Faster payments (with nationwide / Marcus)

djpailo

With Nationwide the limit I believe is 10k.
With Marcus the limit I believe is 20k
I was wondering whether these are daily limits or can you just do several transactions in one go, each at say 10k at a time for nationwide?

Contador38

I have paid 10k x 4 times on same day at Nationwide before.

Willing2Learn

Have you got any additional accounts, just in case your main one gets frozen...?  The transaction(s) may be considered 'unusual account behaviour'

djpailo

Contador38 said:

I have paid 10k x 4 times on same day at Nationwide before.

Were you charged for this? 

Willing2Learn said:

Have you got any additional accounts, just in case your main one gets frozen...?  The transaction(s) may be considered 'unusual account behaviour'

Yes I do thanks. 

EarthBoy

djpailo said:

With Nationwide the limit I believe is 10k.
With Marcus the limit I believe is 20k
I was wondering whether these are daily limits or can you just do several transactions in one go, each at say 10k at a time for nationwide?

Nationwide's website says:

Send up to £10,000

You can send up to £10,000 from your current account using the free faster payment service. As long as you have enough money in your account, there’s no limit on the number you can send in one day.

https://www.nationwide.co.uk/support/payments-and-transfers/send-money-to-another-account

djpailo

EarthBoy said:

djpailo said:

With Nationwide the limit I believe is 10k.
With Marcus the limit I believe is 20k
I was wondering whether these are daily limits or can you just do several transactions in one go, each at say 10k at a time for nationwide?

Nationwide's website says:

Send up to £10,000

You can send up to £10,000 from your current account using the free faster payment service. As long as you have enough money in your account, there’s no limit on the number you can send in one day.

https://www.nationwide.co.uk/support/payments-and-transfers/send-money-to-another-account

Thank you!

greatcrested

I transferred £85K out of nationwide over a 10 minute period. No charge.

No idea why they limit each transaction to £10K - not only is it a hassle, but you're actually more likely to make an error doing multiple transactions than doing one careful transaction.

ic

greatcrested said:

I transferred £85K out of nationwide over a 10 minute period. No charge.

No idea why they limit each transaction to £10K - not only is it a hassle, but you're actually more likely to make an error doing multiple transactions than doing one careful transaction.

To help prevent people being rinsed in a single transaction thanks to fraudsters?  Someone could transfer £200K in a single transaction, or they might realise something is wrong on the third or fourth transfer of £10K...

jonnygee2

No idea why they limit each transaction to £10K - not only is it a hassle, but you're actually more likely to make an error doing multiple transactions than doing one careful transaction.

I think they want to encourage people to use paid-for transfer methods like chaps.