Online banking maximum daily payment limit

Mickey_Monk

skyrider007 wrote: »

CHAPS then. Just ignore the fact that you have to pay the £20 fee.

Why would I want to ignore a £20+ payment?

you'll earn interest anyway.

That's like saying, "Oh go on, I'll blow all this month's salary because I'll get some more next month."


skyrider007: Looks like you aren't as careful with your money as I am. Each to their own.;)

Mickey_Monk

marshall2k wrote: »

[edit] Crazy idea was present here about using family accounts as Kaupthing do accept non-linked account payments but it turns out accounts need to have the same name (no go on that one!)

I have successfully made payments from my wife's current account. So Kaupthing will accept payments from non-linked accounts with the same surname but different forename.

marshall2k

Ahh! That's interesting! If your wife holds an account with a Natwest group bank then a transfer to them would be very fast. Then it could be sent on to Kaupthing.

YorkshireBoy

Mickey_Monk wrote: »

Why would I want to ignore a £20+ payment?

Because it would be cheaper to pay this than lose interest on a 3-day BACS transfer if your transfer amount was large...and you haven't given us an indication of the amount (only that it's >£10K)

Mickey_Monk

£32000 would be a loss of interest of £5.69 for each day it was not in my savings account.

So for a straight 3 day BACS transaction I would lose £17.07
Less than £23

But I would only lose interest on the full £32000 on the 1st day.
Transfer of £10,000 so 2nd day loss of interest would be based on £22,000
etc.

Actual loss (not taking weekends into account) would be approx. £11.00

Not a great sum, but, because of the limits imposed it is MY loss and Nat West have the benefit of MY money for longer than they should.

YorkshireBoy

Mickey_Monk wrote: »

But I would only lose interest on the full £32000 on the 1st day.
Transfer of £10,000 so 2nd day loss of interest would be based on £22,000
etc.

Please explain your logic here.

gt94sss2

Mickey_Monk wrote: »

Do any other banks have no limit or a much higher daily payment limit?

All the big banks have this sort of limit on bill payments and external transfers.

Of those I know about, HSBC is the highest at 10k/day per account. From what you say, it sounds as if Natwest has a similar limit.

I think the daily limit for Barclays/Lloyds may be lower

The only bank I know of, which doesn't have a daily limit on payments is First Direct.

Regards
Sunil

whu

LLoyds have a £10K limit

ldavies_3

these limits are in place to help prevent money launderring...deffo 10k limit at HSBC:rolleyes:

Kavanne

Halifax wouldn't let me trasnfer more than £15000 from my current account into my websaver, That confused me! It let me do one transaction of £15000 and one of £10000 one after the other though (same minute, even) lol!