Moving large sums of money via internet banking

Discussion in 'Finance, Property, Law' started by flynavy, Feb 26, 2012.

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  1. Going to be paying my deposit for my mortgsage this week, waiting for my gratuity to go into Nationwide i then need to pay £25000 to my solicitor. Is there a limit to how much money can be transferred over the internet, ie internet banking?
     
  2. Depends on your bank, best to ring them on the amount limit of their faster payments. If its shabby Abbey/Santander their limit is very low.
     
  3. I think it's £10,000 max per day. Something to do with money laundering laws I believe.

    PM Banker, that's his bag after all.
     
  4. Your right 10 grand max per tranfer. I had allsorts of hassle tranferring money from the UK to Germany to buy a house here.
     
  5. Just open an account with Bank of Lagos in Nigeria. They have no limits on the amount that can be transferred. Failing that, give your bank a couple of days notice and withdraw the deposit in cash. Then simply walk down the street to your solicitor's office with wads of notes spilling from every pocket. As a security measure, do this after dark and only use deserted streets.
     
  6. Sixty

    Sixty LE Moderator Book Reviewer
    1. ARRSE Cyclists and Triathletes

    Depends who you're with. My lot (Lloyds TSB) is £25000.00 per day or £1,000,000 if between your own accounts.

    Edit to add link: Lloyds TSB - Payments
     
  7. They'd have to give me 25k a day to be with them.
     
  8. From Nationwide site. You don't state what bank they, soliciters, use

    Quick transfers between your Nationwide accounts

    To transfer between your Nationwide accounts, please log in to the Internet Bank and:
    1. Find Quick transfer - box on the left side of the page
    2. Select your accounts - using the drop down lists provided
    3. Enter your amount
    4. Select Go
    The available balance is updated on both accounts immediately after the transfer has taken place.
    This facility isn't available for credit card, mortgage, or passbook accounts. Please view how to set up a bill payment/transfer or standing order.
    If you don't bank online

    Please visit a branch to learn how you can transfer between Nationwide accounts.
    Transfer limits

    You can transfer up to £50,000 between your accounts in one transaction. (The limit is £3,000,000 if you have an e-Savings/e-Savings Plus). Providing there are sufficient cleared funds available, there's no limit to the number of times you can make a transfer.
     
  9. I've transferred a couple of £40,000 payments to Spain from my UK bank. No problem except the cost goes up to £25 if it's above £10k.
     
  10. okay thanks for the swift replies, you allreplied quicker than anyone on moneysavingexpert.com. I'm qwith nationwide it is indeed £10,000 a day or unlimited thru CHAPS with a £25 fee, going to do it thru chaps to be safe and make sure it goes thru.