NatWest electronic transfer: ‘DAILY limit’ on my current account.

The_Big_Bamboo

I’ve asked the NatWest on several occasions to increase my ‘DAILY limit’ for electronic payments to my nominated ‘payees’.
However, they’ve told me it can’t be increased and won’t (or can’t) tell me how my personal ‘DAILY limit’(£20k) is actually set.

From time to time I need to move large amounts of cash (at very short notice) and I’m becoming increasingly frustrated by this ‘Daily limit’,… and also by the fact that it’s a DAILY limit that effectively only operates Monday to Friday!

If I make an online payment to one of my payees (up to my DAILY limit) on Saturday morning I’m then barred from making any further payments to any of my payees until Tuesday morning; …even if that further payment was just £1.
It’s a 24hr ,7 days per week online payment system that doesn’t really operate at weekends!

Has anyone had any success in having their DAILY limit increased?;....also, does anyone know how the NatWest calculate the DAILY limit?
All replies gratefully received.

P.S. it’s my personal current account,…not a business account.

eskbanker

Why do you think it's a personal limit?

According to http://www.fasterpayments.org.uk/transaction-limits, £20K is a standard limit across the board, not something configured by individual....

If you need to transfer more than £20K on any given day, you could always use CHAPS, albeit at a cost. Or bank with one of the institutions with a higher daily FP limit of course!

The_Big_Bamboo

eskbanker wrote: »

Why do you think it's a personal limit?

According to http://www.fasterpayments.org.uk/transaction-limits, £20K is a standard limit across the board, not something configured by individual....

If you need to transfer more than £20K on any given day, you could always use CHAPS, albeit at a cost. Or bank with one of the institutions with a higher daily FP limit of course!

Thanks for the link/info :T;…I’ve no idea why NatWest couldn’t volunteer that info in the first place.

Little value in asking NatWest to increase my ‘personal’ daily limit then!

I’ll have a look at the CHAPS route, but I think the cost may be prohibitive for me.

EssexExile

Don't they have a higher limit for phone transactions rather than online?

Edit - no they don't, sorry.

eskbanker

The_Big_Bamboo wrote: »

I’ll have a look at the CHAPS route, but I think the cost may be prohibitive for me.

http://personal.natwest.com/personal/current-accounts/rates-and-charges.html says £21 or £23, i.e. in <0.1% territory for a £20K+ transfer, which doesn't sound prohibitive to me, albeit free sounds better!

agrinnall

The simple answer is to switch to a bank that has higher limits. Some have single transaction limits up to £100K, and some have no restriction on the number of single transactions below the limit that can be done each day.

jonesMUFCforever

Can I ask if you need to move large amounts at short notice whether business transactions are being made through it?

Business accounts can have higher amounts.

YorkshireBoy

The_Big_Bamboo wrote: »

I’ve no idea why NatWest couldn’t volunteer that info in the first place.

They do, on their website...

https://supportcentre.natwest.com/Searchable/913208362/How-do-I-make-a-large-value-payment.htm

(I just typed "faster payment limit" in the search box on their home page and followed the links)

Sparx

I can't think of a reason why a personal account, would be shifting £20k+ daily between accounts - if not business related?

alanq

Sparx wrote: »

I can't think of a reason why a personal account, would be shifting £20k+ daily between accounts - if not business related?

Occasional transfers of large amounts into new savings accounts which only allow a single deposit?

Sparx

alanq wrote: »

Occasional transfers of large amounts into new savings accounts which only allow a single deposit?

But why would you need to be doing that so often? If it was a new savings account, you'd just transfer it over a few days worse case no big deal.