HSBC Transfer limit of £10k

Swipe

I was trying to transfer some money from HSBC to my Northern Rock Bond and tried to transfer an amount greater than £10k and it wouldn't let me so I called up their telephone banking and they said they could only process transfers up to £10k too, but if I wanted to do more I could go into my branch. I went into my branch today who then told me I could only do a maximum of £10 via BACS in the branch too but if I wanted to transfer more I would have to pay for a CHAPS transfer. Is this correct?

I have transferred amounts much larger than this between accounts before but initiated the transfers from other the other account rather than a "push" from my HSBC account. This seems a little restrictive to me and just wondered if I have been misinformed by the guy at the branch or whether this is actually HSBC policy.

ATF101

Yes, it appears to be the way they operate. I had a similar problem the week before last, ended up transferring on successive days to overcome the problem.

gt94sss2

I've come across this issue before as well - believe it or not some other banks seem to limit BACS payments to £1,000 or £5,000.. I think they mainly see it as an anti-fraud measure.

However, if you have more than one HSBC account (i.e. a current account and a savings one), you can transfer 10k from each to Northern Rock via BACS or transfer the money over several days

The limit doesn't doesn't apply to direct debits.

Regards
Sunil

bluebeard_2

I had the same situation - trying to transfer more than 10k to a better interest account outside HSBC. It is nonsense that I was told it was not possible and eventually told in writing it was to do with protection of clients money by not allowing us to tranfer more that 10k UNLESS WE PAY. Am I missing something here??

It seems quite simple If I want to move more that 10k at once I have to pay (£25). Other online accounts I have Icesave, Northern Rock allow transfer of large sums without problems. So its about making more money from the transfers, and keeping money in their accounts for longer if we have to transfer in sums of 10k. I have been with this bank for over 40 years. I know the answer guys.

Swipe

gt94sss2 wrote: »

However, if you have more than one HSBC account (i.e. a current account and a savings one), you can transfer 10k from each to Northern Rock via BACS or transfer the money over several days

Great tip. It's a pity they didn't tell me that though as I have three separate accounts with them and could have done it all on one day if I'd known that.

bluebeard_2

Sunil, I had already transferred 10k by direct debit before I went into bank, had tried to send another 10k to be told only 10k per day. Thats when I went into the branch.

rarrarrar

First Direct ( part of HSBC) dont have a £10k limit which is why I use them for moving savings around.

HSBC do specify the transfer limits in their T&Cs, unlike Tesco who also have an unpublished limit which their T&Cs dont mention .

Many banks do have limits, at least HSBC limit is per calendar day rather than working day.

WRabbit

Came across this thread when I hit a similar limit with Bank of Scotland today.

I wanted to transfer money into my Kaupthing account. I couldn't transfer more than £15000. I couldn't make a second transfer for the same destination. This was all online.

I phoned up - got told the same thing. Asked why, and was told it was for security and if I wanted to transfer more I'd need to pay for CHAPS. Why is more secure to use a system I need to pay for that does it instantaneously than a free system that takes 3 days?

Phone customer retentions - got told it was in the T and Cs of my account - I've asked them to tell me exactly where because I can't see it. I'm now waiting for a call back.

If they want to tell me 'just because', that's fine - but don't try hiding behind the T and Cs when it doesn't mention any limits.