Making a Large Payment - Safer via Cheque or Bank Transfer?

kuratowski

Very likely.

But what's the worst case if you try to make the transfer, they call you up and ask you a couple of questions to make sure you're not being conned by fraudsters, you can truthfully answer you know the person to whom you're sending the money...

xlnc99

J_B said:

Wheres_My_Cashback said:

Moving £10K per day online for 6 days or £20k for 3 days should not generate any issues whatsoever unless you have markers on your accounts.

We've had an account with First Direct for about 30 years now.

Last month I transferred £400 to our currency broker's account - when I tried to do the same the next day, they blocked the payment!

When DD2 bought her first house, I was helping her with the admin stuff when suddenly we had an email from solicitor saying, you can have the keys, just send us the 45k (?) deposit .... but how to send that in one go? 'We' made five payments of 9K from various accounts and it all sailed trough without an issue

so you made 5 transfers from different bank accounts? Were all the transfers from your own bank accounts or other people? Did you first transfer the 9k to these other accounts before it was sent to the solicitors?

Wheres_My_Cashback

I regularly move £20K via online FP with Lloyds in batches of 4 when moving funds into new savings account. Sometimes this can be £200K passing through an account in a month and have never had any payment queried.
I moved 3 x £15K in 5 minutes from Al Rayan last week to three different accounts (to circumnavigate their £15K daily max per a/c limit), not queried.

Wheres_My_Cashback

xlnc99 said:

Perhaps that maybe the way forward. Smaller amounts over the course of a week or two. I believe 10k is the threshold for most banks without any questions asked. Already have done smaller payments to the account so i do know its his own bank account which he has had for years

Whats the bank you're moving from ? Limits vary between £10K and £25K in my experience, £10K is considered low.
As it's a payment to an already established payee that pretty much eliminates most need for further checks. If it was a new payee that would be red flag.

xlnc99

Wheres_My_Cashback said:

I regularly move £20K via online FP with Lloyds in batches of 4 when moving funds into new savings account. Sometimes this can be £200K passing through an account in a month and have never had any payment queried.
I moved 3 x £15K in 5 minutes from Al Rayan last week to three different accounts (to circumnavigate their £15K daily max per a/c limit), not queried.

wow 200K per month! Someone is doing well for themselves! 

Why have you got Al Rayan? Ive got the usual bank accounts, hsbc, lloyds etc. Al Rayan any different? Always want to explore elsewhere

xlnc99

Wheres_My_Cashback said:

xlnc99 said:

Perhaps that maybe the way forward. Smaller amounts over the course of a week or two. I believe 10k is the threshold for most banks without any questions asked. Already have done smaller payments to the account so i do know its his own bank account which he has had for years

Whats the bank you're moving from ? Limits vary between £10K and £25K in my experience, £10K is considered low.
As it's a payment to an already established payee that pretty much eliminates most need for further checks. If it was a new payee that would be red flag.

I have several bank accounts with everyone bar natwest and metro. I can easily find the right bank with the highest limit to transfer it from across. They are already an established payee and i have moved some money across to them previously, a long time ago for around 5k. I dont send them it regularly. The payee was added years ago and never removed.

Wheres_My_Cashback

xlnc99 said:

Wheres_My_Cashback said:

I regularly move £20K via online FP with Lloyds in batches of 4 when moving funds into new savings account. Sometimes this can be £200K passing through an account in a month and have never had any payment queried.
I moved 3 x £15K in 5 minutes from Al Rayan last week to three different accounts (to circumnavigate their £15K daily max per a/c limit), not queried.

wow 200K per month! Someone is doing well for themselves! 

Why have you got Al Rayan? 

Not every month ! But when you have many accounts and need to move money around the most effective way to do it without paying for it or losing interest is to do it in batches.
Rate chaser ! They pay the highest interest in terms of easy access. It sits there until a higher paying fix or other becomes available.

xlnc99

i dont think my credit score is good enough for Al Rayaan, although they send me plenty of emails. Also, its not really a main stream bank is it. Not many locations and offices etc, or am i wrong?

Tildaplum

Always been top of my wishlist that we had the ability to transfer savings accounts in the same way as we can transfer cash ISAs from one provider to another thus saving having to transfer large sums via a current account

born_again

xlnc99 said:

This is my fear. I just dont want to explain to the bank that i was given a loan many years ago and i am paying it back. Even though its the truth, it will cause more questions and answers and asking me why, where did it go etc etc. Even though the loan was all done via bank transfer previously years ago with a different bank account i had and in stages not in one big go. This is a road i do not want to go down. 

Naturally they will ask 60k is a big amount why where who and when etc.

Why? do you not want to explain, that makes it sound dodgy. (not saying it is)
We hear stories like this most days.
If your banks offers a phone service (might be a wait to get through) then call them and get them to put it through. They will ask the questions. But if you have nothing to hide that is the end of it.
Anyone that starts to say it's none of your business has something to hide.