moving large sums of money

d63

colsten wrote: »

What happened when you tried £50K? If it works - great! If it doesn't, file a complaint

Any reason why you didn't go to a Branch if you wanted to make the payment in one go? Although even Branch would have had to split it, as FP limit is £250K.

umm not actually tried that. what tends to happens, like today, i start to move money in 10k chunks, then on the third try, up pops the message "your payment has been delayed, etc " so i stop there.

as to going in person to a branch, well thats a bit of a non-starter alas as i am pretty much housebound nowadays and no doubt they would want to see some kind of photo-ID which i do not have.

davidwatts

Would there be any problem with opening accounts that can be funded via debit card? I assume the limits don't apply there as long the funds are in the relevant account. Worked for me with a Masthaven fixed term account recently.

d63

davidwatts wrote: »

Would there be any problem with opening accounts that can be funded via debit card? I assume the limits don't apply there as long the funds are in the relevant account. Worked for me with a Masthaven fixed term account recently.

hmm, that seems worth looking into! thank you.

18cc

I tried to pay into NS&I by debit card once it was quite a large sum of money over 10 k from memory when nothing appeared in my account I queried the bank which was Lloyds at the time and they said they had a maximum of 10 k on a debit card and if I wanted more than that I had to call them to 'open the card up' for 24 hours not sure if that is still the position

agrinnall

18cc wrote: »

I tried to pay into NS&I by debit card once it was quite a large sum of money over 10 k from memory when nothing appeared in my account I queried the bank which was Lloyds at the time and they said they had a maximum of 10 k on a debit card and if I wanted more than that I had to call them to 'open the card up' for 24 hours not sure if that is still the position

Even if that's still the case, it's unreasonable for the card issuer to simply say they aren't going to allow it, if they have a query about the size of a payment that the cardholder has authorised then they should contact the cardholder to confirm that the payment is valid, and then allow it to proceed. Which is what happened when I once paid in the region of £30K for a car on my Nationwide debit card.

System

xylophone wrote: »

Had you considered opening a NS&I account and transferring all the cash into it in one go rather than in dribs and drabs?
You could use a personal cheque drawn on your Barclays current account?

https://www.nsandi.com/our-products

You can hold it all there safely and earn more interest than Barclays provide while you think what to do with it?

I agree entirely. I am in a similar fortunate position, and NS&I Direct Saver was recommended to me. I'd say definitely the way to go. Once the money is in there, it is easy to move what you need back into your bank account. Interest rate is 1% which isn't too shabby under current circumstances.

Certainly a lot easier than having several accounts and keeping an eye on the £85,000 FSCS limit in each of them. You can open the account online with £1 (or you can do it over the phone) and then you can transfer the money in by BACS.

Penelopa.Pitstop

18cc wrote: »

I tried to pay into NS&I by debit card once it was quite a large sum of money over 10 k from memory when nothing appeared in my account I queried the bank which was Lloyds at the time and they said they had a maximum of 10 k on a debit card and if I wanted more than that I had to call them to 'open the card up' for 24 hours not sure if that is still the position

Lloyds is best avoided for any larger or not typical payments. They love to do extra checks and it annoys me a lot. I now use Nationwide for bigger money movements or big debit card payments. Had no problem paying £28K on Nationwide debit card.