Faster Payments - First Direct

VXman

I have asked FD and they say there will not be a problem transferring £60K online. However, I read somewhere that the limit is up to £250K but there can be individual limits set up by individual banks. I cannot find anywhere in print where it states FD limits on transfers. I suppose it could mean there are none but I am just worrying as I need to make sure this amount gets there by the next day at least -immediately would be better.

Any ideas on this matter?

colsten

it appears that you were either given naff info, have misunderstood, or the FD Help is wrong.

Ballard

You should ring them to double check as none of us will know. I don’t think that there’s anything to stop you requesting that they make the payment for a date in the future (presuming that you know the exact amount). If they accept your instructions then I wouldn’t envisage any issues as it would have gone through their checks. 

I used FD to pay just over £42k to a solicitor in December and the solicitor confirmed receipt first thing the following morning. It was likely with them earlier but they don’t monitor the account in real time. 

VXman

I just tried to send it said and £58,000 was over my daily limit. Tried £40,000 still no go. £30,000 went immediately. Very annoyed that I specifically asked if £60,000 was going to be OK and the advisor said 'shouldn't be a problem'. Surely someone or somewhere should know what the daily limit is!!!! 

Anyway - 30K gone now - the rest tomorrow I guess.

Ballard

It's very disappointing that they didn't give you the correct answer from the start as it could easily have lead to an awkward situation for you but I'm glad that you've found a solution. I too was worried that I'd encounter problems so paid it 3 days ahead of the due date. With interest rates as they are there was little point in holding onto the cash unless the solicitor went under and it wasn't ringfenced in a 'clients account'. As far as I was concerned this risk was minimal compared to the risk of having funding issues on the day.

born_again

VXman said:

I just tried to send it said and £58,000 was over my daily limit. Tried £40,000 still no go. £30,000 went immediately. Very annoyed that I specifically asked if £60,000 was going to be OK and the advisor said 'shouldn't be a problem'. Surely someone or somewhere should know what the daily limit is!!!! 

Anyway - 30K gone now - the rest tomorrow I guess.

Did you say that the transfer was via the APP? Not via IB or actually calling them.

greyteam1959

All calls to FD are recorded so if you believe you have been given the wrong information by them make a complaint.

Ballard

born_again said:

VXman said:

I just tried to send it said and £58,000 was over my daily limit. Tried £40,000 still no go. £30,000 went immediately. Very annoyed that I specifically asked if £60,000 was going to be OK and the advisor said 'shouldn't be a problem'. Surely someone or somewhere should know what the daily limit is!!!! 

Anyway - 30K gone now - the rest tomorrow I guess.

Did you say that the transfer was via the APP? Not via IB or actually calling them.

Good point. I telephoned them for my transfer and missed the fact that the op mightn’t have done. 

VXman

The info about 60K being fine was by website secure message. I'm not keen on phone calls! 
It's a pity I could only work out the limit by trail and error. I literally tried 50K, then 40K and then 30K to find out what it would accept. This was after quite a bit of time searching FD website and google to try and find an answer.

Transfers were done through the phone app.