 'today' ended at 2.00pm.


But anyway, you won't be able to "do it tonight" so you'll go to the bank on Monday (well before 2.00pm) and they'll do it Monday...and it'll arrive Monday.

Paul_B.

jonnym8083 wrote: »

It doesn't really answer it just says got to be done by 2pm on a working day if I do it tonight will it go in tomorrow then or Monday?

CHAPS doesn't operate on the weekends since it's through the Bank of England and the weekend isn't a banking day so the transfer will go on Monday. It should be pretty early on Monday morning since it's real-time settlement. If you need the money to be in someones account before Monday then you're out of luck as even FP won't make it there since the Barclays limits are not high enough (FP can take payments up to 100K).

The cut off time varies by bank e.g. Nationwide are 1PM, Coop are 3PM.

Also in branch make sure you've got the correct ID, driving license/passport should do, they will want to make sure you are who you say you are before authorising this. It might even be worth calling ahead to see what they require.

jonnym8083

Can it not be done over phone through telephone banking then?

Paul_B.

jonnym8083 wrote: »

Can it not be done over phone through telephone banking then?

You should be able to. I don't bank with Barclays but I can request them over the phone with my bank. The best thing is to give them a call and request it. You'll quickly find out what information they may or may not need.

Sometimes banks like to be over cautious and send you to a branch with ID to make sure you are who you say you are, especially with such a large amount of money involved. If you see it from their side it's understandable as you'd be pretty annoyed if the money had just vanished one day.