Chip connectivity

masonic

SickGroove said:

What are the maximum daily transfer limits for depositing / withdrawing money using Chip open banking?

Asked and answered here: https://forums.moneysavingexpert.com/discussion/comment/80035669/#Comment_80035669

Beddie

Barclays only allows £2k to be sent daily via open banking - pathetic! I'm glad Chip now allows me to use faster payments instead.

Slug_62

I created an account this morning. New to this, trying to spread money from a house sale. Zopa has been good so tried Chip. Followed instructions, deposited £1k via card and then £25 bank transfer. All good. Checked autosave was off, et etc. Then tried £24K. It disappeared. Couldn't get through to customer services. It had gone from my bank account. Two-and-ahalf hours passed, no sign, no pending. Like I say, I am a newbie and I was panicking. HSBC fraud dept called, called back via customer services and decided to send money back to my HSBC bank account. HSBC agent was quite sniffy about Chip, but I haven't given up and will try a smaller amount tomorrow. Much smaller. And do it in dribs and drabs. 

masonic

Slug_62 said:

I created an account this morning. New to this, trying to spread money from a house sale. Zopa has been good so tried Chip. Followed instructions, deposited £1k via card and then £25 bank transfer. All good. Checked autosave was off, et etc. Then tried £24K. It disappeared. Couldn't get through to customer services. It had gone from my bank account. Two-and-ahalf hours passed, no sign, no pending. Like I say, I am a newbie and I was panicking. HSBC fraud dept called, called back via customer services and decided to send money back to my HSBC bank account. HSBC agent was quite sniffy about Chip, but I haven't given up and will try a smaller amount tomorrow. Much smaller. And do it in dribs and drabs. 

So HSBC held the payment to check with you that you weren't being scammed. It's probably better in these instances to engage with the fraud team, and once they've finished questioning and warning you, politely insist that they make the payment. It will make future payments much easier. What I would never do is give the impression to the fraud team that I am unsure about where I am sending the money. That could lead to tighter restrictions going forward.

Bigwheels1111

I’m with FD their sister company, used Chip open banking for transferring money.
35k took 30 seconds from start to finish. That’s longing into Chip, requesting transfer.
It opened FD app, I then authorised payment with opened Chip page and click proceed etc.
Checking deposit and all done.
Don’t get me wrong last November they held up 10-15 transfers while funding 5 year fixes.
I made them compensate me, not only lost interest but time and effort needed to sort it.

allegro120

Slug_62 said:

I created an account this morning. New to this, trying to spread money from a house sale. Zopa has been good so tried Chip. Followed instructions, deposited £1k via card and then £25 bank transfer. All good. Checked autosave was off, et etc. Then tried £24K. It disappeared. Couldn't get through to customer services. It had gone from my bank account. Two-and-ahalf hours passed, no sign, no pending. Like I say, I am a newbie and I was panicking. HSBC fraud dept called, called back via customer services and decided to send money back to my HSBC bank account. HSBC agent was quite sniffy about Chip, but I haven't given up and will try a smaller amount tomorrow. Much smaller. And do it in dribs and drabs. 

I've learned from "fraud dept" calls that some agents have no knowledge of current market and even the products of the bank they are meant to represent.  One calling on behalf of First Direct asked me why I'm sending my money to a savings account at another bank if I already have savings accounts with FD? Sniffy about Chase, Zopa etc. "what is Chase? Are you sure it's a bank? How did you find out about Chase? Have you received any unexpected calls telling you to transfer money there?".  

I personally prefer smaller in dribs and drabs.  May not be 100% efficient, but it's less stress to do it this way. I'd spread £24k transfer over 5 days - the loss of interest will negligible. 

Band7

allegro120 said:

I've learned from "fraud dept" calls that some agents have no knowledge of current market and even the products of the bank they are meant to represent.   

I agree, the knowledge of some of the people in the fraud departments of some banks is quite frighteningly lacking. On more than one occasion, I have come across fraud department  "executioners" who don't even know about FCA accredited firms, or how to verify a firm's accreditation status.