Nationwide payment limits?

FreddieFrugal

Hello, I'll be exchanging on a house soon and will need to be making a large payment for the deposit.

I've been reading about limits on payments and I'm aware that nationwide have a limit if £10,000 per faster payment, but larger sums can be transferred through making multiple payments of £10,000 or below.

However I've also read that banks have limits to the amount you can transfer per day, but I can't find that figure for Nationwide.

Does anyone know what the daily limit is?

Hazzanet

https://forums.moneysavingexpert.com/discussion/4929170

FreddieFrugal

Thanks for the link.

Basically sounds like there is no limit but it might trigger fraud screening.

I'll be needing 6 transfers so that may seem excessive.

May have to transfer the money over a few days to my Lloyds account so I can make use of the £100,000 limit.

Just means loss of interest that's all.

TBagpuss

do you have internet banking? Why not send them a message explaining the the amounts and dates you plan to make the transfers and what it is for.

agrinnall

To be honest if you need to transfer a sum in excess of £50K you might have more peace of mind by paying the fee for a CHAPS payment.

Gizmo247

No need for CHAPS, just take plenty of ID down to your local Nationwide BS and get them to do the Faster Payments transfer for you. No charge and no online limit.

ColdIron

Gizmo247 wrote: »

No need for CHAPS, just take plenty of ID down to your local Nationwide BS and get them to do the Faster Payments transfer for you. No charge and no online limit.

Are you sure about that? I'd phone them and confirm this before an unnecessary trip as it seems to go against what they state here. CHAPS yes but Faster Payments?

YorkshireBoy

ColdIron wrote: »

...it seems to go against what they state here. CHAPS yes but Faster Payments?

On the contrary, it seems to back up what they say in your link...

What type of payments will be made through Faster Payments?

Single Immediate Payments

Single Immediate Payments (SIPs) are payments that are made via the Internet Bank, Telephone Banking, Mobile Banking, an ATM or at a Nationwide Branch and the transaction is made straight away. These types of payment can be made at any time (24 hours a day, seven days a week).

EDIT: Although it makes no mention of a removal of the online £10K limit for branch initiated payments?

agrinnall

YorkshireBoy wrote: »

On the contrary, it seems to back up what they say in your link...EDIT: Although it makes no mention of a removal of the online £10K limit for branch initiated payments?

If you look a bit further down the page it gives all the limits, and an in-branch SIP is a maximum of £9,999.99.

FreddieFrugal

I'll have a go at sending message to Nationwide about it. Thanks for responses. May just have to fork out for CHAPS. Although spending as much as we are would prefer not paying a fee to move the money.

agrinnall

IanRi wrote: »

I'll have a go at sending message to Nationwide about it. Thanks for responses. May just have to fork out for CHAPS. Although spending as much as we are would prefer not paying a fee to move the money.

I hope you're not in a hurry for a reply. My experience is that while Nationwide pretty much always do respond to secure messages it can take several days. I'd just ring them up and ask them. And while you're already paying out a lot of money I would say paying out less than 1/1000th of the deposit amount to ensure it gets there when you want it might be worth it to avoid the stress of delays by any other method (and don't forget that FPS is not a guaranteed same day transfer, as long as it arrives by the end of the next business day that meets the requirements of the Payment Services Directive).