List of FPS daily limits?

agrinnall

LIST OF KNOWN DAILY FASTER PAYMENT LIMITS

RBS/NatWest: £20,000 (stclair)

Nationwide: No daily limit (agrinnall)

First Direct (and I assume HSBC): bit complicated - same day is a limit of £10,000, but if you ask to transfer more than £10,000 it will go in 2 days (I'm guessing something in the background sets it up either as a Future Dated Payment or a pseudo Standing Order). I will be doing this in the next few days so I will update to say if it works! (agrinnall) Update Turns out that most of what FD told me was rubbish. In fact online banking allows you to send multiple payments in one day, I have just done 5 x £10K and 1 x £8.5K and it was all in my Nationwide account within minutes. I don't know whether there is a daily limit but if there is it's not £10K.

Lloyds Banking Group: £25,000 (Archi Bald)

Yorkshire Building Society: £100,000, but larger amounts sent next day (Yorkshire Boy)



*****************************************************************************************

Does anyone know if there is a list anywhere (preferably kept up to date) of the daily limits for FPS transfers?

Transaction limits can be found easily enough (for instance at FPS limits), at least for the scheme members, but it's much more difficult to find out whether a Financial Institution allows multiple transactions in one day, and if so what the total limit of those transactions is.

I know from personal experience that although Nationwide has a transaction limit of £10K you can certainly do more than one, I transferred £58,999 in 6 transactions in one day. But even knowing that I can't find anything on the Nationwide website to say it is possible or to say whether there is a limit to how much can be transferred overall.

And the same is true for other FIs - I've been searching for this for First Direct but can't find anything. I can ring them up and hopefully they will be able to tell me, but if there is somewhere where the info is stored for all FIs that would be very useful.

Paul_1977

It says on Nationwide website

"Multiple payments can be made, if the required amount to be transferred is larger than the Faster Payment individual transaction limits."

But does not say a limit as such, I would assume its 100k. Maybe there is no limit.

agrinnall

Paul_1977 wrote: »

It says on Nationwide website

"Multiple payments can be made, if the required amount to be transferred is larger than the Faster Payment individual transaction limits."

But does not say a limit as such, I would assume its 100k.

[STRIKE]Got a link to that, as I didn't spot it in my search?[/STRIKE]

Ignore that, found it http://www.nationwide.co.uk/support/support-articles/important-information/faster-payments#xtab:payment-limits

And as you say, it still doesn't answer the question of what the daily limit is, it may be £100K but I've never seen anything to advise that it is or isn't.

Paul_1977

agrinnall wrote: »

Got a link to that, as I didn't spot it in my search? And as you say, it still doesn't answer the question of what the daily limit is, it may be £100K but I've never seen anything to advise that it is or isn't.

Go near to the bottom, and on payment limits tab.

http://www.nationwide.co.uk/support/support-articles/important-information/faster-payments#xtab:payment-limits

Are you sending the money to another bank?

agrinnall

It's more of a generic question, but yes, to another bank (I don't believe FPS is used for any internal bank transfers, except perhaps to credit cards).

Paul_1977

Hopefully someone with banking know how can help.

Perhaps there is no limit, just watching and halting if a bank suspects something wrong.

stclair

Paul_1977 wrote: »

Hopefully someone with banking know how can help.

Perhaps there is no limit, just watching and halting if a bank suspects something wrong.

This may be useful:

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

agrinnall

Well I was part of a (large) team that developed FPS for one of the High Street banks, and I don't know the answer, although I did leave the industry before the transaction limits got to where they are today.

It's possible that you're right that there is no set daily limit and that it's part of the automated fraud checking, in which case that might explain why it's not findable anywhere, although not very helpful to anyone who does want to make multiple legitimate transfers in one day.

agrinnall

stclair wrote: »

This may be useful:

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

It's the link I posted in my OP, and no, it's not helpful, because it's transaction limits not daily limits.

stclair

agrinnall wrote: »

It's the link I posted in my OP, and no, it's not helpful, because it's transaction limits not daily limits.

I never read your post and still haven't I also said may not will.

Mattygroves2

I suspect it depends on the bank. It's definitely not limited to £100,000 a day as I've done a £100k one and a smaller one on the same day for a house purchase. I did get a call from the bank to check before they released them.