Banks /BS with large transfer amounts

ANGLICANPAT

From a property sale in next couple of months , Im going to have to  accept around £270k from the solicitor into a bank .  My usual bank HSBC  has a daily transfer limit out of £25k , so it would take quite a while to get it moved out  at that rate into investments /other BS's etc  . Does anyone else's bank have a higher daily limit please? 

coyrls

Usually you can transfer larger amounts with CHAPS, although you will be charged for transfers via CHAPS.

masonic

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

If you can get to a Halifax or Lloyds branch (or BOS), it looks like their branch limits are £250k.

wmb194

ANGLICANPAT said:

From a property sale in next couple of months , Im going to have to  accept around £270k from the solicitor into a bank .  My usual bank HSBC  has a daily transfer limit out of £25k , so it would take quite a while to get it moved out  at that rate into investments /other BS's etc  . Does anyone else's bank have a higher daily limit please? 

You could write a cheque to transfer money to some of those.

ANGLICANPAT

  Thanks  , no  banks handy without travel,  and  Im hoping to be able to do it all online  , aware of Chaps but its quite pricey for multiples . Think I might have just found one solution, not perfect but it helps  -  Will re check but think Skipton  has no daily online limit  but will only pay out to a max of two nominated accounts, so if  can get the solicitor to send money to Skipton,  I can  either change my nominated accounts if  possible,to send   direct to the desired investment each time, or if changing is too messy,   send £25k to each of the two normally nominated banks  and move to investments from each  , so £50k a day  moved .  Now only got to worrry about where to put everything . .  Do people worry much about having more than £85k on platforms like iweb and such ?

masonic

ANGLICANPAT said:

Do people worry much about having more than £85k on platforms like iweb and such ?

As uninvested cash, maybe (tends to be spread around nominee accounts with more than one bank). Once invested, then it is ringfenced and £85k should be sufficient coverage for liquidation costs and fraud should the worst happen.

ANGLICANPAT

Thanks Wmb, had forgotten all about cheques ! 

Daliah

NS&I will allow higher withdrawals (>£50k) but they take two or three working days. https://www.nsandi.com/help/manage-your-savings/make-withdrawal-from-savings. Up to £50k can be withdrawn daily and will be paid into a linked account next day. The advantage is that you don't need to worry about FSCS limit. I am not sure though whether a solicitor can pay into your NS&I account you'd have to check this with NS&I.


Santander and Virgin are £100k max per day, so way more than the FSCS limit. However, you do have the temporary high balance protection for proceeds from a house sale. This means it would take max three days to distribute your £270k to where you want the bits and pieces to go.

Daliah

ANGLICANPAT said:

  Do people worry much about having more than £85k on platforms like iweb and such ?

I would never have more than £85k in cash in an investment platform (or any bank or BS) but I am quite happy with having various funds totalling more than £85k on the investment platforms.

jaypers

Solicitors use CHAPS……it isn’t a problem and will be same day for the whole amount. You are also temporarily covered for this type of situation above the £85k FSCS limit. 

gt94sss2

Starling will allow up to 250k daily faster payments limit their app.

Santander have a daily limit of £100k, but you will need to call them for amounts above £25k