Is it free to move money into another bank online ?

I___I

Just a quick question.

They are 2 separate UK banks, I just want to move some money from one to the other. As well as charges is there anything I should be wary of ?

Cheers :beer:

CLAPTON

I___I wrote: »

Just a quick question.

They are 2 separate UK banks, I just want to move some money from one to the other. As well as charges is there anything I should be wary of ?

Cheers :beer:

what charges?

adindas

I___I wrote: »

Just a quick question.

They are 2 separate UK banks, I just want to move some money from one to the other. As well as charges is there anything I should be wary of ?

Cheers :beer:

No charge at all if it is the same UK banks using on;ine Phone banking, etc. As long as you do not use CHAPS.

I___I

Thank you bud, I hope you have a very nice day.

I don't know what a chap is so I probably don't use one :P

bigadaj

Keeping more than £75k in the bank you're transferring to, being careful with the account number details with online transfers, not falling for scams, phishing.....

djpailo

I___I wrote: »

Thank you bud, I hope you have a very nice day.

I don't know what a chap is so I probably don't use one :P

Use faster payments or a standing order.

Flobberchops

As long as the amount you're transferring is under £25000 there should be no charges.

colsten

Flobberchops wrote: »

As long as the amount you're transferring is under £25000 there should be no charges.

That suggests there will be charges for transfers of £25K and over. Who says there are?

pmduk

I suspect that was some over-simplification, implying that a transfer of £25k+ might use CHAPS given that the OP isn't aware of them.

TomJ

There are transaction daily limits on how much can be transferred for free using the now standard Faster Payments system or by standing order. These vary from bank to bank; see here for transaction limits, looks at bank T&Cs for daily limits.

To make larger payments you would need to use the Clearing House Automated Payment System (CHAPS); banks will charge you for making a payment through this system; Barclays, for example, charges £25.

This is why, when buying my house I prepositioned cash in several different current accounts (which were normally used just for the interest rates or attached regular savers) and made payments from each of them to my solicitor's account to avoid pinging Faster Payment limits.

MisterMotivated

I___I wrote: »

is there anything I should be wary of ?

Cheers :beer:

As mentioned above, make absolutely certain you have put the correct account number and sort code in. Too many posts on here from people who have accidentally sent money to the wrong account.