Do all current accounts have a transfer limit?

espresso

Do all current accounts now have a transfer limit for on-line/telephone transfers to other banks/building society accounts?

Moggles_2

Yes. HSBC, for instance, restricts you to £10,000 per day, while the Halifax limits customers to £15,000 per daily transaction.

There's nothing to prevent you from transferring these amounts on consecutive days
though.

Nick_C

Halifax limit for internal transfers is per transaction - you can move large sums between accounts (eg current and web saver) by splitting it into £15K parcels.

espresso

Moggles wrote: »

Yes. HSBC, for instance, restricts you to £10,000 per day, while the Halifax limits customers to £15,000 per daily transaction.

There's nothing to prevent you from transferring these amounts on consecutive days
though.

Yes I have found that both HSBC and Lloyds TSB limit transfers to £10k per day, although they never used to have this limit. So £100k in takes ten days to transfer out while getting no interest! Another rip off rule from the banks.

:mad:

rarrarrar

While HSBC has a £10k limit unless you pay for CHAPS,

First Direct does not have a limit, which is why I have a FD account used mainly for moving savings money around.

I dont think CAHOOT has a limit , ICICI has a £10k limit per instructions but allows multiple instructions.

With many organisations discouraging cheques ( including the Inland Revenue) £10k limit can be a problem.

Nick_C

Espresso - to expand on my earlier note, with Halifax you can move as much as you like from their current a/c to their web saver in £15K parcels. You can then make a large transfer out from Web Saver. For example, I recently transferred £32K out from my current a/c to Tesco. Did this as 3 transfers from current a/c to web saver, then one transfer ("bill payment") from web saver to Tesco.

Primrose

I'm amazed at these high limits. Barclays limits my daily online transfers to other banks/building societies to a miserly £1000 per day. My current account banking record has always been excellent and I find this a pain as at the end of every month I make regular payments to two other savings institutuions which take me over this limit. Despite requests for the limit to be increased they will not do so, forcing me to finish my transactions the next day. Maybe they're just getting their own back because I don't put my savings into any of their low interest paying accounts.

espresso

Primrose wrote: »

I'm amazed at these high limits. Barclays limits my daily online transfers to other banks/building societies to a miserly £1000 per day...........

That is a really pathetic transfer limit and they are effectively forcing their customers to pay for a CHAPS transfer at about £35.

:mad:

Voyager2002

I would love to have the problem you are discussing! The only limit on my money movements has been lack of money.

rebeccaj

espresso wrote: »

That is a really pathetic transfer limit and they are effectively forcing their customers to pay for a CHAPS transfer at about £35.

:mad:

the CHAPS transfer fee at Barclays is actually £20, but do I agree that it is a pathetic transfer limit and they are effectively forcing you to use the CHAPS method by having this low limit.

YorkshireBoy

rebeccaj wrote: »

the CHAPS transfer fee at Barclays is actually £20, but do I agree that it is a pathetic transfer limit and they are effectively forcing you to use the CHAPS method by having this low limit.

Telephone banking didn't used to have the same restriction. Not sure if it does now as I left them over a year ago.