Virgin transfer out limits and costs?

nadias

I have a Defined Access E-Saver (Issue 1). The terms seem to be identical to the current issue (2), namely up to 3 transfers out a year allowed without decrease to the interest rate, and free FPS where possible with payed CHAPS otherwise.

I have been unable to confirm the FPS limit. Couldn't find it in any of the paperwork and turning for advice here after 2 unsuccessful calls. The official FPS site doesn't list Virgin.

What is the maximum limit that can be transferred in a single FPS transaction?

I will be moving out most but not all and want to do in as few transactions as possible to maintain the rate on the remaining amount. Their CHAPS (I can't post the link because I'm a new user) has a fixed fee of £30 per transfer which I presume has no upper limit. Of course I would rather do it with free FPS but if it is a very low limit like 10k it will cost more in long run.

I don't want to test it now because I will need to move it in a few weeks.

nadias

Answering my own question:

All withdrawals will be sent to your nominated account using either the Faster Payments (charge free) or CHAPS services (£30 fee per transfer). Withdrawals up to £200,000 will be charge free unless you choose to send it by CHAPS. For anything over £200,000 you will need to send as a CHAPS payment.
Your nominated account must therefore be suitable for the receipt of Faster Payments and/or CHAPS. Once a withdrawal instruction has been confirmed, it cannot be cancelled.
Charge free withdrawal ('Faster Payments')
In most cases, we anticipate that payments should reach your nominated account within a few hours of receiving your instruction. Payments will reach your nominated account by the end of the business day following the receipt of your instruction, at the latest.
We do not guarantee that your payment will reach your nominated bank account on the same day that it is sent. If you require a same-day transaction to be completed, you should consider the CHAPS service, ensuring that you submit your transaction request within the time limits specified below.
Clearing House Automated Payment System ('CHAPS')
CHAPS payments normally arrive in your nominated bank the same business day when instructions are received by 1pm. Instructions received after 1pm will be actioned on the next business day.
A charge of £30 is made for this service and the minimum withdrawal is £250, unless you are closing your account. Please note, you will not be charged if you are transferring to an internal account.

Archi_Bald

The maximum any bank can send by a single Faster Payment is £100K (ref http://www.fasterpayments.org.uk/consumers/transaction-limits).

Most banks have significantly lower limits, such as £10K. Some allow multiple FPs each day, others don't. You need to ask Virgin what their FP limit is.

nadias

Archi_Bald wrote: »

The maximum any bank can send by a single Faster Payment is £100K (ref ).

Most banks have significantly lower limits, such as £10K. Some allow multiple FPs each day, others don't. You need to ask Virgin what their FP limit is.

Sorry, really don't see the point of your post:

1) Above is from Virgin.

2) Many setting low transaction limits like 10k was mentioned as the reason for asking in the first place.

3) The daily limit using multiple transactions is irrelevant for this question. The individual transaction limit is important because each transaction counts towards the 3 allowed before rate reduction.

4) Now having the answer from Virgin I provided, you or other can google "virgin 200000" which will lead you to some confirmation including an FT article. I can't post links as a new user.

Question answered, mod please close topic.

westy22

nadias wrote: »

Sorry, really don't see the point of your post:

With that attitude you might find yourself always having to answer your own questions in the future.

Archi_Bald

nadias wrote: »

Sorry, really don't see the point of your post:

No need to throw a strop. I only tried to help you as your information seemed incomplete. But as you don't seem to want any help, I shall not offer any more to you.

nadias

westy22 wrote: »

With that attitude you might find yourself always having to answer your own questions in the future.

It wasn't an attitude, I was trying to make sense of a reply that was not addressing the question and repeating the already known.

Archi_Bald wrote: »

No need to throw a strop. I only tried to help you as your information seemed incomplete. But as you don't seem to want any help, I shall not offer any more to you.

Again, it wasn't "throwing a strop" I was trying to understand the point of your post. It summarises what I had already mentioned in the original post and it was actually your post that is incomplete. Refer to my points 1 and 4 in particular.

No hard feelings, OK?

Good day!

jimjames

nadias wrote: »

What is the maximum limit that can be transferred in a single FPS transaction?

nadias wrote: »

It wasn't an attitude, I was trying to make sense of a reply that was not addressing the question and repeating the already known.
!

I don't understand this? You asked for the FP limit and Archibald gave it. Why ask the question if you already knew the answer?

bigadaj

Hopefully the OP will post back when unable to do as she wants, predict massive strop then if not now.

colsten

nadias wrote: »

It summarises what I had already mentioned in the original post and it was actually your post that is incomplete

Where do your posts any of what Archi Bald mentioned? In what way did Archi Bald "repeat the already known"? In what regard is Archi Bald's post incomplete or wrong?

nadias wrote: »

It wasn't an attitude

nadias wrote: »

Again, it wasn't "throwing a strop"

you appear to be pretty much the only one on this thread with that opinion

xylophone

http://www.fasterpayments.org.uk/consumers/transaction-limits

"The maximum amount it is possible to send in a single Faster Payment is £100,000"



http://www.ft.com/cms/s/0/6e94c06a-7d33-11e3-81dd-00144feabdc0.html#axzz3i45urP89

"Another oddity is that Virgin Money customers can send up to £200,000 for free as the bank absorbs the additional costs of using another payment service."

Two of £100,000 each? Or one of £200,000 through the "other payment service"?