Transferring funds when buying a house

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What's the best way to do this?

NatWest have told me I have a £10k per day limit for normal online transfers so it will take 6 days (although I have transferred £19.5k before and it seemed to work).

They said I can do a CHAPS payment but it will cost £23 and I'd have to go into the bank to do it (tricky for me to get there during normal banking hours).

Any ideas? What do people normally do?

[LeoSayer]

I normally ring my bank First Direct and they arrange a CHAPS over the phone. They normally get someone else from the bank to ring me back later to confirm it's me.

[anonymous-user]

Can't you go into the bank and set up a CHAPS for a future date?

Saying that, the daily transfer rate at Nat West is now £20,000.

[rfisher]

Most bank bacs transfers have a £100,000 limit per transaction.

Change your bank.

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garyhun said:

Can't you go into the bank and set up a CHAPS for a future date?

Saying that, the daily transfer rate at Nat West is now £20,000.

Hmmm that could be an option if they can do it - You'd have thought the cashier would have suggested it!

[DocJock]

LeoSayer said:

I normally ring my bank First Direct and they arrange a CHAPS over the phone. They normally get someone else from the bank to ring me back later to confirm it's me.

Santander do the same.

[Little Lofty]

If you've got enough time just give your solicitor a cheque.

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Little Lofty said:

If you've got enough time just give your solicitor a cheque.

Unfortunately I don't have a cheque book!


As mentioned above it seems the limit is now £20k per day, so I can do it in three days now, which isn't too bad.

[fido]

Saturday morning? Bankers draft (which will cost as well) if you don't want to CHAPS. I paid two lots of CHAPS for my recent house purchase. To be honest, it didn't bother me a bit compared to XXXXX Stamp Duty ...

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fido said:

Saturday morning? Bankers draft (which will cost as well) if you don't want to CHAPS. I paid two lots of CHAPS for my recent house purchase. To be honest, it didn't bother me a bit compared to XXXXX Stamp Duty ...

Oh it's not the cost (£23 when spending £200,000 isn't really a large percentage) it's just the pain of getting to the bank. But as you say NatWest thankfully open on Saturdays now.

[Crafty_]

rfisher said:

Most bank bacs transfers have a £100,000 limit per transaction.

Change your bank.

Its actually as much as £20 million, (source: http://www.equiniti.com/MediaCentre/ezine/Pages/BA... as they could put your transaction in a submission of its own) least thats what BACS will handle.

However, banks have their own systems, fraud/laundering protection etc, thats where the limits come in to place.

When Faster Payments started (the BACS same day service) there was a limit of £10k, but most banks soon started lifting that because they cottoned to on the fact they could charge business customers for same day payments and make more money instead of doing 3 day BACS for cost/small profit.

Either way, the bank should be able to sort something quite easily. I would ask them what their Faster Payments limit is, if its high enough just use your web banking to pay.