HSBC CHAPS Limits

Kontiki

I am possibly selling my motorhome tomorrow & I am trying to find out what the limits (time/amount) are for a CHAPS or bank transfer from HSBC to my bank (Halifax) to be cleared the same day. The people buying are coming a long way & want to take the van back if they buy, I obviously won't let the van go until I have the funds cleared into my account.

YorkshireBoy

CHAPS would be safer.
As far as I know there are no limits to CHAPS transfers. Think house purchase!
Time wise, I believe it's 'same day' provided it's initiated before that day's cut-off...typically 13:30 - 15:30.

Kontiki

Looking on the less than informative HSBC http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/banking-made-easy.pdf site it seems to be before 2:30pm for the same day but no mention of the amounts. When we were buying a house last year we had to split the payment for a bank transfer to the solicitor as the limits for Halifax BS was £20k.
Might try ringing them in the morning.

Westie983

CHAPS will be recieved same working day if sent before the cut off point in the day for the halifax this is 2:15 but could be different at HSBC. There is no limit for CHAPS payment, but if its under 25k then you could send the money via faster payment and there will be no fee and should be in the halifax instantly, if not within 2 hours...

gt94sss2

Westie983 wrote: »

There is no limit for CHAPS payment, but if its under 25k then you could send the money via faster payment and there will be no fee and should be in the halifax instantly, if not within 2 hours...

The HSBC limit for Faster Payments is £10k not 25 but I agree with the rest

System

Don't you have to pre-arrange a CHAPS transfer? Precludes doing it on the day I would think.

colsten

!!!!!! wrote: »

Don't you have to pre-arrange a CHAPS transfer? Precludes doing it on the day I would think.

You have at least until lunchtime, sometimes even 3.30pm, to ask for a CHAPS transfer, so it's easily done on the same day. Spending more than your daily FP limit is also not normally a spur of the moment decision, so you'd have a fair idea about the timing of your payment well in time for the daily CHAPS cutoffs.

agrinnall

gt94sss2 wrote: »

The HSBC limit for Faster Payments is £10k not 25 but I agree with the rest

But of course if it doesn't go through in 2 hours, and instead takes up to the end of next business day that it is allowed to (and it may well not be quick for a first payment, especially a large one) then what will the OP and their buyer do then - I suppose the buyer could always sleep in the motorhome until the money does clear.

System

Good old £100 notes work out well if all else fails.

agrinnall

Heng_Leng wrote: »

Good old £100 notes work out well if all else fails.

Not easy to get hold of even in Scotland, and I'd guess pretty much impossible elsewhere. Might have to settle for twice as many £50s.

henm2

Chaps payments (aka Electronic Funds Transfer) at HSBC are same day UK payments. Usually such payments from HSBC are only done if they exceed HSBC's faster payment (aka bill payment) daily limit of £10,000-.
Cut off times at HSBC are 5.00pm for HSBC to HSBC payments and 2.30pm for HSBC to other UK banks such as OP bank Halifax.There is no payment limit for CHAPS (EFT) payments.
A HSBC customer wanting to do such a payment will need photographic ID and it is best done at a full main HSBC branch not one of the limited service smaller counter service branches. (as not always available at the smaller branches)