Transferring £15,000

r2015

Would it throw up any flags about money laundering if I was to transfer £15,000 from my wife's and I's BoS ISAs into my Vantage account then to my Santander 123 account or should I do it in smaller amounts over a few days?

mgdavid

some institutions have a daily or per transaction limit, mine used to be 10k but it's been upped recently. Check each accounts Ts & Cs and stay under the limits, no problems that way.

grumbler

r2015 wrote: »

Would it throw up any flags about money laundering if I was to transfer £15,000 from my wife's and I's BoS ISAs into my Vantage account then to my Santander 123 account or should I do it in smaller amounts over a few days?

No problems - most likely. However, paranoiacs working in banks are unpredictable - like patients of some medical institutions that they actually belong to.

Some banks/BSs still have £10K daily limit though: http://www.fasterpayments.org.uk/consumers/transaction-limits

Don't know how up-to-date this information is.

firefox1956

I think the 'flag' figure for reporting movements of money is 15 000 gbp.
Personally i would move the money in amounts under that amount.
It may be OK but if some jobsworth gets his / her teeth into it it might cause all sorts of aggravation.
HTH

Paul_1977

I have moved 10k before and 25k for family members and it was fine.

YorkshireBoy

Since the BoS immediate FP limit is £25K, why would you envisage any problems?

If you haven't made a transfer from BoS Vantage to the 1-2-3 account previously, then sending a small payment first could eliminate a possible 24 hour delay (for 'security checks') on the big one!

Archi_Bald

YorkshireBoy wrote: »

If you haven't made a transfer from BoS Vantage to the 1-2-3 account previously, then sending a small payment first could eliminate a possible 24 hour delay (for 'security checks') on the big one!

Or it could cause such a delay as a 'trial payment' is apparently a favourite of fraudsters.

I would personally split the £15K into two payments below £10K each, both made within minutes of each other.

YorkshireBoy

Archi_Bald wrote: »

Or it could cause such a delay as a 'trial payment' is apparently a favourite of fraudsters.

I agree it could, but I've never experienced such a thing with any of my banks despite sending dozens of payments in excess of £15K over the years, after first sending £1.


It used to be said that the trigger for AML holdups was £10K (at least in the pre FP days and with the old Egg Money credit card), but that may have been increased these days.


But even if they do hold up the payment, it'll be for no more than 24 hours (ie still within PSR requirements), as Santander often do...and if it's longer, then complaint time!

Archi_Bald

YorkshireBoy wrote: »

I agree it could, but I've never experienced such a thing with any of my banks despite sending dozens of payments in excess of £15K over the years, after first sending £1.

Happened to me at Santander (several times) and at Lloyds (just the once), even for sub-£10K payments.

YorkshireBoy wrote: »

But even if they do hold up the payment, it'll be for no more than 24 hours (ie still within PSR requirements), as Santander often do...and if it's longer, then complaint time!

Agreed. None of my transfers was held up for more than 24 hours. At Lloyds (and probably BOS), you need to take positive action to get your money sent after the review by their anti-fraud department. At Santander, it eventually goes automatically.

YorkshireBoy

Archi_Bald wrote: »

Happened to me at Santander (several times)

I don't get any issues at Santander these days, because I route all high value payments out through my Halifax 'hub' account, by far the most commonly used payee. Haven't had any issues at all with Halifax since the very early days of FP implementation when it really was hit and miss!