Moving a large amount of money

eebyegum

Hello all.
I am about to complete on my property sale and my procedes (300k) will be paid into my current account. I expect to complete on my new home a month or two later but am worried when my solicitors ask for the payment to their client account, that my bank wont let me move such a large sum of money in one go.
How is this situation usually resolved?
Many thanks for your thoughts
Regards

TadleyBaggie

Write them a cheque?

ColdIron

CHAPS payment is the norm

Brie

It helps sometimes to tell your bank in advance so the payment doesn't set off all the fraud alarms.  Also depending on your bank it may help if you go into branch to do the transaction - online or phone requests might be done by anyone.  But if you are in branch, calm and with all your documentation they will likely be very willing to get the money moved for you with a minimum of fuss. 

Daliah

Most banks have daily transaction limits, some as low as £20k. I think the max I have seen is £250k at Starling, and £100K as the next lower at Santander. I would not expect that they will let such payments got through without additional checks.

CHAPS is designed for large payments and works with all current accounts except Chase. It's a chargeable service, usually some £25.

Olinda99

when I did it a few years ago I wrote a cheque and dropped it into the solicitor's office

diystarter7

ColdIron said:

CHAPS payment is the norm

Ditto.......

Thumbs_Up

On the flip side of the coin when I sold my house the solicitor had to transfer a large sum of money to my bank account. I did offer some advice to him and politely request could he send a £1 test first, he just laugh at me and said it will be ok. I must admit I was on tenterhooks  waiting for a successful transfer of my money. This was not done by CHAPS, just a transfer.

diystarter7

As I said, CHAPS is best bet.

I too do a test if I'm sending, moving more than 1k or so to a new person, bank etc.

The thing I've noted in recent months or is it a year that when you complete the details
of the person/business you are sending the money to, you have to match their name
with the account number.

I mispelt a plumbers name and the warning came up something like, 'account not recognised,' therefore the fear
of getting one digit wrong and sending the money to a wrong account has been vastly reduced IMHO.

Olinda99

A cheque is safer. And cheaper! No risk of inputting wrong bank details or, even worse, a fraudsters bank details. No risk of the transfer going wrong and the money disappearing...

https://forums.moneysavingexpert.com/discussion/5863300/missing-chaps-payment-not-able-to-complete

https://forums.moneysavingexpert.com/discussion/5695158/missing-chaps-payment

https://forums.moneysavingexpert.com/discussion/6279707/chaps-missing-payment

https://forums.moneysavingexpert.com/discussion/5939954/lost-chaps-payment

Daliah

diystarter7 said:

 
The thing I've noted in recent months or is it a year that when you complete the details
of the person/business you are sending the money to, you have to match their name
with the account number.

This is known as Confirmation of Payee (CoP). It is used by many but not all UK banks and building societies, and you can overwrite/ignore the result of a CoP check if you are certain that the sort code, account number and Reference (where applicable) are correct.