PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

CHAPS Payment fee?

2004nsnazir
2004nsnazir Posts: 81 Forumite
in House buying, renting & selling
Does anyone know if transferring deposit funds via CHAPS incurs a charge?

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    Almost always, but unless you tell us which bank you're talking about we can't tell you how much the charge will be.
  • 2004nsnazir
    2004nsnazir Posts: 81 Forumite
    Its with Halifax. So annoying. mortgage is with hem and top have to pay a fee for transferring!
  • whatdoyouthink...
    whatdoyouthink... Posts: 125 Forumite
    First Anniversary First Post
    Halifax charge £25. When I transferred with my bank they only charged when the transfer was over a certain amount, £20k I think. Looks like Halifax charge regardless.
  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
    First Anniversary Combo Breaker First Post
    Honestly £25 for a practically-guaranteed same-day transfer on a really important and extremely large transaction where I'd be liable for potential contractual penalties if it failed or was delayed sounds like an absolute bargain to me.
    urs sinserly,
    ~~joosy jeezus~~
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    Name Dropper First Post Photogenic First Anniversary
    2004nsnazir wrote: »
    Its with Halifax. So annoying. mortgage is with hem and top have to pay a fee for transferring!

    ??? :huh: ???

    You're not transferring your deposit to Halifax, you're transferring it to your solicitor.
  • jennhg88
    jennhg88 Posts: 253 Forumite
    First Anniversary First Post
    £25 to ensure a large sum travels safely is worth it in my opinion.
  • Owain_Moneysaver
    Owain_Moneysaver Posts: 11,357 Forumite
    First Anniversary Name Dropper First Post
    Under £50k can go by BACS / Faster Payments, unless your bank has a lower limit, and this is usually free.

    £50k+ is CHAPS, hence a fee.

    If you've got time to pay it by cheque ...
    A kind word lasts a minute, a skelped erse is sair for a day.
  • thelem
    thelem Posts: 774 Forumite
    Faster payments limit is £100k, not £50k, although many banks have their own limits, often as low as £10k.


    https://www.moneysavingexpert.com/news/mortgages/2014/11/customers-being-ripped-off-by-banks-on-faster-payments-limits
    Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards