CHAPS Transfer

Rover

Anyone had any experience of CHAPS transfers.
How much does it cost - is it a flat fee or is it sum dependant ?

Any help appreciated.

gt94sss2

CHAPS transfers are charged at a flat rate - they normally cost anywhere from £10 to £30 depending on what your financial institution charges.

Regards
Sunil

Rover

Cheers Sunil.

calisto

In my experience it is from £20 for banks, up to £35 for building societies. Flat fee. In fact most sums in high street banks over £5k have to be done by CHAPS in the branch with a passport, or driving licence, etc.

Also, the arcane parlance of building societies mean that a CHAPS is referred to as a TT or "Telegraphic Transfer" done by morse code which explains the higher fee.

It also adds to the complication as the building society is not a member of the CHAPS scheme, but their bank is. So you will probably end up going through Barclays/HSBC anyway. This makes the CHAPS transfer form a bit of an essay.

My advice: Whenever getting involved with a building society, or minor bank, nail their CHAPS procedure ASAP and keep it in your diary for when you need it!

SPANIEL36

with my local natwest they told me it would cost 35 quids

munk

We just put a CHAPS transfer through with Lloyds TSB for £30 - generally only (very very (very!) roughly) worth it if you're transferring over £70k into a high interest savings account. I suppose if you want some extra peace of mind with what you consider a large sum then it might be worth it in non-economic terms

Check the T&C/charges pages on your bank's website to find out how much CHAPS will cost for your bank.

See this thread for more info on whether CHAPS payments are worth it:

http://forums.moneysavingexpert.com/showthread.html?t=257720