Transferring money into Principality account - so confused!
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Jaffapig
Posts: 79 Forumite
Hi 
I hope someone with half a banking brain can help me!
I've opened up a Principality savings account today in order to transfer some money sitting in my Natwest current account into it.
However I've never had a building society account and it's making no sense to me. There is a sort code and account number which seem to be generic Principality numbers, then I have a roll number which is specific to my account.
So when I am using my Natest online banking I can put the sort and account number in fine but no space specifically for a roll number. I phoned Natwest and they told me to put the roll number in the reference box. However now I've logged back on and indeed there is another box I can type in but it just says "This is the reference that your payee will receive. The reference has a limit of 18 characters. It!!!8217;s important because it lets the person/company know who sent the payment". The wording makes me worry as it sounds more like it's to explain who sent the payment not where they're trying to send it to. When I've used this in the past for my payments to my partner I've always just put my name in and it shows up on his statements.
I need to know (ideally without sitting on hold with Natwest for half an hour again) that this is definitely the place to put my details in and that it will be picked up and the money will be put into the right account (i.e. my account not some general Principality account!) I've never done this before and it's a large sum of money and I'm very nervous!
Has what I've said made enough sense? Can anyone help and explain this to me?
PS. I'm asking because I need the money transferred ASAP and the amount is larger than what I can do over the phone in one day, but can be done online.
I hope someone with half a banking brain can help me!I've opened up a Principality savings account today in order to transfer some money sitting in my Natwest current account into it.
However I've never had a building society account and it's making no sense to me. There is a sort code and account number which seem to be generic Principality numbers, then I have a roll number which is specific to my account.
So when I am using my Natest online banking I can put the sort and account number in fine but no space specifically for a roll number. I phoned Natwest and they told me to put the roll number in the reference box. However now I've logged back on and indeed there is another box I can type in but it just says "This is the reference that your payee will receive. The reference has a limit of 18 characters. It!!!8217;s important because it lets the person/company know who sent the payment". The wording makes me worry as it sounds more like it's to explain who sent the payment not where they're trying to send it to. When I've used this in the past for my payments to my partner I've always just put my name in and it shows up on his statements.
I need to know (ideally without sitting on hold with Natwest for half an hour again) that this is definitely the place to put my details in and that it will be picked up and the money will be put into the right account (i.e. my account not some general Principality account!) I've never done this before and it's a large sum of money and I'm very nervous!
Has what I've said made enough sense? Can anyone help and explain this to me?
PS. I'm asking because I need the money transferred ASAP and the amount is larger than what I can do over the phone in one day, but can be done online.
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Comments
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Use your unique Principality BS roll number in the reference box on Natwest when making the payment.
If you're concerned, send a small-ish sum into your Principality BS account, once that's been received then transfer the remaining larger amount.:grouphug:
Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
Use your unique Principality BS roll number in the reference box on Natwest when making the payment.
If you're concerned, send a small-ish sum into your Principality BS account, once that's been received then transfer the remaining larger amount.
And is this the entry field I described above do you think?
I know what you've suggested makes sense it's just I really want the money transferred today as I have slightly more than what's protected by the FSCS in the account.0 -
And is this the entry field I described above do you think?
I know what you've suggested makes sense it's just I really want the money transferred today as I have slightly more than what's protected by the FSCS in the account.
It does sound like the correct entry field - the reference box has a maximum number of characters that can be entered.
Personally, I would never send such a large amount of money when it's my first time sending it to a new destination. I doubt Natwest will go bust over the next 24 hours. I would send a small amount now, check tomorrow to see if it's landed in my Principality BS and send the remaining balance over. This would also negate any nervousness re: reference number. My opinion though...:grouphug: Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
Thanks, I'm sure you're right and I should do that instead. Not sure if my new account has an online option but I'll check, if not it will just have to wait till Monday.
I can just see myself in the ironic position of trying to protect my money and then sending it to some completely random individual's account :rotfl:
It was just these news stories about Lloyds customers loosing savings when their IT system went down the other week that's made me hyperventilate a little...0 -
I agree with what you've been told, I've just looked at my Principality payment arrangement within my Nationwide account online and there is a nine digit number in the Reference field - that's what identifies your account when the money arrives with Principality.
But for goodness sake do only transfer a small amount over to start with, then check it's arrived before doing a bigger transfer - in case you make a typo!!0 -
This is fairly standard for a lot of building societies - there is only one account number/ sort code but the 'reference' field identifies your account.0
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Thanks all. I transferred a small amount and have just confirmed that it found it's way into the account (yay!) so have just done the big one! Feel much more relaxed now 0
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