[Wiki] How To Make A Large Bank Transfer

Financial Chat
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Just had a thought.

It may be a nice idea to create a wiki for those looking to do large bank transfers with various banks. There’s been a bit of commotion about it recently. A clear guide would be nice.

:monzo: Monzo

To make a large transfer over £10,000 get in touch with customer support. They’ll go through verification with you and then temporarily increase your payment limits on the day you need it. It’ll be transferred to a Specialist, who are not available on weekends, so plan it wisely. Must be on the day you need to make the large transfer, best to get in touch early to avoid disappointment. Cannot be made via the web, or via telephone support.

A to Z of other banks:

First Direct

You can make transfers up to (and including) £30,000 in the app per day. Above this limit, you’ll need to call First Direct. They can make the transfer immediately, either via Faster Payments (up to £49,999) or CHAPS (over £50,000, no fee). The CHAPS cut off time is 2.30pm weekdays. If you need a transfer over 50k to arrive immediately, and it’s after 2.30, they can break it up into multiple Faster Payments (of below 50k).

HSBC

Payments of up to £25,000 can be made through online banking. Payments may be delayed whilst it’s checked over - takes a few hours maximum generally. This is the daily limit for payments. Payments of over £25,000 in one go have to be made at a branch or via telephone banking via CHAPS and a fee of £17 (or £12 to other HSBC accounts) is charged for this. To avoid, make payments on separate days.

Santander

Payments of up to £25,000 can be made through online banking. Payments over £25,000 and up to £100,000 can be made through telephone banking. A quick call to run through security checks is required, with no requirement to pre-warn or give notice.

Starling Bank

Make the payment as normal through the normal Payments tab. Once it’s identified as a large transfer (over £10,000), it will automatically detect this and ask you further verification questions and reasoning for the large payment. After you submit, it will be reviewed by staff (no timescale provided, though should be reasonable) and either approved or they’ll get in touch to ask you more. No need to get in touch first, just make the payment as normal and follow instructions given to you during the payment process. Not supported via web or telephone banking.

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Technically possible to transfer £30,400 from Monzo to qualifying recipient(s) in a single 24-hour period, without needing to contact support:

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That might be pushing it a little… :rofl:

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via Faster Payments or CHAPS (Personal account) :purple_square:

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I think that’s a risky strategy if the payment is time-critical. I still favour previous guidance at Starling to give them a call beforehand so they can get their ducks in a row.

Good wiki, though.

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Great use of the wiki :slight_smile: I think we as a community can do more helpful wiki (and maybe Pinned…) posts for things like this.

“Basic Banking after CIFAs” comes to mind too, and other consistent topics of help.

anyway I’ll and some known stuff from my recent large transfers.

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This is one thing I will stick to a bank with a branch for. Starling seem to be better at it than Monzo, but you’re still relying on technical systems.

If I want to do it with Lloyds, I’ll walk into the branch with my ID and I’ll have it sorted there and then.

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Lloyds UK payments :slightly_smiling_face:

Lloyds International payments :relaxed:

Personal Transaction Limits (click on your chosen bank to see it) :sunglasses: :credit_card:

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I’m probably risking an account freeze. I got in touch today with Starling because I wanted to pre-warn them to avoid it, if possible, which is when they advised of the new higher limit flow which is apparently automatic. A move in the right direction for sure.

My money is stored in investments with HL, but Starling is my linked account so it’ll have to go back to Starling, but then I need to move it to HSBC because that’s where I told the solicitors it would be coming from because I already have funds in HSBC and I only keep enough in there to keep my Premier status.

It’s obviously not as straightforward as it could be, but I’ll be sure to let you all know which, if any, of my accounts get frozen. And just to point out, the money isn’t from the proceeds of crime, so if my accounts are frozen it’s not because of anything dodgy, it’s because I’m shifting large amounts of money around in unusual ways.

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Yap, keep us up to date, please :face_with_monocle:

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So it’s Starling in the box-seat? If so, if they understand the route you’ve described, there’s no barrier to the payment?

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I’ve already pre-warned them, and the last time my accounts were frozen by HSBC and Starling was because I moved 50K from them, to Starling, to HL, now it’s the exact same thing but in the reverse direction.

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Pre-warning should be all that’s required, of course.

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Slightly different, but I’ve tried this with Lloyds. iPhone pre-order goes wrong, every year. The pattern should be there for them now, but it still declines. One year I called to give them a heads up, that an expensive Apple purchase would be me “that’s fine Sir, thanks for letting us know and this has been noted”

Still declined it!

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Every year. Every bank or credit card I’ve used for this, flags go up and it gets declined. That is until PayPal credit became a thing. Never had any issues since with abnormally large purchases.

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I don’t mean to pick on anyone in particular here, but one of my little grammar bugbears is being triggered:

warn already means what you’re trying so say when you say ‘pre-warn(ing)’

warn

transitive verb
To notify or make aware in advance of something, especially of possible danger or misfortune

It’s a little thing, I know, put that trigger got pushed so many times in such a short number of posts that I just had to get it off my chest :laughing:

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I love grammar, so no problems with me.

I bet you enjoy it when people say pin number :smiley:

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:face_with_symbols_over_mouth::exploding_head:

(Sometimes part of my job involves supplying people with PINs and having not to listen too closely when colleagues are doing so :sob: )

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It’s Lloyds way of saying nah mate you don’t need another Apple device :eyes:

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Nationwide you can transfer £10k per transaction, but there’s no daily cap so you can send as many as you want. Or use CHAPS, but that’ll cost you £20.

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