Transferring fairly large amount into Marcus savings account

Highland76

oldagetraveller1 said:

Why not ask Marcus rather than some random people on t'internet?

https://www.marcus.co.uk/uk/en/public-site/contact-us

Pretty sure Marcus will advise OP to contact his sending bank, as its not the responsibility of Marcus to decide on how the funds reach them.

colsten

Highland76 said:

Why waste money on a CHAPs transfer when a free BACS transfer is possible for the same amount? 

Not sure it has to be BACS / CHAPS. Santander did a free-of charge >£50k Faster Payment for me. Their max daily amount for telephone payments is £100k. Some other banks also do higher amounts over the phone, as Faster Payments. OP should just call their bank and ask.

Victorwelldue

Thanks for all of the responses. Linked account is Clydesdale Bank and checking again it seems they actually have a £30K daily limit via app but telephone limit is only £5K. I shall give them a call on Monday just to be on safe side and see what they advise.

oldagetraveller1 said:

Why not ask Marcus rather than some random people on t'internet?

Oh a few reasons I suppose. Forums tend to be a good resource to gain shared knowledge from people who have had similar experiences, often people with more knowledge & expertise than some front line customer service staff. I've found that asking people in forums that are dedicated to a particular subject helps focus in on the subject at hand and somewhat cuts down on the "random" aspect.  Its good to get a range of opinions then if one is careful you can usually decipher the good advice from the bad by means of majority consensus from clearly knowledgeable posters.  Sometimes I may even canvas opinions in forums AND talk to the institutions concerned. I think its really why forums like this exist, otherwise why have them at all for any subject really?

colsten

Here is your answer.
Set up an SO for your full amount. If you do this today, you can probably get the money transferred on Monday. If not then, Tuesday.

Delete the SO when your money has arrived in Marcus.

inspectorperez

colsten said:

Here is your answer.
Set up an SO for your full amount. If you do this today, you can probably get the money transferred on Monday. If not then, Tuesday.

Delete the SO when your money has arrived in Marcus.

That's an interesting one!

Never thought of that and could come in real handy when fixed bond investments etc need to be re-invested maybe with a new provider.

Must check to see what Santander's limits are.

colsten

I would expect banks have controls on SOs, too - so calling them beforehand about large one-offs is probably always a good idea, anyway

oldagetraveller1

Highland76 said:

oldagetraveller1 said:

Why not ask Marcus rather than some random people on t'internet?

https://www.marcus.co.uk/uk/en/public-site/contact-us

Pretty sure Marcus will advise OP to contact his sending bank, as its not the responsibility of Marcus to decide on how the funds reach them.

But they might be able to advise what sort of credit sum and how many credits in a short time could flag up a problem? I would have expected the sending bank to have no issues about money leaving an account as long as it's within their limit?

General_Grant

oldagetraveller1 said:

Highland76 said:

oldagetraveller1 said:

Why not ask Marcus rather than some random people on t'internet?

https://www.marcus.co.uk/uk/en/public-site/contact-us

Pretty sure Marcus will advise OP to contact his sending bank, as its not the responsibility of Marcus to decide on how the funds reach them.

But they might be able to advise what sort of credit sum and how many credits in a short time could flag up a problem? I would have expected the sending bank to have no issues about money leaving an account as long as it's within their limit?

That's really equivalent to asking them to say what alerts them in a money laundering situation.  Is that really going to happen?  (I hope not.)