Need to make a larger than £25k payment

livekarma

Hello All,

I need to send a payment of £36k for a vehicle private seller. I am limited to £25k a day with Halifax Online Faster Payments. With COVID-19 I am not sure if anything has changed, is my only option to find a branch near to the seller and get them to transfer in branch? 

Would it be possible to transfer half the money from my halifax account to my lloyds account and then on the day send half from each bank account, or is the faster payments limit across all my accounts?

Thanks

whitesmith

If you don't mind paying for it then you could ask your bank to send money as a chaps payment

not sure what the cost is these days but it was around £25 last time I used it

KTF

You can do larger payments over the phone. Just call them and have all the details handy,

General_Grant

livekarma said:

Hello All,

I need to send a payment of £36k for a vehicle private seller. I am limited to £25k a day with Halifax Online Faster Payments. With COVID-19 I am not sure if anything has changed, is my only option to find a branch near to the seller and get them to transfer in branch? 

Would it be possible to transfer half the money from my halifax account to my lloyds account and then on the day send half from each bank account, or is the faster payments limit across all my accounts?

Thanks

I suppose you would need to move the sum to Lloyds the working day before you sent the balance from Halifax.
Though Lloyds Bank and Halifax are in the same group they don't share limits between the two banks.

livekarma

General_Grant said:

I suppose you would need to move the sum to Lloyds the working day before you sent the balance from Halifax.
Though Lloyds Bank and Halifax are in the same group they don't share limits between the two banks.

This is what I was thinking of doing. I can't find anywhere online that confirms this will actually work.

missile

You could pay £25 today and balance tomorrow?

General_Grant

missile said:

You could pay £25 today and balance tomorrow?

£11K first and £25K next day - but remember this is payment to a "private seller" and even sending the smaller amount first is still a risk if you don't have the car in your possession.

livekarma

missile said:

You could pay £25 today and balance tomorrow?

I am viewing the car on Thursday. I could send half before I go 24 hours before, however not the best idea if I decide I don't want it!

livekarma

General_Grant said:

missile said:

You could pay £25 today and balance tomorrow?

£11K first and £25K next day - but remember this is payment to a "private seller" and even sending the smaller amount first is still a risk if you don't have the car in your possession.

Absolutely. I am not sure what my rights would be if I paid £11k the day before and then the guy did a runner or I decided I didn't want the car.

jonesMUFCforever

If you transfer any money from Lloyds to Halifax or the other way round it will count towards your daily limit.
So whatever way you decide to proceed it will take 2 working days or you could go into a branch to do it over the counter - take plenty of ID with including any paperwork relating to the car purchase.

Just remember once it is sent if anything goes wrong you have no comeback.
You would not qualify for S75 because the deal is over £30k but paying with a debit card would at least give you a chance of a chargeback.
I also know you are buying from a private seller - something I would never do for that amount but that argument is for another day.

livekarma

jonesMUFCforever said:

If you transfer any money from Lloyds to Halifax or the other way round it will count towards your daily limit.

So is the £25k daily limit across all banks? Could I open a new account with another bank and send from there?