Nationwide Daily Transfer Limit?

adzy77

Hi,

Does anybody know if Nationwide has a 24 hour period transfer limit for wire transfers?

The website just seems to mention a £10,000 limit per transaction so just wanted to make sure that I can make 4 separate transfers on the same day, one after another?

I want to make sure I can send a sum of around £35k on the same day and not have to wait 4 separate days for me to do them all.

Thanks

System

Contact them to be sure but

Unless they have mentioned about sending multiple FPs, I would work on the basis that is their daily limit.

Looking on here, it also seems you can't even set it as an annual standing order to get past the £10k limit.

adzy77 wrote: »

Hi,

Does anybody know if Nationwide has a 24 hour period transfer limit for wire transfers?

The website just seems to mention a £10,000 limit per transaction so just wanted to make sure that I can make 4 separate transfers on the same day, one after another?

I want to make sure I can send a sum of around £35k on the same day and not have to wait 4 separate days for me to do them all.

Thanks

grumbler

Call them if you really want to make sure:

All UK banks and building societies now send and receive faster payments.
There are, however, varying limits in place depending on who you bank with and how you choose to send the money. These value limits for members of the Faster Payments Scheme, listed below, apply to each individual transaction. In addition to these ‘per transaction’ value limits, most types of account have a daily limit on the total amount you can send from your bank, whatever payment system is used. You should contact them in advance to check what this may be, if you are planning to send large-value amounts which may exceed any daily limits your bank has set.

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

YorkshireBoy

As previously stated, best to ring them and ask. If you get the answer you want(!), be sure to take a name and extension number just in case. However...

Multiple payments can be made, if the required amount to be transferred is larger than the Faster Payment individual transaction limits.

http://www.nationwide.co.uk/support/support-articles/important-information/faster-payments

That reads to me like they'll all go through the same day. The PSRs state that the payments must arrive by the end of the next working day, so that's your worst case scenario if they hold any up for checks etc.

If you're sending so much though, unless it's to a payee you've used before they may carry out further checks. And you may have to use your card reader...hopefully you have one?

adzy77

YorkshireBoy wrote: »

As previously stated, best to ring them and ask. If you get the answer you want(!), be sure to take a name and extension number just in case. However...That reads to me like they'll all go through the same day. The PSRs state that the payments must arrive by the end of the next working day, so that's your worst case scenario if they hold any up for checks etc.

If you're sending so much though, unless it's to a payee you've used before they may carry out further checks. And you may have to use your card reader...hopefully you have one?

Have one....I have about 5 of the damn things!

Thanks guys, I was planning on calling just to check but cant do so until later or tomorrow so just wanted to see if anyone had any experience?

Archi_Bald

No limit, other than your balance, for CHAPS payments. http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1768

£25 charge for the privilege.

Gromitt

adzy77 wrote: »

Thanks guys, I was planning on calling just to check but cant do so until later or tomorrow so just wanted to see if anyone had any experience?

I remember transferring out 10K per day after noticing any higher was blocked, but then I asked them about the limit and remember them saying "It's £10K per transaction, but you can make as many transactions as you like per day. Do note however that transactions may be suspended for fraud screening, so if the transfer is time sensitive, consider our CHAPS service."

Milarky

I have found that multiple payments of £10,000 are certainly allowed. (No daily limit in effect.)

If you make a small initial payment on a new payee the card reader isn't asked for, so I think it uses a 'large' value trigger. In other words if you send a test £1 and the next day want to send £10,000 to the same account the card reader won't be asked for initially but will be needed the first time you want to sent a large amount. Large amounts thereafter do no call for the card reader IME.