Lloyds > First Direct Faster Payments

gallaghb

Hi
I have sold my car and the buyer is collecting one evening this week. He is with Lloyds Bank and I am with First Direct. He will need to transfer me about £14k

I understand that Lloyds faster payments limit is £25k and that First Direct is £10k. I assume it is the senders bank that matters. And that First Direct will still credit it too me even though it is over £10k. Does anyone know?

We could do it in 2 halves of course, but not sure if this would work as maybe there is a daily limit? I rang First Direct who clearly weren't actually sure about any of it!

Graham1

Yes, it is the sender's bank that matters. HSBC/First Direct 10K limit is for outgoing payments per day. You can receive any amount. Theoretically faster payments do not "clear" until overnight when the banks settle up, but in practice you can use the money straight away. Remember also, that many bank's put a temporary hold on the first payment to a new payee while they do "security checks". So the money may debit the sender's account but not arrive in your account for several hours.

System

The limit for Faster Payments is actually 100k
The payment will take up to 2 hours but will usually arrive within minutes.

agrinnall

Heng_Leng wrote: »

The limit for Faster Payments is actually 100k
The payment will take up to 2 hours but will usually arrive within minutes.

While the scheme limit is £100K, the limits for the banks involved in this transaction are just what the OP said.

http://www.fasterpayments.org.uk/consumers/transaction-limits

And the payment could of course take as long as to the end of the next business day (and there might well be a delay beyond 2 hours for a first transaction of £14K).

noh

Graham1 wrote: »

Yes, it is the sender's bank that matters. HSBC/First Direct 10K limit is for outgoing payments per day......

First Direct is not per day. It is £10k per transaction.
Multiple £10k transactions per day are possible.

Graham1

Yes, you are right. I always thought First Direct and HSBC had the same outgoing payment limits but there are slight differences.

https://www1.firstdirect.com/1/2/ib/help/payment-limits
https://www.hsbc.co.uk/1/2/popups/payment-limits

Mr_Goodkat

Heng_Leng wrote: »

The limit for Faster Payments is actually 100k
The payment will take up to 2 hours but will usually arrive within minutes.

The limit for the Faster Payment Scheme is £100k but banks can and do impose their own limits


Payments will arrive by the end of next business day and sizeable payments to a new payee could be met with increased security / ML checks by either bank.


To the OP it is the sending bank limit that matters so you should be fine.

Gromitt

First Direct state the limits here:

https://www1.firstdirect.com/1/2/ib/help/payment-limits

Payment Type Limit

Internal Transfer £999,999
Bill Payment (excluding Faster Bill Payments)* £49,999
Faster Bill Payments** £10,000
Standing Orders £5,000

*Sterling payments directly to the account of another person or organisation in the UK, Channel Islands and Isle of Man.

**Sterling payments to the account of another person or organisation in the UK, Channel Islands and Isle of Man that are processed using the Faster Payments Service. Payments will only be made using this service if the recipient's bank is able to accept payments in this way and the payment does not exceed this limit.

Table produced 30 November 2012.

So your buyer can make the entire payment of £14,000 in one payment, it'll just take longer than a Faster Payment to clear.

Mr_Goodkat

Gromitt wrote: »

First Direct state the limits here:

https://www1.firstdirect.com/1/2/ib/help/payment-limits

Payment Type Limit

Internal Transfer £999,999
Bill Payment (excluding Faster Bill Payments)* £49,999
Faster Bill Payments** £10,000
Standing Orders £5,000

*Sterling payments directly to the account of another person or organisation in the UK, Channel Islands and Isle of Man.

**Sterling payments to the account of another person or organisation in the UK, Channel Islands and Isle of Man that are processed using the Faster Payments Service. Payments will only be made using this service if the recipient's bank is able to accept payments in this way and the payment does not exceed this limit.

Table produced 30 November 2012.

So your buyer can make the entire payment of £14,000 in one payment, it'll just take longer than a Faster Payment to clear.

The above is interesting, but so would TSB's faster payments information, however it has nothing to do with the OP's requirement to receive £14k from a LLOYDS account.

It is the Lloyds not First Direct rules that govern this transaction and make it fine

Gromitt

Mr_Goodkat wrote: »

The above is interesting, but so would TSB's faster payments information, however it has nothing to do with the OP's requirement to receive £14k from a LLOYDS account.

Halifax is 25K, TSB is 25K, considering Lloyds is also part of the LBG, I'd say their limit would also be 25K.

So the answer doesn't change really, the OP can still make the entire 14K payment in one transaction as a faster payment.

Mr_Goodkat

Gromitt wrote: »

Halifax is 25K, TSB is 25K, considering Lloyds is also part of the LBG, I'd say their limit would also be 25K.

So the answer doesn't change really, the OP can still make the entire 14K payment in one transaction as a faster payment.

The OP does not want to MAKE a payment they want to RECEIVE a payment.


In your earlier post you said:
So your buyer can make the entire payment of £14,000 in one payment, it'll just take longer than a Faster Payment to clear.

That is totally incorrect, the buyer can make one payment for the entire amount of £14k by faster payment as their bank Lloyds allows this.


I am intrigued as to what payment method longer than a faster payment would be used to transfer this money in your argument in bold above?