Maximum amounts set by banks which I can withdraw per day

wmb194

Which bank are you using? You could open a Barclays account: it charges nothing for Chaps transfers although it'll charge £20 to cancel or alter. You also need to be careful that the receiving account will accept Chaps deposits and you don't need to use alternative account details (IIRC you need to be careful with NS&I).

https://www.barclays.co.uk/help/payments/payment-information/chaps-payments/

Cheques are also still a good way to transfer large sums.

ForumUser7

If the transfer is less than £10,000, is there any point at all using CHAPS rather than Faster Payment please? I know this isn't applicable to OP, but just wondering. Thanks

wmb194

ForumUser7 said:

If the transfer is less than £10,000, is there any point at all using CHAPS rather than Faster Payment please? I know this isn't applicable to OP, but just wondering. Thanks

If you meet the day's cut-off time Chaps is supposed to be guaranteed to arrive the same day whilst a faster payment is only guaranteed to arrive next day, although, as we know, 98% of the time it will arrive the same day. 

So in theory Chaps gives more certainty on timing but judging by a few recent (outlier?) threads sometimes Chaps payments can take days to arrive.

ForumUser7

wmb194 said:

ForumUser7 said:

If the transfer is less than £10,000, is there any point at all using CHAPS rather than Faster Payment please? I know this isn't applicable to OP, but just wondering. Thanks

If you meet the day's cut-off time Chaps is supposed to be guaranteed to arrive the same day whilst a faster payment is only guaranteed to arrive next day, although, as we know, 98% of the time it will arrive the same day. 

So in theory Chaps gives more certainty on timing but judging by a few recent (outlier?) threads sometimes Chaps payments can take days to arrive.

Thanks @wmb194. For building society accounts and the like, in which payments usually show NWD despite being received same working day, theoretically if it was CHAPS would it show the same working day, or does this only mean it was guaranteed to reach the building society holding account the same working day, and then be allocated in their normal timescales? Thanks

hoc

Marcon said:

Why does it have to be a current account with so much cash sloshing around? Try one of the investment houses and with a suitable account (i.e. one which trades/settles regularly instead of settlement being T+n) you'll have no difficulty doing what you want to do.

Paying out of most savings accounts especially ones requiring a linked account only works with a current account. The OP's question or frustrations could be rephrased- why do, or do you think, most banks impose an artificially low limit for Faster Payments?

Most banks limit FP to £25k, the actual limit had been ten times that at £250k until recently when it was increased again to now £1 million. Is it really "security protocols" or do banks prefer charging a fee for CHAPS when it is required such a house payment? "Security" doesn't explain the much higher limits permitted on debit card transactions. Whatever their reasoning the bank wins, free but slow payments and they work your money or fast but charge you for it.

I don't think it would be such an unreasonable expectation that my bank allows me to transfer from my current account to my savings account (verified with name matching) £100k.

wmb194

ForumUser7 said:

wmb194 said:

ForumUser7 said:

If the transfer is less than £10,000, is there any point at all using CHAPS rather than Faster Payment please? I know this isn't applicable to OP, but just wondering. Thanks

If you meet the day's cut-off time Chaps is supposed to be guaranteed to arrive the same day whilst a faster payment is only guaranteed to arrive next day, although, as we know, 98% of the time it will arrive the same day. 

So in theory Chaps gives more certainty on timing but judging by a few recent (outlier?) threads sometimes Chaps payments can take days to arrive.

Thanks @wmb194. For building society accounts and the like, in which payments usually show NWD despite being received same working day, theoretically if it was CHAPS would it show the same working day, or does this only mean it was guaranteed to reach the building society holding account the same working day, and then be allocated in their normal timescales? Thanks

You'd need to check with each institution but this is probably a fair assumption.

SiliconChip

wmb194 said:

ForumUser7 said:

wmb194 said:

ForumUser7 said:

If the transfer is less than £10,000, is there any point at all using CHAPS rather than Faster Payment please? I know this isn't applicable to OP, but just wondering. Thanks

If you meet the day's cut-off time Chaps is supposed to be guaranteed to arrive the same day whilst a faster payment is only guaranteed to arrive next day, although, as we know, 98% of the time it will arrive the same day. 

So in theory Chaps gives more certainty on timing but judging by a few recent (outlier?) threads sometimes Chaps payments can take days to arrive.

Thanks @wmb194. For building society accounts and the like, in which payments usually show NWD despite being received same working day, theoretically if it was CHAPS would it show the same working day, or does this only mean it was guaranteed to reach the building society holding account the same working day, and then be allocated in their normal timescales? Thanks

You'd need to check with each institution but this is probably a fair assumption.

In fact it's irrelevant as there are no Building Societies that are members of CHAPS, which makes sense when you consider this it is primarily a system for business payments.

List of members can be found here.

https://www.bankofengland.co.uk/payment-and-settlement/chaps

wmb194

SiliconChip said:

wmb194 said:

ForumUser7 said:

wmb194 said:

ForumUser7 said:

If the transfer is less than £10,000, is there any point at all using CHAPS rather than Faster Payment please? I know this isn't applicable to OP, but just wondering. Thanks

If you meet the day's cut-off time Chaps is supposed to be guaranteed to arrive the same day whilst a faster payment is only guaranteed to arrive next day, although, as we know, 98% of the time it will arrive the same day. 

So in theory Chaps gives more certainty on timing but judging by a few recent (outlier?) threads sometimes Chaps payments can take days to arrive.

Thanks @wmb194. For building society accounts and the like, in which payments usually show NWD despite being received same working day, theoretically if it was CHAPS would it show the same working day, or does this only mean it was guaranteed to reach the building society holding account the same working day, and then be allocated in their normal timescales? Thanks

You'd need to check with each institution but this is probably a fair assumption.

In fact it's irrelevant as there are no Building Societies that are members of CHAPS, which makes sense when you consider this it is primarily a system for business payments.

List of members can be found here.

https://www.bankofengland.co.uk/payment-and-settlement/chaps

The banks they use as intermediaries are most likely members though...

The_Fat_Controller

My record with Nationwide is 28 consecutive payments out of £10,000 when I received the lump sum from my pension scheme.

It took about 35 minutes but they never blocked my account or asked for extra security.

Santander however were a different story with 2 transfers well below their FP limit and one of those involved me having to make an expensive call from Thailand to get my money released.

Band7

hoc said:

I don't think it would be such an unreasonable expectation that my bank allows me to transfer from my current account to my savings account (verified with name matching) £100k.

Just choose a bank that does let you.