BACS transfer, how safe? (3 Viewers)

[MichaelT]

Bank transfer using faster payment (standard online transfer) can't be recalled.
Most banks limit you to £25 but you can do multiple payments of up to £100k in 24 hours with most banks.

When we paid for our new van a few weeks ago, we paid in £25k lots from different accounts to make sure there weren't any problems.

Lloyds is 25k per day so not possible to pay same day. We paid by debit card for the new MH.

 

[The Wino]

Lloyds is 25k per day so not possible to pay same day. We paid by debit card for the new MH.

I think on a chaps payment there's no limit but you have no redress if you get it wrong. Another option if like us you have a couple of accounts is transfer the limit to a couple of accounts and pay from a few

 

[MichaelT]

I think on a chaps payment there's no limit but you have no redress if you get it wrong. Another option if like us you have a couple of accounts is transfer the limit to a couple of accounts and pay from a few

I meant I can only do 25k a day, I could go into bank to ask them to pay more I guess.

 

[The Wino]

I meant I can only do 25k a day, I could go into bank to ask them to pay more I guess.

Yes. As I say we have a similar limit but because we have more than one account if we know in advance we can set the amounts in the accounts so we can do more than one transfer a day. We last did it when we put quite a bit in national savings one year bonds

 

[Miggs]

Lloyds is 25k per day so not possible to pay same day. We paid by debit card for the new MH.

I once used Lloyds high value transfer dept and paid £65k in one hit. They talk it through with you over the phone.

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