Transferring a large amount of money

DesperateSusan

Hi,

My partner wants to transfer quite a large amount of money to my account in a different bank.

We're talking about £70,000.

Is there likely to be a problem with this?

Can we just do a bank transfer?

Thanks,

Sue

pinkdalek

Ask the bank direct, if it needs to get their asap you may be better to do a CHAPS transfer.

You can do a bank transfer, however some banks will have limits on how much you can send at one time via faster payment.

agrinnall

Has he transferred money to you previously? If he has, then if his bank allows either single or multiple transfers through Faster Payments for as much as is needed then that's the easiest and cheapest option. If not, then transferring this much could see it delayed for checks, and if time is of the essence then paying for a CHAPS transfer might be better.

bouicca21

Always worth checking with the bank even if their T&Cs suggest the transfer is within their limits. If it flags up as an unusual payment there will be a problem, so it is good to head off trouble before it starts.

Archi_Bald

If you are talking transfer by Faster Payment, check the limits for individual transactions here: http://www.fasterpayments.org.uk/consumers/transaction-limits

Whichever method of transfer is being used, you should advise your bank that you are expecting this sum of money. This might stop them from locking your account for investigation, though behind the scenes they are likely to still investigate, as they have to comply with AML legislation.

dingdong3000

I would call up the bank to tell them in advance if for say they allow up to 100k like Santander on Faster Payments.
I've done so myself and have not had problems, however the bank may call to verify that the payment is legit.

MMEHTA22

Hey Guy's

I've made a CHAP's payment today to one of mu customers, basically they bought some stock from us but Barclays held the payment for 7 working day's and then cleared the funds this morning, by this morning my customer backed out from the deal, well he was furious. Now the amount of £135k he initially payed on the 5th December was being returned today in branch. I initiated a CHAP's before the cut off time but the money still is in my account.

Has anyone experienced this? The CHAP's has been delayed.

agrinnall

Sounds like anti-money laundering checks to me, I doubt if you'll have any comeback.

DesperateSusan

Thanks for the advices.

The large transfer didn't happen as expected

Thanks again,

Sue

Archi_Bald

MMEHTA22 wrote: »

Hey Guy's

I've made a CHAP's payment today to one of mu customers, basically they bought some stock from us but Barclays held the payment for 7 working day's and then cleared the funds this morning, by this morning my customer backed out from the deal, well he was furious. Now the amount of £135k he initially payed on the 5th December was being returned today in branch. I initiated a CHAP's before the cut off time but the money still is in my account.

Has anyone experienced this? The CHAP's has been delayed.

Something doesn't add up here. If the original payment was sent on the 5th December and Barclays held the payment for 7 working days, why did the funds not clear until today? Even if it was January 5 when the funds were sent by the customer, 7 working days is long before today.

TheTracker

dingdong3000 wrote: »

I would call up the bank to tell them in advance if for say they allow up to 100k like Santander on Faster Payments.
I've done so myself and have not had problems, however the bank may call to verify that the payment is legit.

This link shows the FPS limits per bank.

I frequently shuffle such sums about and never had an issue, other than the receiver calling to see if they can cross sell some rubbish or another. Some banks have daily limits.