How do I transfer a BIG chunk of money easily??

[loveyouradvice]

I've had the proceeds of my Mum's flat sale come into my account, and need to transfer her share to my niece. My Nat West account will only let me do £20,000 a day - Surely there is an easier way without going into a branch?

What have you done? or recommend?

You can do it over a number of days. But if you want to do it in one go you'll have to go into a branch for anti-money laundering reasons. They need to do whatever checks, including "seeing the whites of your eyes".

This is one of those ‘going into branch’ scenarios I’m afraid.

You also likely won’t be able to do in on the same day, so will require two trips into branch.

Or £20,000 a day over multiple days via online banking.

Yes we had to organize it with family inheritance. We had to go in the bank and see the staff. They check it over and send it off. There are so many dodgy people out there, they have to be careful. Oh the bank will need your id

You should be able to do a same day CHAPS transfer online for a fee?

This . £25 fee when I had to do it. May vary with different banks

Write a cheque?

Might be worth ringing your bank I had similar still had to do 2 transactions but could do more than £20k over the phone

I just did it over a few days. Pretty straightforward.

I've done similar over the phone with Santander. It took a while and they did lots of checks but didn't need to go into a branch

This.

I have an antique quill you can borrow

I had to go into the branch last time I needed to transfer a large sum. It was done in one transaction and was in excess of £20k. Thankfully we had a local branch at the time.

Whatever you do DON'T transfer large sums of money via PayPal (not that it sounds like this is the case for you).

I tried to send 10,000 to the Netherlands as part of a house purchase. They hung onto it for 3 months quoting money laundering rules, despite legitimatie evidence submitted. Took serious threat of legal action to get them to release it and it caused have caused us considerable problems with the new house, we were lucky it didn't.

Nationwide lets you transfer up to £100,000 a day.

I did this with Monzo. It triggered a "computer days no message " and I was sent a link to submit evidence of the source and reason for transfer. Did this with phone camera and pdf. Plus a video of myself. A human reviewed it within 10 minutes and I got a temporary raise to the limit requested which lasted up to midnight. Was well impressed. No fee.

This no longer works, I wrote several large cheques from Lloyd’s paying out from my uncle’s estate, every single one bounced and you couldn’t speak to a human. Even the small £5000 gifts. I eventually spent 2 hours in the branch when they prepared the payment and every single one got referred to their fraud department despite multiple forms of id, and the fraud dept wouldn’t deal with them all in one go or believe the branch staff. we had to do every one individually with their own phone call hanging up in between.

if you have biometrics set up on your Nat west account you can do a one off large payment I think up to £100k, it’s not obvious I was in the branch and they showed me how from memory start the payment and there was a very small line offering it.

@Billybagpuss is right. You can temporarily adjust your daily limit to make a large payment. I spoke to them and they explained how to do it on the app. 5 minute call plus 2 minute adjustment and no need to find a branch.

If you transfer online and haven’t paid them previously, set up a test transfer of £1 and check they have received it before you do a big sum in case of an inputting error on your side / they have given you any incorrect details

Thanks all - really helpful. And gosh, Monzo keeps going up in my estimation.

I'll get on the phone tomorrow and be persistent!!

Fascinating to hear that cheques no longer work!!

Barclays will let you do larger transfers from the online website rather than the app but this also has a limit.

i had to go into branch.

Are cheques still even legal tender?

I live in South Africa and we did away with them years ago.

Yes.

Smaller cheques do work I’m not sure what the cut off is but big ones nooooo