Santander transfer limit?

janeke

I will soon need to transfer £20000 to my daughter as part of a house purchase. I have asked Santander if there is a maximum limit on the amount that can be transferred as a faster payment - they have just replied that the limit changes daily and sometimes at random they do not accept a payment request! They claim this is for my security but it`s not very helpful.
Am I going to having to pay for a Chaps transfer to ensure she gets the money when it is needed


Thanks , Jane

YorkshireBoy

Have you previously sent money to your daughter's account from Santander? If not, do so now would be my suggestion...just to establish her as a payee.

Alternatives would include staggering the payments and paying them over a longer period.

Or how about transferring by cheque?

Or maybe telephone banking has less restrictions?


EDIT: Just checked my MS Money package and the largest payment I've made from my 1-2-3 account was £15K last November...but that was to an established payee (myself!), hence the suggestion earlier to make a smaller payment now.

Archi_Bald

They cannot force you to use CHAPS just because you want to transfer £20K. Their daily transfer limit is listed as £100K.

There should be no reason why they cannot process a £20K FP on the day you want it to be processed if you give them prior notice. Don't ask them whether you can send the money, tell them that you need to send the (your!) money.

They do have, by law, until the end of the next working day, however. So it may be worth sending your money a working day early.

They cannot seriously say that they will "randomly not accept payment requests". I would formally complain if I were you. http://www.santander.co.uk/uk/help-support/complaints

janeke

Thanks - I have sent money to her before but I think I will make sure that I do it early incase there are any delays

jacknight

You should be fine I recently did this on a house purchase.

They did ring me to confirm, go through security questions etc but all was fine after that

No_Santander

If possible, I suggest you avoid using any of their payment services but take the cash out and deposit it elsewhere.

you can see more than 1 case of issues that money got locked up by Santander compliance team for no reason, why put yourself in such a limbo when you can avoid it.

To make myself better understood

I think in a free world if you have alternative method you can use, maybe it worth considering not using Santander for money transfer.

This is because, as you can see in a few other threads in the forum. Potentially, you money would be held by Santander Bank for compliance checks and potentially they would NOT even admit they are doing that to your money.

So, in normal case, using Santander service might be perfect save and you might think "I am not the unlucky guy". However, if that happened to you, you might want to smash your iphone 6 on to the wall as you suddenly found you temporary lose control a big amount of your money.

I am saying it here to warn people that this might happen to you, as I have been put in that situation and I know the feeling. Also, Santander WILL NOT tell you all above when you call them.

So make up your mind, access the risk and your alternative and go ahead.

Archi_Bald

No_Santander wrote: »

If possible, I suggest you avoid using any of their payment services but take the cash out and deposit it elsewhere.

you can see more than 1 case of issues that money got locked up by Santander compliance team for no reason, why put yourself in such a limbo when you can avoid it.

They don't delay for no reason - usually it is AML checks that hold up payments.

It is unfortunate that you made a bad experience but there are hundreds of thousands Santander current account holders that make daily payments and never have any undue problems with their payments. To extrapolate from your and perhaps one other case you know of into saying take your money elsewhere is unnecessarily panicky.

Jim431

Yesterday I set up a Fast Payment from SANTANDER 123 to another bank and made a small payment to test that it worked OK.

After checking that it arrived OK I made a £25000 payment today.

Half hour later I got a phone call from SANTANDER who made reference to these payments and asked me to confirm that they were genuine as a block had been applied to the account.

There were some security questions (!) but of a general nature (address,previous address,DOB) and they unblocked the account and put the second payment through. Also gave me advice on phone scams.

I'm sort of reassured but I probably should have rung back on the banks main number.

No_Santander

To Archi Bald

I am afraid you misunderstood my concern.

It is 100% sure thing that every financial institution do AML checks. So there is nothing on with it, and by all means, it is a good thing.

HOWEVER, one should be cautious when using Santander as when they hold your money for checking, they don't tell you clearly. Even when you contact them, you might be pushed around by call centre people who are not as professional as other banks.

In short, Santander might have its right to carry out checks, but failing to communicate it clearly with customer potentially breaches FSMA 2000.

This is not an extrapolation as there has been quiet a few threads here reporting unpleasant experience.

The aim I would like achieve here are

1. tell people who are with Santander that potentially this can happen to you as well. Until it happened, it has not. You can laugh about it and take it easy. But when it does, you might feel very different.

2. tell people who are thinking about opening a bank account or having more than one bank account. You might avoid the hassle by simply not using Santander service, or at least call them in advance to make sure it goes well. There are billions money going through CHAPS everyday, I was lucky enough to be checked.

Archi_Bald

No_Santander wrote: »

To Archi Bald

I am afraid you misunderstood my concern.

I think it is probably more a case of misunderstanding on your part.

Based on you one bad experience, you have said "If possible, I suggest you avoid using any of their payment services but take the cash out and deposit it elsewhere."

This is completely unnecessary panic making.

No_Santander

I clarified myself better in previous post.

Hope it makes more sense not.

I am not against Santander at all, but I just don't want to see other people getting into the same kind of trouble.

Purely information sharing really.

As I said in another pose of mine, this can happen with ANY financial organization really. Just unfortunately it seems I experience this with Santander and I feel being cheated and it potentially could be a fraud.