Paying someone else a large amount of money, how?

benjus

jjlandlord wrote: »

Because there is someone at the bank whose job it is to check all transfers and to judge the people who made them...

I'd like to think so.

captain747

jjlandlord wrote: »

Because there is someone at the bank whose job it is to check all transfers and to judge the people who made them...

Thats not quite my point. when you ever have to call/visit the bank, and they are reviewing things..it will look a bit silly when you've half a dozen 0.01 transactions.. especially when you have a premier account with a named manager

I'll get my coat..

benjus

tillycat123 wrote: »

If you bank with lloyds its £25k a day allowed as a faster payment

My bank (co-op) allows £100k. Not sure if that's per day or per transaction.

captain747

benjus wrote: »

My bank (co-op) allows £100k. Not sure if that's per day or per transaction.

Wow.. that's a lot.. :beer:

Armorica

captain747 wrote: »

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

Fraud checks shouldn't take days. Unless there is a good reason, the payment has to get there by 5pm the following day. It's far less likely to flagg up if e.g. if you've transferring funds to your parents for rent etc. on a regular basis.

Absolutely do test payment / triple check details before hitting send!

tom9980

benjus wrote: »

My bank (co-op) allows £100k. Not sure if that's per day or per transaction.

As do Santander.

captain747

its 'flag', not 'flagg'.... just thought I'd flag that up for you... ;-)

Missus_Hyde

thequant wrote: »

I remember when I set up my Paypal account a long time ago, they use to have as a verification procedure where they transferred a penny to your bank account which you then had to report back to ensure the account was set up properly.

Paypal are still using the same procedure as coincidentally, I've just transferred some money from PayPal to our bank a/c today.:)

pyueck

i use an old fashioned cheque to pay large amounts, no issue with amount at all, although you do get some funny looks from the cashier.

Mattygroves2

Armorica wrote: »

Fraud checks shouldn't take days. Unless there is a good reason, the payment has to get there by 5pm the following day. It's far less likely to flagg up if e.g. if you've transferring funds to your parents for rent etc. on a regular basis.

Absolutely do test payment / triple check details before hitting send!

I've had problems with this and Santander who bounced two FPs I made (one small and one large) to a savings account. They just refused to send the money because they couldn't get hold of me. Had it with them when paying for a car by FP as well - seems they are particularly sensitive with large payments.

I now don't use Santander for any large payments other than to an established other current account I've got with a more sensible bank.

Agree about triple checking the account details.