Moving Money Online

Socajam

I do all my banking online and need to transfer £40K from Nationwide to National Savings & Investments, it is best to transfer in multiples of £9K, and in what timeline? Would it look suspicious if I were to do this every 7 days?
The money came from my endowment policy. I had an endowment mortgage, changed it to repayment, but kept the endowment.
I have done a trial run of £100 to ensure that all the information is correct.

jamei305

I'd do a succession of 10K payments on the same day. Don't worry about it looking suspicious.

t0rt0ise

Just see what you can do in the one day. If they are concerned they will phone you, or you could message them to tell them what you are doing.

shinytop

£10k at a time is the limit. I transferred 2 x £10k to the same place from Nationwide within seconds and had no problems.

webjaved

You should be able to transfer £10k at a time - if the bank flags it up, they'll give you a ring to confirm whether it's you or not. If in doubt you could always go in branch and do it that way.

colsten

shinytop wrote: »

£10k at a time is the limit.

Depends on the bank / building society, and in some cases on the transaction type and method of payment instruction. Some allow max £10k a day, some allow more, some allow several max payments a day. The max payment amounts are not necessarily the amounts at which additional checks kick in. The rules used by the various providers for additional checks vary, and aren't published, for obvious reasons. The higher the amount, though, the more likely are additional checks, again for obvious reasons.

A handy summary of FP limits: http://www.fasterpayments.org.uk/about-us/personal-transaction

colsten

webjaved wrote: »

You should be able to transfer £10k at a time - if the bank flags it up, they'll give you a ring to confirm whether it's you or not.

You can't rely on them ringing you. Santander, for instance, are notorious for holding up payments for larger amounts, sometimes for several days, and not contacting you. Most banks allow you to pay at least £10k online/by app, though there are some with lower limits.

webjaved wrote: »

If in doubt you could always go in branch and do it that way.

That's definitely one way of reducing the likelihood of hold-ups. Depending on the bank, giving your instructions by phone could be another.

See the link I posted earlier.

Worth stressing again that staying within the max payment limits is not a guarantee that payments are not subject to additional checks.

dales1

With Nationwide I transferred (to the same place) 11 x £10k in seconds on one day, with no problem.


With Santander they blocked an £800 payment without telling me. I left them and will never go near them again.

Vet

You could always phone them to let them know you are going to transfer large amounts?