transfer out limits

propertyrental

is there are source showing which banks have what transaction and / or daily limits  on Faster Payments?

eskbanker

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

SiliconChip

eskbanker said:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

Unfortunately they are a bit slow to make updates so you can't ever be sure that the limits listed are correct. For example, Nationwide have recently increased their single transaction limit to £100K (or £25K in branch) but wearepay still shows the old £10K limit.

https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/

eskbanker

SiliconChip said:

eskbanker said:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

Unfortunately they are a bit slow to make updates so you can't ever be sure that the limits listed are correct. For example, Nationwide have recently increased their single transaction limit to £100K (or £25K in branch) but wearepay still shows the old £10K limit.

https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/

Yes, I should have added the caveat that any such listing shouldn't be relied on, and that up to date accurate information should always be sourced from the banks' own sites.

propertyrental

SiliconChip said:

eskbanker said:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

Unfortunately they are a bit slow to make updates so you can't ever be sure that the limits listed are correct. For example, Nationwide have recently increased their single transaction limit to £100K (or £25K in branch) but wearepay still shows the old £10K limit.

https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/

Thanks. Yes. It was this that prompted my question since, although N/W has theoretically increased the daily (not transaction)limit from 10K to 100K, there is a caveat:

We limit some online payments to £25,000 per day
If you make your payment through our Internet Bank or Banking app (including with Open Banking), you can only send up to £25,000 per day if you:

• make a payment to someone you haven’t paid before

• make a payment to someone you don't often pay

• set up a standing order using our Internet Bank or Banking app.

This means that if moving, say, £85K from a dormant savings account, via N/W c/a, to a better paying savings account, I can no longer do 8 x 10K + 5K all in one day. Instead it will take me 4 days.

SiliconChip

propertyrental said:

SiliconChip said:

eskbanker said:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

Unfortunately they are a bit slow to make updates so you can't ever be sure that the limits listed are correct. For example, Nationwide have recently increased their single transaction limit to £100K (or £25K in branch) but wearepay still shows the old £10K limit.

https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/

Thanks. Yes. It was this that prompted my question since, although N/W has theoretically increased the daily (not transaction)limit from 10K to 100K, there is a caveat:

We limit some online payments to £25,000 per day
If you make your payment through our Internet Bank or Banking app (including with Open Banking), you can only send up to £25,000 per day if you:

• make a payment to someone you haven’t paid before

• make a payment to someone you don't often pay

• set up a standing order using our Internet Bank or Banking app.

This means that if moving, say, £85K from a dormant savings account, via N/W c/a, to a better paying savings account, I can no longer do 8 x 10K + 5K all in one day. Instead it will take me 4 days.

It surely won't take 4 days, you transfer the £25K first payment limit on day 1 then on day 2 that limit has been removed and you can transfer the remaining £60K in one transaction.

eskbanker

SiliconChip said:

propertyrental said:

We limit some online payments to £25,000 per day
If you make your payment through our Internet Bank or Banking app (including with Open Banking), you can only send up to £25,000 per day if you:

• make a payment to someone you haven’t paid before

• make a payment to someone you don't often pay

• set up a standing order using our Internet Bank or Banking app.

This means that if moving, say, £85K from a dormant savings account, via N/W c/a, to a better paying savings account, I can no longer do 8 x 10K + 5K all in one day. Instead it will take me 4 days.

It surely won't take 4 days, you transfer the £25K first payment limit on day 1 then on day 2 that limit has been removed and you can transfer the remaining £60K in one transaction.

The first £25K would fall under "make a payment to someone you haven’t paid before" but subsequent ones would surely still be categorised as "make a payment to someone you don't often pay", although they don't make it clear exactly how that's calibrated....

propertyrental

SiliconChip said:

propertyrental said:

SiliconChip said:

eskbanker said:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

Unfortunately they are a bit slow to make updates so you can't ever be sure that the limits listed are correct. For example, Nationwide have recently increased their single transaction limit to £100K (or £25K in branch) but wearepay still shows the old £10K limit.

https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/

Thanks. Yes. It was this that prompted my question since, although N/W has theoretically increased the daily (not transaction)limit from 10K to 100K, there is a caveat:

We limit some online payments to £25,000 per day
If you make your payment through our Internet Bank or Banking app (including with Open Banking), you can only send up to £25,000 per day if you:

• make a payment to someone you haven’t paid before

• make a payment to someone you don't often pay

• set up a standing order using our Internet Bank or Banking app.

This means that if moving, say, £85K from a dormant savings account, via N/W c/a, to a better paying savings account, I can no longer do 8 x 10K + 5K all in one day. Instead it will take me 4 days.

It surely won't take 4 days, you transfer the £25K first payment limit on day 1 then on day 2 that limit has been removed and you can transfer the remaining £60K in one transaction.

You may be right. If so yes, 2 days which is still a pain.

There again you may be wrong. It's all a bit vague......

SiliconChip

propertyrental said:

SiliconChip said:

propertyrental said:

SiliconChip said:

eskbanker said:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

Unfortunately they are a bit slow to make updates so you can't ever be sure that the limits listed are correct. For example, Nationwide have recently increased their single transaction limit to £100K (or £25K in branch) but wearepay still shows the old £10K limit.

https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/

Thanks. Yes. It was this that prompted my question since, although N/W has theoretically increased the daily (not transaction)limit from 10K to 100K, there is a caveat:

We limit some online payments to £25,000 per day
If you make your payment through our Internet Bank or Banking app (including with Open Banking), you can only send up to £25,000 per day if you:

• make a payment to someone you haven’t paid before

• make a payment to someone you don't often pay

• set up a standing order using our Internet Bank or Banking app.

This means that if moving, say, £85K from a dormant savings account, via N/W c/a, to a better paying savings account, I can no longer do 8 x 10K + 5K all in one day. Instead it will take me 4 days.

It surely won't take 4 days, you transfer the £25K first payment limit on day 1 then on day 2 that limit has been removed and you can transfer the remaining £60K in one transaction.

You may be right. If so yes, 2 days which is still a pain.

There again you may be wrong. It's all a bit vague......

Well, if it's something you actually plan to do you can be the guinea pig and let us know what happens!