Physically paying large deposit. Bank transfer.

homeless9

Hi,

About to pay large deposit on a house prior to exchange and completion.

I am a worrier, so this is probably a pointless post as sending money should be simple, but want my mind at rest and to be organised so I don't panic if things don't run smoothly....

So here is the process in my mind....

1. I will need to phone my solicitor to confirm their bank details.

2. I will transfer by Barclays online bank transfer a small amount, say £10, to check it goes through ok.

3. I will then try sending the full deposit in one go, again by Barclays online bank transfer.....but I assume the bank will go 'This amount is too big, you need to phone us' as I just got this message when trying to send over a certain amount from one of my banks to another. Will the bank want to just check that the transfer I am trying to action is legit and get online banking to let it through? or do they expect me to get them to action the transfer via the phone?. I just worry that at this time with coronavirus it may be hard  to get through to Barclays, and I also worry about giving them the bank information over the phone incase they mess up the details. I'd rather be doing the transfer myself, online. Maybe instead of phoning Barclays I could just send the deposit in smaller chunks of which Barclays online banking will let through. Does anyone know what Barclays max limit to send via online banking is before any message about having to phone them because the amount is too big comes up?

Slithery

If you really mean physically then you just have to turn up at their office with a suitcase full of £50's....

I used online bank transfer for my last purchase after visiting the solicitors to confirm bank details (this was before lockdown).

It totalled under £40k so I was able to do it with 2 separate transfers, HSBC limit at the time was £20k per day. You should check your solicitors terms though as mine charged an additional £10 per transfer if there were more than two.

Alternatively you could use CHAPS for a small fee from your bank and do it all in one go.

[Deleted User]

It's no more pointless than all your other house buying threads including the other one about sending a CHAPS payment.

homeless9

Lover_of_Lycra said:

It's no more pointless than all your other house buying threads including the other one about sending a CHAPS payment.

Thanks for your pointless post.

homeless9

Slithery said:

If you really mean physically then you just have to turn up at their office with a suitcase full of £50's....

I used online bank transfer for my last purchase after visiting the solicitors to confirm bank details (this was before lockdown).

It totalled under £40k so I was able to do it with 2 separate transfers, HSBC limit at the time was £20k per day. You should check your solicitors terms though as mine charged an additional £10 per transfer if there were more than two.

Alternatively you could use CHAPS for a small fee from your bank and do it all in one go.

Excellent help, thanks. I did not think about there being solicitor fees for additional transfers. I will be sure to check with my solicitor.

Also good to know there may be limits per day as that could cause problems.

strawb_shortcake

Its over £100k, I'm pretty sure it says somewhere on one of the pages how much you can transfer. I've transferred £90k between my bank accounts previously 

ETA - you can transfer £250k a time between your  accounts at a time, and you can make as many as you like. Can't see any limits for paying someone. 

LoveSauce

This si what I did for my £170k purchase.

Went into my bank Natwest. Did a CHAPS payment. All my solicitor bank details were saved as a payment profile because I paid them the retainer of £400 when they started the work. They said the details back to me to confirm - and done! All monies was in solictors account within 3 hours.

davidmcn

You could have found the answer by looking on Barclays' website:

https://www.barclays.co.uk/help/payments/payment-information/online-banking-limits/

kazwookie

Do a chaps payment, cost £39 approx

OR do it in £20K lumps per day for how ever long it takes to get to the amount you require, you may need to start this sooner rather than later dependent on the amount.

olgadapolga

My bank were happy to do a £250k transfer for me via telephone banking. My solicitor's bank details were already set up as I'd made some other payments to them. My bank did this payment free of charge but said that it would take up to 24 hours to reach my solicitor. In the event, the money was there within a few hours. My bank had to carry out some extra security checks but it was fine. Slightly stressful with the delay between making payment and it being received as it was the remainder of our savings and the proceeds from our house sale!

pinkteapot

We had to transfer over £400k for our last purchase and I was absolutely sh&*ing myself that our life savings would be lost in the process. We did a CHAPS payment which only cost £17 with HSBC Premier (fee varies by bank). We were able to do it by phone, but it was a lengthy call and they asked several security questions. If any single answer had been incorrect then they would have stopped the call and we'd have had to go into branch with multiple forms of ID. Even once the order had been accepted by phone, it had to go through further checks by them before they actually made the payment, which also could have resulted in us having to go into branch. I made the poor guy on the phone read the solicitor's sort code and account number back to me about five times to make sure it was right. He pointed out that as a member of the bank's higher payments team, he literally spent all day doing this for people and it would be fine. 

As others have said, if you don't want to do it by phone then you can do daily transfers up to your usual limit until you reach the necessary amount. My solicitor said that's extremely common now. We only opted not to because HSBC's limit is relatively low and it would have taken us about three weeks.