jono300

iTrader: (8)

Guys want to transfer a sum off cash from my own bank account ( clydesdale bank ) into another persons bank account, have the guys bank ( cooperative ) / account name / sort code etc but just a bit unsure whats involved in transfering from one bank to another over the counter, sure a number off years ago I tried to do this and was advised that it was not possible without a pay in slip etc ??

bit confused if anyone could advise ?? not even sure if it would even be the case that I could go into the other guys bank ( cooperative ) and pay it in this way ( would obviously have to physically have the money to hand over to transfer ??

anyone in the know able to advise ??

PaulC72

DO you have online banking? if you do you should be able to do it all from there.

If not a branch visit would sort you out (unless you want to do it via phone banking)

andythejock01wrx

You can do a BACS direct transfer from one account to the other by your laptop, or you can e can pay a cheque of yours into his account with a bank giro credit ( I think).

billythekid

On the whole you would use either CHAPS (same day payment) or BACS (3 working days).

CHAPS costs £25 ish.

BACS tends to be free.

If the sum is small you may find you will get the advantage of Faster Payments too when doing BACS.

As to how you go about it - that all depends on what type of account you have. Internet / phone / counter etc.

billythekid

Just had a quick look and both banks are on faster payments (95% of requests clear same day). Upto £1000 from your bank. HTH.

jono300

iTrader: (8)

Cheers guys as always really appreciate the advice given.

cheers

Trout

iTrader: (1)

Why is there is a £1,000 limit on Faster Payments?

Most BACS payments are transferred within 2 hours now. Limit is usually £10k due to Anti-Money Laundering regulations.

kj200sx

iTrader: (7)

online or phone banking mate take 2 mins (when you get through)

andythejock01wrx

Limit is indeed £1000 according to my bank (called them tonight).

Trout

iTrader: (1)

Faster Payments limit is nominally £10k as that is the limit that anti-money laundering kicks in - i.e. cash payments higher than that 'may' require investigation, certainly test for authenticity.

If you have a £1,000 limit it is nothing to do with Faster Payments or BACS, it is probably the banking product or account type that you have.

Faster Payments Introduced


Edited to add - the limits in the article were during the introduction and pilot of of FPS. Both my personal and corporate accounts all have a £10k limit with HSBC.

madscoob

iTrader: (3)

acc no sort code name of person , walk into your bank and ask them to transfer funds into this persons acc please , nat west did it for me no problem when i payed for our holiday

billythekid

The limit is set by the bank and it depends on the type of payment too. The actual limit for FP is £100,000 not 10k.

My own bank (A&L) set their limit for FP at £300 for one off payments and £5000 for repeat payments.. £300 is not much use to anyone these days.

Coffin Dodger

Was doing a few large transfers (some over £10k) to our builder while our extension was under way. Typically I'd transfer in the evening, he'd have it in his bank account the next morning.

To the OP, get yourself signed up to Internet banking, dead easy then

Wurzel

iTrader: (1)

Is online banking and bank to bank transfers modern technology to you lot then?

It is pretty much standard here and has been for the last 11 years that I have been here. Paypal is starting to make a showing but Überweisung is a no brainer and everyone does it without even thinking about it. Welcome to the 20th century let alone the 21st

SpecDscooby

I transfer near 2k a month into my mrs bank for the household bills, do it via online banking, is in her account in about 2 hrs and costs nadda....would be exactly the same if i picked the phone up and rang them....

I would'nt goto branch though as you will have some spotty faced d1ik telling you how to invest....

urban

iTrader: (1)

Clearly
Online transfers are great.

David Lock

I think you need a practice run. Now what I suggest is.........

dl