Transferring funds from one bank to another

peter021072

One issue which always confuses me when transferring funds between my personal accounts in banks is the different terminology used.

My Santander bank account, which I'm sending funds from, uses an entry called 'Payee name', presumably it is expecting my name here. However, the Vanquis Bank account which is the account I'm sending funds to has a 'Beneficiary' which it tells me has to be 'Vanquis Bank savings' (which excludes my name). It also has a clearing bank name which is Barclays Bank Plc which I've ignored. Santander also asks me if it's a personal or business account, I've selected personal for this.  Neither does it like my name and bank name together as Payee name, which is what I used to do on cheques to avoid confusion, to make it clear it was a personal bank account I was paying it to, and not the bank.

Vanquis ask me to use a sort code and account number of their bank, which isn't the same as my personal account number at Vanquis which goes into the 'Payment reference'. 

I'm sure I have this confusion every time with every bank I set up instructions for. So I send through £1 to start with to make sure it doesn't go astray.  Normally this works, but it hasn't got through yet in this case.

Santander form for sending money out includes

Payee name  Is it my name, the banks name, or both? 

Their account  This seems to be the banks account number (not my personal one)

Payment reference  This seems to be my personal account 

Vanquis instructions for sending money to my account with them

Account Number:   ......

Sort Code:  ........

Beneficiary*: Vanquis Bank Savings

Clearing bank (if required) Barclays Bank Plc

Reference/account number: You will also need to correctly quote your reference or full account number when making the transfer (i.e.ABC1234567DEF)

eskbanker

If the account you want to send to is called Vanquis Bank Savings, then this is the payee name you need to use when initiating the payment.  The above mechanism is normal for institutions without their own clearing facilities and so who use one holding account with a clearing bank, using the reference field for capturing the ultimate destination.

GeoffTF

If the receiving bank uses another bank for clearing then it is a eskbanker says. Conformation of payee should work nowadays provided that the details you have typed are correct. If the receiving bank does its own clearing and gives you your own sort code and account number, the payee name is then your name. (Confirmation of payee likes first name followed by last name.) In both cases, just follow the instructions.

flaneurs_lobster

This is such a fundamental part of setting up a new account with any institution that it's surprising that there isn't a standard "template" that they could use to tell new account holders EXACTLY what to put in each field when filling the new payee details with your outbound bank. 

It's annoyingly common that this information is only partially available at the new institution, things like "if I'm paying into a clearing account at XYZ bank, do I tick personal or business payee"? 

peter021072

What I find additionally annoying is that there's nowhere where I can put my name to associate it with the account,  only the banks name, and their account number and sort code. The only reference to me personally, almost as an afterthought or addendum, is the 'reference' entry at the bottom where I'm supposed to put my personal account number.

Unfortunately, for the beneficiary I put my name in addition to 'Savings – Vanquis Bank Ltd' on the same line, so it would be obvious it was a personal account and not the banks.  I can now see Santander has truncated this to my name and the S of savings, so only my name is showing as the beneficiary.  Surely this can't be the reason the £1 still hasn't appeared in there after a day? Perhaps they are just slow and it's the weekend in processing payments. To add salt to the wounds Vanquis threaten to charge if you get the transfer wrong! 

At least I'm glad I only sent a pound and I have a couple more weeks to get the full funds through to the fixed rate account.

eskbanker

peter021072 said:

What I find additionally annoying is that there's nowhere where I can put my name to associate it with the account,  only the banks name, and their account number and sort code. The only reference to me personally, almost as an afterthought or addendum, is the 'reference' entry at the bottom where I'm supposed to put my personal account number.

That's how this mechanism works - Vanquis relies on the unique reference number to allocate your payment, not your name, which is unlikely to be unique.

peter021072 said:

Unfortunately, for the beneficiary I put my name in addition to 'Savings – Vanquis Bank Ltd' on the same line, so it would be obvious it was a personal account and not the banks.  I can now see Santander has truncated this to my name and the S of savings, so only my name is showing as the beneficiary.  Surely this can't be the reason the £1 still hasn't appeared in there after a day? Perhaps they are just slow and it's the weekend in processing payments. To add salt to the wounds Vanquis threaten to charge if you get the transfer wrong!

Even though you ignored their instruction, it shouldn't actually matter, as long as you used the correct sort code, account number and reference - the payee name is only used for validation when you're setting up the payment with the sending bank, and if you accepted that there wasn't a name match and chose to proceed anyway (at your risk), then the payment should still go through OK.  However, when institutions route such payments via an intermediary bank, it's normal for them to take longer, so you'd need to refer to Vanquis's documentation to identify the deposit timescale.

wmb194

peter021072 said:

What I find additionally annoying is that there's nowhere where I can put my name to associate it with the account,  only the banks name, and their account number and sort code. The only reference to me personally, almost as an afterthought or addendum, is the 'reference' entry at the bottom where I'm supposed to put my personal account number.

Unfortunately, for the beneficiary I put my name in addition to 'Savings – Vanquis Bank Ltd' on the same line, so it would be obvious it was a personal account and not the banks.  I can now see Santander has truncated this to my name and the S of savings, so only my name is showing as the beneficiary.  Surely this can't be the reason the £1 still hasn't appeared in there after a day? Perhaps they are just slow and it's the weekend in processing payments. To add salt to the wounds Vanquis threaten to charge if you get the transfer wrong! 

At least I'm glad I only sent a pound and I have a couple more weeks to get the full funds through to the fixed rate account.

When I set my payment up it passed COP to the business name, "Vanquis Bank Limited" and then I included my account reference in the reference field.

Isn't £1 below the minimum funding requirement of £1,000? It'll probably be bounced back to your current account and might not touch your Vanquis account.

GeoffTF

wmb194 said:

peter021072 said:

What I find additionally annoying is that there's nowhere where I can put my name to associate it with the account,  only the banks name, and their account number and sort code. The only reference to me personally, almost as an afterthought or addendum, is the 'reference' entry at the bottom where I'm supposed to put my personal account number.

Unfortunately, for the beneficiary I put my name in addition to 'Savings – Vanquis Bank Ltd' on the same line, so it would be obvious it was a personal account and not the banks.  I can now see Santander has truncated this to my name and the S of savings, so only my name is showing as the beneficiary.  Surely this can't be the reason the £1 still hasn't appeared in there after a day? Perhaps they are just slow and it's the weekend in processing payments. To add salt to the wounds Vanquis threaten to charge if you get the transfer wrong! 

At least I'm glad I only sent a pound and I have a couple more weeks to get the full funds through to the fixed rate account.

Isn't £1 below the minimum funding requirement of £1,000? It'll probably be bounced back to your current account and might not touch your Vanquis account.

That should not matter. If you get a snotty email telling you that £1 is less than their minimum deposit, that means that your payment details have correctly identified you, otherwise they would not know which email address to use. It is then safe to go ahead and send at least the minimum funding requirement.

flaneurs_lobster

GeoffTF said:

That should not matter. If you get a snotty email telling you that £1 is less than their minimum deposit, that means that your payment details have correctly identified you, otherwise they would not know which email address to use. It is then safe to go ahead and send at least the minimum funding requirement.

Think it was Suffolk BS who recently sent me (what appeared to be) a personal letter pointing out that £1 was less than the £10 they actually required as a minimum deposit. 

A "snotty email" would have done.

sheramber

PAYER  is who is paying - sending the money.

Payee is who is receiving the payment.

peter021072

wmb194 said:

Isn't £1 below the minimum funding requirement of £1,000? It'll probably be bounced back to your current account and might not touch your Vanquis account.

OK I've rung Vanquis this morning (at least they are fast).  They have confirmed my attempted transaction of £1, and all my transfer details are correct, but it has been rejected due to being below the £1000 threshold. Full marks for finding the problem! .  They are the first bank I've been with to have such a low threshold.