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.
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:
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).
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.
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.
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.