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house buying Chaps transfer

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  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    Have you actually encountered an issue whilst trying to send a CHAPS payment to the solicitor or are you just making a mountain out of a molehill which may never exist?
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
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    Pixie5740 wrote: »
    Have you actually encountered an issue whilst trying to send a CHAPS payment to the solicitor or are you just making a mountain out of a molehill which may never exist?

    It's usually a good idea to determine whether it's a mountain or a molehill well ahead of the time you actually have to face it.

    That said, the best people to ask are the people you bank with, rather than random strangers off the internet.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    MarcoM wrote: »
    was the amount considerable?

    See post #5. It was considerable to me ;)
  • wantonnoodle
    wantonnoodle Posts: 284 Forumite
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    ReadingTim wrote: »
    If (like me) you resent paying a fee to move your own money (banks usually charge fees for CHAPS payments) then bear in mind that there's a daily limit of £10-15k for transfers you instruct via internet banking.

    If you want to do it yourself, you therefore need to drip feed the solicitors over a period of days, which makes for a longer (but not impossible) process.

    Can I correct you on that?? It depends on the bank you are with. We bought last year, and Santander have a £25,000 limit on payments via faster payments through online banking. We processed our £26,000 to our sols in 2 payments, first of £1,000, validating they had it before then processing the remainder in a single payment next day.

    If you check on here, http://www.fasterpayments.org.uk/about-us/personal-transaction you can see what the limit is by bank and by means of instruction.
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
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    wantonnoodle wrote: »
    Can I correct you on that?? It depends on the bank you are with. We bought last year, and Santander have a £25,000 limit on payments via faster payments through online banking. We processed our £26,000 to our sols in 2 payments, first of £1,000, validating they had it before then processing the remainder in a single payment next day.

    If you check on here, http://www.fasterpayments.org.uk/about-us/personal-transaction you can see what the limit is by bank and by means of instruction.

    You can clarify some of the numbers if you like, but none of the general principles I outlined above are materially incorrect.
  • MarcoM
    MarcoM Posts: 798 Forumite
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    ReadingTim wrote: »
    It's usually a good idea to determine whether it's a mountain or a molehill well ahead of the time you actually have to face it.

    That said, the best people to ask are the people you bank with, rather than random strangers off the internet.


    problem with that is hsbc call centre have not got a clue, not a standard question hence why i wantef others to share their experience.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    You're buying a property, people do it every day so it's hardly a transaction that's out of the ordinary. Is there a particular reason that you're concerned about providing evidence if requested as I note from your posting history that you have started several threads about AML.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    MarcoM wrote: »
    problem with that is hsbc call centre have not got a clue, not a standard question
    It's not standard that banks ask for any additional evidence, they would normally just carry out the transfer.

    If you start asking the bank questions like this, it might just plant some doubts in their mind about what you're up to!
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
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    MarcoM wrote: »
    problem with that is hsbc call centre have not got a clue, not a standard question hence why i wantef others to share their experience.

    That might be true of the first line call centre monkey you speak to initially, but hang on in there long enough and you'll get to speak to the organ grinder. Furthermore, if your question isn't standard, how likely is it that anyone else will also have encountered it? I can share my completely irrelevant experience with you if you like, but it ain't gonna help you whatsoever...

    Finally, only HSBC can advise on what HSBC's policies are. If you think anyone at the bank will say "sorry, that's not bank policy, but as ReadingTim on moneysavingexpert.com says it's fine, then great" then you're sadly mistaken.

    Which leads me to wonder if they've given you an answer, but as it's not the one you want to hear, you think you can find a better one on the internet...
  • SpanishBlue
    SpanishBlue Posts: 593 Forumite
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    Every bank is different but I do know with Nationwide, although they have a £10,000 transaction limit, you can transfer money to the same account as many times as you like.

    So eg, for a £150,000 transaction you just have to transfer £10,000 15 times.
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