RBS Royal Bank of Scotland help

bery_451

Daliah said:

bery_451 said:

Daliah said:

If RBS is your only bank account, consider getting at least one other current account at a different bank (i.e. not Natwest). It is prudent to have backup banking facilities in case of issues, such as the near 4-week outage RBS/Natwest experienced a few years back. If you need a Branch facility, your choice is obviously limited by all the Branch closures we are seeing at the likes of Barclays, Lloyds and Natwest. May be try Nationwide - though longer term, you should try and get by without the need for a Branch. 

Okay Nationwide has good reviews on trustpilot site? Or you know any high street banks with good reviews? Starling & Monzo have good reviews but they have no branches, lets say for example I want to buy a car for £10k and the seller on autotrader wants cash so how does someone withdraw £10k from Starling or Monzo?

As I and others have commented on this forum before, being guided by Trustpilot, or similar website, when choosing a financial product is quite meaningless. To start with, you have no idea who the respondents are, and more importantly, it's no secret that unhappy customers are the main contributors to them.

I would never pay £10k cash for a car or for anything else, so I have not had a need to investigate how I could withdraw that much in cash, and what security measures I would have to take when wandering out of a bank Branch with this much cash.

£10k cash can be easily be concealed in a poundland bag right? when walking out the bank or are there trained criminals nowadays waiting outside the bank ambushing customers leaving the bank on a high street?

sausage_time

This thread is getting a bit silly.  I'm out.

[Deleted User]

bery_451 said:

sausage_time said:

bery_451 said:

sausage_time said:

You can use Post Offices to pay in and withdraw too.
https://www.postoffice.co.uk/the-royal-bank-of-scotland
Paying in cheques needs a completed slip from a book that RBS can post to you, but cash in and out is debit card+PIN.

Okay what are the max deposit & withdrawal cash limits I can do within a post office a day? As long you get a post office receipt of transactions, the transactions are cleared & settled instantly in a post office?

Penguin_ said:

sausage_time said:

You can use Post Offices to pay in and withdraw too.
https://www.postoffice.co.uk/the-royal-bank-of-scotland
Paying in cheques needs a completed slip from a book that RBS can post to you, but cash in and out is debit card+PIN.

Also can be done via the RBS app.

Google gave me the above link first and the link below second.
https://www.rbs.co.uk/business/ways-to-bank/post-office.html
You need to scroll down and expand the sections to see the limits.   Spoiler: Deposit £20k/week for notes, less for coins.   Withdrawal: your card limit

Oh great I can deposit £20,000 but only can withdraw £300 at a post office. Sounds like a 'Run on a Bank' where banks going bankrupt, everybody panicking rushing to their banks so the Government steps in and puts caps on withdrawals to try to stabilise the banking sector giving the banks time to breathe and run to the exits.

Not all Post Office branches will accept 20k; the smaller ones will have a lower limit. If you want to make a large deposit - use a NatWest or Royal Bank branch.

If the combination of NatWest/ Royal Bank branches and Post Office facilities doesn't suit then open another account.

bery_451

Okay thanks.

bery_451

It begs the question that is the only way to withdraw large sums of cash from an online only bank app like monzo or starling banks, that is another high street bank account is required so you can transfer the money digitally from starling/monzo to this high street bank so you can withdraw the cash?

RG2015

bery_451 said:

It begs the question that is the only way to withdraw large sums of cash from an online only bank app like monzo or starling banks, that is another high street bank account is required so you can transfer the money digitally from starling/monzo to this high street bank so you can withdraw the cash?

This is a very astute observation and one I had never considered.

However it is a question of supply and demand. I believe that there is very small need for large amounts of cash, hence there are limited ways of doing this.

Indeed it is my observation that the term cash is more frequently used to refer to things other than banknotes.

dcs34

RG2015 said:

Indeed it is my observation that the term cash is more frequently used to refer to things other than banknotes.

Yes indeed, on company accounts "cash in bank and in hand" is very rarely made of crumpled £20 notes...

Daliah

RG2015 said:

I believe that there is very small need for large amounts of cash

That depends on the industry a person is operating in..................  

bery_451

Daliah said:

RG2015 said:

I believe that there is very small need for large amounts of cash

That depends on the industry a person is operating in..................  

Maybe some people like to exercise their basic human right called Privacy when transacting in Cash without corporations and big tech spying on your shopping habits.

bery_451

Talking about Cash when will King Charles face to be printed on cash notes at the Bank of England and what happens to the current new style plastic cash notes money supply showing the Queen's face? Will it still be legal tender with the Queen's cash notes?