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How to safely transfer cash
whitejohn
Posts: 218 Forumite
How do I safely transfer cash, for house purchase, to my solicitor?
Think I read somewhere that the FSCS limit of £85000 could be exceeded for a short period.
I want to put £160K in my main Santander account ready to transfer to solicitor,
Think I read somewhere that the FSCS limit of £85000 could be exceeded for a short period.
I want to put £160K in my main Santander account ready to transfer to solicitor,
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Comments
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Don't think the higher limit applies in your scenario, but would e.g. between a sale and purchase. If paranoid, split it into separate payments. Or pay from separate banks.0
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Check with the solicitor.
Speak to them in person and make 100 percent sure you have the correct account details.
You could even pay £20/50 the day before.0 -
Check with the solicitor.
Speak to them in person and make 100 percent sure you have the correct account details.
You could even pay £20/50 the day before.
I do all my banking online and whenever I set up a new account to pay someone I always send a token amount first usually £1. Upon confirmation they have received this I send the full amount. Simple system, should work perfectly.0 -
Even if you split the money between two banking licences, your house purchase is not going to go through in the event either of the institutions fails... It will take an extended period to reclaim your losses from the FSCS.How do I safely transfer cash, for house purchase, to my solicitor?
Think I read somewhere that the FSCS limit of £85000 could be exceeded for a short period.
I want to put £160K in my main Santander account ready to transfer to solicitor,
What do you think are the chances of Santander failing during the brief period your money is with them?
Where is your money currently?0 -
Cash from Charter and Tesco will go in to Santander waiting for the solicitors request for the funds.
Agree, Santander unlikely to go bust in that period but if they did then I've lost about £80K.
Will have to do 2 transfers I think but that will add another week to the completion.0 -
Can't you send directly from the other accounts to the solicitor?
To be honest if there was any chance of Santander going bust (and the government not bailing out the UK operation or otherwise compensating savers beyond the FSCS limits) then we'd expect rumbles of that beforehand.0 -
If you were really, really, really paranoid you could put the full amount into a NS&I account where it'll be completely protected - but the problem then may be that I'm not sure if you can do a CHAPS payment from NS&I (although you can do FPS, but it would have to be done over 2 days I think).0
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Temporary high balances are covered here. You have absolutely nothing to worry about (and could have googled that yourself in far less time than it took to type your post)
The bigger hassle is the transfer of the £160k - most banks have a daily limit for online transfers (I think HSBC's is £20k per day). Otherwise you have to arrange a CHAPS payment, for which you'll be charged. Your bank will be able to provide details, so suggest you ask them.0 -
I'm not entirely sure that a balance which you're holding in contemplation of sending it to your solicitor for a purchase is covered, given that all these items appear to relate to sums received from other parties.ReadingTim wrote: »Temporary high balances are covered here. You have absolutely nothing to worry about (and could have googled that yourself in far less time than it took to type your post)0 -
I'm not entirely sure that a balance which you're holding in contemplation of sending it to your solicitor for a purchase is covered, given that all these items appear to relate to sums received from other parties.
Then simply don't consolidate into one account - pay the solicitor from the accounts in which the funds have been originally accumulating. As long as you tell them what you're doing, and from where the funds are coming, I can't image they'll have a problem.
The OP needs to decide whether he prefers ease of administration, or the security of his money - his choice, but he can't have both.0
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