£1000 Transaction Limit on NatWest Visa Debit Card

frustratedinyorkshire

I have been trying to open a Stocks and Shares ISA with a well known online bank. The only way to put funds into the ISA is by debit card. Over the weekend I tried to pay in a sum lower than the annual ISA limit and lower than my daily app transaction limit with no other transactions in process over the weekend. The transaction was referred to my NatWest App for approval and duly completed with an indicated successful outcome in the app but no funds reaching the ISA.
Today I took it up with NatWest only to be told that the payment was rejected due to NatWest policy not allowing such transactions of this value to be made and that I should try another payment method (not possible) or a Lowe amount. I eventually discovered by trial and error ( they wouldn’t tell me what the cap was) that the maximum I can ‘pay’ by debit card is £1000 per day.

Is this the same for others? Do all banks have the same restriction?

Thx

MeteredOut

Different banks have different limits. Some will have different limits based on each customer (eg, they may have a lower limit for the first few days after opening a new account).

I'd be surprised if £1000 was a global limit for a debit card purchase. That would rule out many standard purchasers such as a holiday.

anarchy_law

Hi I have natwest too and yep £1000 is a tad of a issue unless you do face recognition which I don't ! I plan for this type of issue with nationwide  flex and only use that for share dealing and larger sums ! 

born_again

Yes banks do have a daily card limit. But usually a call to them can see the limit temp removed to make the payment, people call in when purchasing cars etc. Although 1K is stupidly low. Banks will not give the actual figure out for security reasons. But I have made over 10K before & that was no where near the actual limit on the card (in house knowledge)

Albermarle

I have paid for a car with a debit card with no problem. About £10K if I remember rightly. Also into a SIPP.

frustratedinyorkshire

Thanks for the responses. I suspect this cap is limited to payments to other financial institutions as I had a similar issue trying to make a payment into my credit card ahead of a transaction which would have taken us over our credit limit. I haven’t noticed it otherwise but I don’t use it often. There was no offer to raise the limit temporarily or otherwise and I even offered to go into a branch which I was told would make no difference. I have activated facial recognition and voice recognition on the app but I guess that is primarily for transfers rather than debit card transactions. I did wonder if it was a Visa rather than NatWest issue. The transaction is time critical as the particular ISA incentive closes today.

DullGreyGuy

It won't be a Visa issue in the UK

NW normally have a £20k limit on debit card payments for standard customers and £50k for Premier customers so a £1k limit is very low. Certainly used to be higher when I used them as would payoff my non-NW credit card by debit card and it could be well over £1k

MEM62

frustratedinyorkshire said:

Is this the same for others? 

Nope.  I once purchased a motorcycle and put £14,060 on my NatWest debit card.  The transaction wasn't even flagged and went through straight away.  

UKX69

Albermarle said:

I have paid for a car with a debit card with no problem. About £10K if I remember rightly. Also into a SIPP.

Many years ago I also paid for a car on my NatWest debit card - about 17k if I remember correctly. At that point the salesman had to hand over the phone to me so I could verify the payment by questions and security passcode. Never any problems. 👍

dunstonh

As others have said, amounts can very (I have paid over £20k on debit card before).     However, banks have the ability to set limits by transaction types.    i.e. they can cap betting transactions at a different level to standard.  Same with transactions that appear like cash transfers.    Money going to another bank, may appear like a cash transfer.

I have been trying to open a Stocks and Shares ISA with a well known online bank

Seeing that bank investment products are rarely good value for money, that may be a lucky escape.   I believe there is only one bank investment product that is widely considered good value.

gt94sss2

I've been able to make 20-50k  payments on a HSBC debit card before including to financial institutions