BACS transfer - Natwest

maggie1976

Bit of background first. We're due to complete on a house move on Friday, so as is the norm, I've been transferring money around to make sure the completion funds are with the solicitor before this date.

I'm with Natwest, and I called them last week to ask them whether there would be any problem with transferring such a large amount of money (£12k+) and was told 'oh no, just call us on Monday morning and we'll make the transfer, it'll be with your solicitor by Thursday with no problems.

So I did as advised and called them yesterday morning, only to be told that they can only transfer £10k at a time, and that they'd have to transfer the balance today :mad:

I was promised faithfully that the £10k would get to the destination account on Wednesday and the rest on Thursday so now I just have to keep my fingers crossed

I know I could pay their fee to do a same day CHAPPS transfer but I wanted to avoid that, hence my calling them in advance to check I could do it for free with no problems :rolleyes:

Anyone know why there is this 'no more than £10k at a time' rule? Is it just Natwest or do other banks do it too?

Anyway, it's getting hard to type while crossing my fingers that themoney will be there in time for our completion date so I'll leave it there

Davidboy

I had the same problem with this 10 grand limit, but I must say had to do it over two days, and transfer was when they said it was, no problems.

They told me this limit was to stop fraud, safety on your account etc. so can't complain too much, but I think they should make sure all are aware of this limit so you can make sure bills etc. are paid on time.

D

MarkyMarkD

People don't normally want to pay bills of over £10k from their personal current accounts. Given the loss of interest on payments over £10k, it's not really much more expensive to pay the money by CHAPS and it's a better system IMHO.

maggie1976

MarkyMarkD wrote:

People don't normally want to pay bills of over £10k from their personal current accounts. Given the loss of interest on payments over £10k, it's not really much more expensive to pay the money by CHAPS and it's a better system IMHO.

I think it's about £35 to do a CHAPS payment, which having made sure my money was where it needed to be in good time, I was pleased to be able to avoid. Moving house is expensive, and every little helps!

I was more cross about the fact that NatWest had given me duff information TBH, if they'd said I'd need to do it in 2 chunks I'd have happily done so, just a day earlier to allow for a bit of breathing space.

Ah well, just hoping it all gets there when it should.

maggie1976

Davidboy wrote:

I had the same problem with this 10 grand limit, but I must say had to do it over two days, and transfer was when they said it was, no problems.

They told me this limit was to stop fraud, safety on your account etc. so can't complain too much, but I think they should make sure all are aware of this limit so you can make sure bills etc. are paid on time.

D

That's good to hear, hopefully it'll be the same for my transfers. I'm not too bothered that they had this limit, more that they'd given me duff information!