Receiving and sending a large sum of money

[removalser]

I'm due to receive a large sum of money (£200K) to my account for the purpose of buying a house. This will come from a family member and has all been cleared with the solicitor for AML reasons, but do I need to do anything with the bank like inform them that this is coming and I'm aware?

Same question for sending it on. I'll be sending on that money (plus a top up from me) to my solicitor for the sale. Can I do it online or do I have to go into the branch?

I'm trying to call my bank but I've been on hold for ages. It's Natwest, if that helps.

If it's anything like my recent experiences, the bank will be in touch about a month later to ask where it came from, but they're not going to stop money coming in.

As for sending it on, there are usually daily transfer limits for online transactions and I can't imagine that you'll be able to send north of £200k without someone at NatWest trying to stop you. Last time I wanted to transfer similar sums out I just phoned telephone banking but this was First Direct who don't have branches. Definitely worth checking with NatWest, even if it's just looking up the small print for your account in the first instance.

I would think the person sending it needs to tell their bank they’re doing so, and you need to tell your bank that you are then sending it on.

I had a £20k inheritance that I transferred from my current account to my savings account (with a different bank) a few months ago and the bank blocked that and rang me to confirm it.

Looks like you'll have to go into a branch.

https://www.natwest.com/support-centre/banking-from-home/make-payments/how-do-i-make-online-payments-greater-than-320000.html

I find with my bank, Barclays, they make it really hard to add a payee to my account and then send an amount of money that they consider large. You are going to have to check with your bank, what payments will they process online.

Not what you asked, but be sure that when you provide your bank details to your relative, and when the solicitor provides their details to you, this is done carefully and nobody trusts an email which could have come from a fraudster who hacked or spoofed someone's email account.

If your relative has never transferred money to this bank account of yours, you could get them to make a test payment of £10 now in order to ensure they get the details right. Warn them not to transfer the large payment into any different account based on (say) a text or email or WhatsApp message claiming to be from you. Likewise, be sure to get the solicitors' bank details from a reputable source, maybe ring them up to verbally confirm it, and be wary of later communications claiming to be from them telling you there has been an update to the bank account.

I transferred £200k to my ex husbands account. Had to set up a BACS transfer which can’t be done after 3pm on a Friday (if it is - won’t get to the recipient until following Monday). Call your bank and ask to set it up.

I would do that sort of transfer by CHAPS which costs more but is more reliable than BACS.

either way most banks have online limits for transfers which vary from bank to bank and account to account so it is likely you will need to go into branch with ID.