Faster Payments

canaldumidi

Is there a site somewhere that shows what limits each bank imposes on FPs?

I'm with Nationwide which has a £10K limit per transaction. Moving savings (eg £85K)  from one bank to another via N/W involves 9 separate N/W transactions which is a pain not to mention a risk of inadvertantly messing up transaction 6 due to loss of concentraton!)

Just left Virgin (£1K limit per day on internet banking so aprox 3 weeks to transfer the lot!).

Any ideas?

A freephone number for customer services would be nice too, as well as showing the 'reference' field for credits on internet banking (another N/W bug-bare).

Anyway, if anyone knows where different bank's c/a functions are compared that would be helpful.

ColdIron

Can't vouch for its accuracy ...

https://www.fasterpayments.org.uk/about-us/personal-transaction

canaldumidi

ColdIron said:

Can't vouch for its accuracy ...

https://www.fasterpayments.org.uk/about-us/personal-transaction

Thanks that's helpful - £20 or £25K per transaction seems common, though does not mention daily limits which could be a critical limitation.

Daliah

You can normally find a bank's limits on their website

longjohnjohnson

canaldumidi said:

ColdIron said:

Can't vouch for its accuracy ...

https://www.fasterpayments.org.uk/about-us/personal-transaction

Thanks that's helpful - £20 or £25K per transaction seems common, though does not mention daily limits which could be a critical limitation.

Surely it's not that difficult to just look at the website of the bank you're using which is likely to be the most accurate source of information?

I don't really know why this information would need to be collated as it's likely to be useful to no-one.

canaldumidi

longjohnjohnson said:

Surely it's not that difficult to just look at the website of the bank you're using which is likely to be the most accurate source of information?

I don't really know why this information would need to be collated as it's likely to be useful to no-one.

there are 42 banks on the link ColdIron linked to.

That's a lot of clicking, webpage searching and reading.

There are formal and informal sources of all sorts of collated information eg which banks offer switch bonuses, or displaying interest rates offered by different banks, Your suggestion could apply equally to those as it's all on each bank's website. But it's useful to loads of people to have it all available in a single place.

This is no different.

IanManc

longjohnjohnson said:

I don't really know why this information would need to be collated as it's likely to be useful to no-one.

Thank you for the link @ColdIron .  I am looking for a change of main bank account and the online transfer limits are important to me. It was very useful to see them all in one place, and to be able to compare them easily.

mjm3346

"I'm with Nationwide which has a £10K limit per transaction. Moving savings (eg £85K)  from one bank to another via N/W involves 9 separate N/W transactions which is a pain not to mention a risk of inadvertantly messing up transaction 6 due to loss of concentraton!)"

once you have made the first transaction you simply select to make a payment to someone you have paid before (in the last 12 months) and you only need to enter the amount not the account details

Rob5342

Starling lets you transfer £250,000 at once, and they are better than the old fashioned banks in most respects.

etienneg

canaldumidi said:

Just left Virgin (£1K limit per day on internet banking so aprox 3 weeks to transfer the lot!).

Recently I discovered that the Virgin £1k limit per day in internet banking applies only if you use the default OTP for logging in verification. If you verify using the app, or using the Virgin "security key" that they will send you if you ask and don't have a smartphone, then the limit is £30,000 per day.

Why they don't tell you this up front is beyond me. (No wonder their phone and chat services are overloaded!)

Daliah

etienneg said:

canaldumidi said:

Just left Virgin (£1K limit per day on internet banking so aprox 3 weeks to transfer the lot!).

Recently I discovered that the Virgin £1k limit per day in internet banking applies only if you use the default OTP for logging in verification. If you verify using the app, or using the Virgin "security key" that they will send you if you ask and don't have a smartphone, then the limit is £30,000 per day.

Why they don't tell you this up front is beyond me. (No wonder their phone and chat services are overloaded!)

I think they would argue that they do tell you up front.