What amounts will flag as large transfers?

whalemoney

Hi I've just opened the new Santander 5.2% savings account so I'm eager to empty my 'Marcus' account and put it into the Santander account. I have 70k in Marcus and it says I can only transfer out 20k a time (or I have to call them for any larger sums).  Anybody familiar with the Marcus account knows that you can only transfer your money to a 'linked account', which for is my Nationwide account.  So the money needs to move like this;
Marcus > Nationwide > Santander

To add a further spanner in the works, I've lost that calculator thingy that you need to add new payees for transfer from Nationwide, so I might actually have to move the money from Nationwide to my existing payee details at HSBC;
Marcus > Nationwide > HSBC > Santander

My question is how would you move the money?  Would you move 20k over 3 days? or would you move smaller amounts?  I really don't want to have to pissfart around with any kind of additional verification checks that any of these banks might activate if it meets their large transfer criteria.

refluxer

It would be worth looking into how easy it would be to change your nominated account with Marcus to Santander to avoid all that hassle. Doing so would also eliminate the risk of transfers getting blocked, which you'd get if you were to do as many as you're proposing.

whalemoney

refluxer said:

It would be worth looking into how easy it would be to change your nominated account with Marcus to Santander to avoid all that hassle. Doing so would also eliminate the risk of transfers getting blocked, which you'd get if you were to do as many as you're proposing.

yeah had a look but couldn't see any option to change the linked account.  I suppose I'll have to ring them to see if they can manually change it or just do the entire transfer for me.  Although it'd be in the best interests not to help me with this as it benefits them to keep hold of my money

refluxer

Ah... this page says you can change your nominated account in the app but it can take up to 7 working days (after you've uploaded a bank statement as proof) for it to be actioned - what a pain.

refluxer

If you don't want to wait that long, then I would just get cracking and start to move money out of Marcus in £20k chunks. All of those banks/building societies should be capable of fairly instant transfers I would have thought, so you could probably do £20k from Marcus > Nationwide > HSBC > Santander on the same day, provided the transfers don't get blocked.

whalemoney

refluxer said:

Ah... this page says you can change your nominated account in the app but it can take up to 7 working days (after you've uploaded a bank statement as proof) for it to be actioned - what a pain.

the 7 day wait I could live with, I suppose.  Not ideal but not the worst thing.  The problem though is that I wouldn't have a bank statement as the Santander account is brand new.  And I doubt they'll even send a paper statement, banks dont tend to do that these days.

refluxer

whalemoney said:

refluxer said:

Ah... this page says you can change your nominated account in the app but it can take up to 7 working days (after you've uploaded a bank statement as proof) for it to be actioned - what a pain.

The problem though is that I wouldn't have a bank statement as the Santander account is brand new.

Ah yes, of course - that would presumably rule out that option, then.

badger09

@whalemoney I share your pain re the Nationwide card reader. I’m currently abroad, without mine obviously, & currently moving only £20k from Nationwide to Santander. Despite regularly moving several £kkks through Nationwide I’m moving mine in £4k chunks over 2-3 days. Recent experience tells me this works. 

In your shoes, I’d probably phone Marcus!

Don't suppose you have card reader for another bank? Or could you borrow one? Most will work with Nationwide card. Good luck

Swipe

You should be able to get a new card reader from any nationwide branch. They gave me a new one over the counter at my local one.

km1500

 i recently uploaded a statement on marcus app to change bank account and they did it within 24 hours

badger09

km1500 said:

 i recently uploaded a statement on marcus app to change bank account and they did it within 24 hours

But OP wants to change his nominated account to one which he has only just opened. So no statements.