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Paying someone else a large amount of money, how?

Tryingtomoveout
Tryingtomoveout Posts: 99 Forumite
in House buying, renting & selling
Hi

This may be a bit of a stupid question..

I need to transfer my parents around 24k as we will be purchasing a property together. I don't really want to pay for a bank transfer so is the next best/safest way to do this by cheque?

Thanks for your time.
«13

Comments

  • cavework
    cavework Posts: 1,992 Forumite
    BACS ?
    Would this be an option?
  • captain747
    captain747 Posts: 47 Forumite
    Bank transfers are free and instant (within a couple of hours). There's no need for the CHAPS fee that you previously had to pay...

    I suggest you transfer £10k at a time (maximum allowed) over a couple of days..and it should be sorted.

    Hope that helps.
  • tillycat123
    tillycat123 Posts: 975 Forumite
    Part of the Furniture 500 Posts
    If you bank with lloyds its £25k a day allowed as a faster payment
  • captain747
    captain747 Posts: 47 Forumite
    tillycat123 wrote: »
    If you bank with lloyds its £25k a day allowed as a faster payment

    Wow... didn't know that.. Time to change banks..
  • Tryingtomoveout
    Tryingtomoveout Posts: 99 Forumite
    Oh thanks that is interesting. I do bank with lloyds, although my parents are with nationwide - is that still ok?
  • captain747
    captain747 Posts: 47 Forumite
    edited 8 February 2015 at 3:34PM
    Tryingtomoveout wrote: »
    Oh thanks that is interesting. I do bank with lloyds, although my parents are with nationwide - is that still ok?

    Yes thats fine. A few things to remember.. its likely to take couple of days to get there, rather than instant - due to the large amount involved - they need to do 'fraud' checks!

    Secondly, I'd do a first transfer for around £10 - and see if your parents have received it. Then only transfer the rest using the same payee details. You hear of so many instances of slightly incorrect bank account details used and the money is then lost...

    Thanks
  • Tryingtomoveout
    Tryingtomoveout Posts: 99 Forumite
    Ok great,

    I shall do it this way then.
  • thequant
    thequant Posts: 1,220 Forumite
    captain747 wrote: »
    Secondly, I'd do a first transfer for around £10 - and see if your parents have received it. Then only transfer the rest using the same payee details. You hear of so many instances of slightly incorrect bank account details used and the money is then lost...

    Thanks


    I do this as well! surprised more people don't
  • captain747
    captain747 Posts: 47 Forumite
    thequant wrote: »
    I do this as well! surprised more people don't

    I feel its stupid not to!

    I may just be paranoid, but I also double and triple check the sort/c and a/c numbers!!
  • Missus_Hyde
    Missus_Hyde Posts: 539 Forumite
    Ninth Anniversary 500 Posts Photogenic
    captain747 wrote: »
    I feel its stupid not to!

    I may just be paranoid, but I also double and triple check the sort/c and a/c numbers!!

    Me too!! I always transfer no more than £5 to a new contact and make jolly sure it's gone through okay.

    I am paranoid and the thought of transferring thousands of pounds through cyber space never to be seen again frightens the life out of me!!;):eek:
    A cunning plan, Baldrick? Whatever it was, it's got to be better than pretending to be mad; after all, who'd notice another mad person around here?.......Edmund Blackadder.
This discussion has been closed.
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