Advice needed about Barclays BACS transfer

drob4

Hello,

First post and it's a question (at least it's not about Iceland).

Does anyone know if it's free to send money via BACS from my Barclays current account to my new Kaupthing account ? My Barclays account isn't online so I'll have to do it over the counter.

Another (possibly stupid) question. Is it pronounced "backs" or "B.A.C.S." ? Don't want to look an idiot when I ask at the bank counter (would rather do it here).

Cheers

Meltdown_2

drob4 wrote: »

Hello,
First post and it's a question (at least it's not about Iceland).

TGFT!

Does anyone know if it's free to send money via BACS from my Barclays current account to my new Kaupthing account?

Yes (I know) and Yes, it is free.

My Barclays account isn't online so I'll have to do it over the counter.

Shouldn't make any difference, though it is probably worthwhile to look at getting your account 'online' at some stage.

Another (possibly stupid) question. Is it pronounced "backs" or "B.A.C.S." ? Don't want to look an idiot when I ask at the bank counter (would rather do it here).

Everyone I know pronounces it as "backs". (Easier to say ...)

philadam

drob4 wrote: »

Hello,

First post and it's a question (at least it's not about Iceland).

Does anyone know if it's free to send money via BACS from my Barclays current account to my new Kaupthing account ? My Barclays account isn't online so I'll have to do it over the counter.

Another (possibly stupid) question. Is it pronounced "backs" or "B.A.C.S." ? Don't want to look an idiot when I ask at the bank counter (would rather do it here).

Cheers

drob4, it's pronounced as you say "backs" and yes, it's free to do a BACS transfer.. I don't think you'll have much luck doing it over the counter. Get your Barclays account set up on on-line banking. That way you can transfer money to and fro as and when. Be aware that Barclays now get you to use a special hand held security device that they will send you (called PINsentry). It operates using your debit card and PIN and will prompt you to generate a code that you enter to verify on their website. Details are on the on-line banking section of their website.

Phil

drob4

Thanks for the replys guys - I'll try and do it over the counter tomorrow. I don't want to have to wait for Barclays to set up online banking - tho I know I should get round to it eventually.

Meltdown_2

Noting philadam's answer ("I don't think you'll have much luck doing it over the counter") perhaps you'd better check with your branch first (or wait for more postings here) rather than make a wasted journey. I must admit that I do 90-95% of my banking online these days - and I would do any BACS transfers myself that way, but it is difficult to see how you would be supposed to make a BACS transfer if you are not 'online-registered' other than going to the counter.

philadam

drob4 wrote: »

Thanks for the replys guys - I'll try and do it over the counter tomorrow. I don't want to have to wait for Barclays to set up online banking - tho I know I should get round to it eventually.

When you go to the counter make sure that what they do for you is a BACS transfer (if they can do this at all). Don't settle for a paper Bank Giro Credit sent through the clearing system because I don't think this will work and it may get lost. Alternatively you can send a cheque direct to Kaupthing. I've copied the bit from their terms and conditions as I'm just about to use them myself (having been disappointed with Sainsbury's Bank - another thread on that one!).

"Subsequent Payments
a) Any subsequent payments must be for at least £1 and must be made in Sterling by BACS, CHAPS
or cheque from the Linked Account. Note that the bank or building society with which the Linked
Account is held may charge you for making a CHAPS payment. Please contact that bank or
building society for further details.
b) Deposits by cheque should be made payable to yourself with your Account Number on the reverse.
Please post cheques directly to Customer Services at Kaupthing Edge, PO Box 9403, Nottingham,
NG9 9DR."

Phil

Meltdown_2

Just had a read of the account terms & conditions (or at least the file I was led to on the website)
http://www.personal.barclays.co.uk/PFS/A/Content/Files/9904463_jun07.pdf

It seems pretty vague in places, but paragraphs 3.1 and 3.7 talk about giving instructions verbally (can you give them without verbs?) which presumably means over the counter, and paragraph 4.1 talks about transfers out of your account.

drob4

Meltdown wrote: »

Just had a read of the account terms & conditions (or at least the file I was led to on the website)
http://www.personal.barclays.co.uk/PFS/A/Content/Files/9904463_jun07.pdf

It seems pretty vague in places, but paragraphs 3.1 and 3.7 talk about giving instructions verbally (can you give them without verbs?) which presumably means over the counter, and paragraph 4.1 talks about transfers out of your account.

I'm going to pop in to Barclays tomorrow (it's across the road from work) and see what the score is. BTW, just registered for Barclays online banking with my current account. Took me about 2 mins; can't believe I hadn't done it earlier. Just got to wait for my card reader to show up.

Thanks again guys :beer:

calisto

Unfortunately you are restricted in the amount you can transfer by BACS online to something piddling like £2k or something. If you want to transfer more then you can do a BACS using telephone banking, again its restricted to a piddling £7k IIRC. Anything over this has to be done in the branch.

I was told BACS is not available in branch for amounts > £7k, and it has to be done by CHAPS instead. At least Barclays only charge £20 for this. Most BSocs seem to charge £35 (and call it a Telegraphic Transfer too!)

Dan29

calisto wrote: »

Unfortunately you are restricted in the amount you can transfer by BACS online to something piddling like £2k or something.

It was £1,000 last time I tried. Crazy.

philadam

The new overall daily payment limit with Barclays on-line banking is now £10,000, but there's a maximum limit per payment which can vary. I transferred £4K to Nationwide today without a problem.

I'm guessing this higher limit is because of the extra security afforded by PINsentry, but I could be wrong.

Phil