BACS - is there an upper limit?

jem16

Is there an upper limit to the amount that you can transfer via bacs?

My son needs to pay his solicitor about £22,000. He planned to transfer it via bacs from HBOS to solicitor.

Biggles

As Al Mac says, the BACS limit isn't your problem. The problem is your bank's limit for their online banking system - LTSB's is £10k, and I think that's fairly common, but he won't know unless he asks them; some can make exceptions if asked, I believe.

withabix

Barclays is £10k as well.

It's even harder to do online now than it was before - at Barclays you need a Pin Sentry device to make online payments to people you haven't paid before.

If you haven't got one, you can't do it until they send you one (about 5 days). They don't send you one until you try and make such a new payment....

Much simpler just to pop down to your bank and pay £10 for a bank draft - not a very big fee on £22000!! (0.045%)

YorkshireBoy

withabix wrote: »

Much simpler just to pop down to your bank and pay £10 for a bank draft - not a very big fee on £22000!! (0.045%)

Even better, use a personal cheque.

jem16

YorkshireBoy wrote: »

Even better, use a personal cheque.

I'm beginning to think that might be the answer - need to hand it in tomorrow if that's the case.

Just checked with HBOS. They have a daily limit of £15,000 so he could do it over 2 days I suppose.

YorkshireBoy

jem16 wrote: »

Just checked with HBOS. They have a daily limit of £15,000 so he could do it over 2 days I suppose.

Are you (they) sure it's per day, and not per transaction?

I seem to remember sending more than £15,000 in a day to the same recipient (in two transactions).

If this isn't allowed now from the one account, another option might be to send the overspill (£7,000) to a WebSaver and send this from there?

jem16

YorkshireBoy wrote: »

Are you (they) sure it's per day, and not per transaction?

I seem to remember sending more than £15,000 in a day to the same recipient (in two transactions).

If this isn't allowed now from the one account, another option might be to send the overspill (£7,000) to a WebSaver and send this from there?

Actually I'm not sure.

Could try the Web Saver option though.

MiserlyMartin

I tried to transfer more than £15,000 from Hbos to another account and they won't do it. They say in branch that you can do more than one lot of £15,000's on one day, but their telephone banking people refuse to do it. I would remember that before saving with Halifax that you will have real trouble withdrawing your money. Also if you arrange to transfer £15,000 online you will also have your internet banking suspended while they do 'checks' but they don't ring you. If you try to ring them they are not interested!

Have you ever heard anything so stupid? Even ICICI let you transfer large sums now.

rb10

The limit per payment is £15000. But you can definitely do multiple payments on the same day.

And Halifax do ring you if there's a transaction that they are unsure about on internet banking - are you sure they have your correct phone numbers?

MiserlyMartin

So you can as I thought, ok I suspected the person I spoke to on the telephone banking was a moron. He said 'not to the same payee on the same day". I should have got his name and put in an official complaint.

Yes I put in my updated mobile number before the website threw me out. With the Halifax Branch staff watching. No phone call.

willo65

MiserlyMartin wrote: »

So you can as I thought, ok I suspected the person I spoke to on the telephone banking was a moron. He said 'not to the same payee on the same day". I should have got his name and put in an official complaint.

Yes I put in my updated mobile number before the website threw me out. With the Halifax Branch staff watching. No phone call.

I wouldn't say it's fair to call him a moron I would suggest this is what they are supposed to do. The reason for having limits is for fraud prevention etc and if you can bypass that by doing however many times £15k then the limit is pointless and may as well be removed.