BACS Money Transfer - ING Direct, Halifax and Sainsburys

KeithEssex_2

I have a couple of questions re: BACS payments :-

Q1. Does anybody know what the restrictions are for ING Direct when transferring money out of the Direct Savings account to accounts held with other Banks ?

HSBC restricts it to £10,000 per payee, per working day, from each working account. It can be really annoying having to move money around in "parcels" and can mean missing out on the best interest rate .

Q2. Sainsburys have told me that their limit is £150,000 in a single payment. Halifax have told me that their limit from a Variable Rate WebSaver is £2m in a single payment. Do these figures ring true with your experiences ?

Thank you in advance ...

YorkshireBoy

All answers based on internet banking. Telephone banking may be different.

ING: No recent experience, but I have previously moved more than £10K at a time.

Sainsbury's: I'd be very surprised if they allowed £150K, although they did let me move over £35K from there to my Halifax HICA earlier this year.

Halifax: I'm fairly sure it's £15K per transaction, but you can do more than one transaction to the same provider each day. From memory, I had to break a large amount of money down into smaller sub-£15K transfers when going from Halifax HICA to one of their WebSavers recently.

If you want a definitive answer though, assuming it's not given in your account T&C's, you're probably best asking for it in writing from the providers.

KeithEssex_2

YorkshireBoy wrote: »

All answers based on internet banking. Telephone banking may be different.

ING: No recent experience, but I have previously moved more than £10K at a time.

Sainsbury's: I'd be very surprised if they allowed £150K, although they did let me move over £35K from there to my Halifax HICA earlier this year.

Halifax: I'm fairly sure it's £15K per transaction, but you can do more than one transaction to the same provider each day. From memory, I had to break a large amount of money down into smaller sub-£15K transfers when going from Halifax HICA to one of their WebSavers recently.

If you want a definitive answer though, assuming it's not given in your account T&C's, you're probably best asking for it in writing from the providers.

Thanks YorkshireBoy :T - much appreciated. I really couldn't believe what their helpteams told me about having such large limits.