Transfer of large amounts of money

PaulStat

PaulStat

PaulStat

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I'm curious say you wanted to transfer 60k to someone elses account, could you do this via the normal online banking method? Or would you need to advise your bank beforehand that you want to do so?

I'm talking about the normal 2-3 days transfer not CHAPS etc.
 
there might be money laundering issues with that amount of money. there may also be tax implications (capital gains)
 
It always takes around a week when my dad recieves large amount of money in one go.

However I highly doubt they will allow you to do it online especially if you havent done any large transactions before, most likely they will block you account until you speak to them if you try it.
 
Ex-RoNiN said:
Why can't people just go about their business normally and buy a car or whatever, without nosy banks and government snooping around :rolleyes:
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That isn't what this thread is about though. The question was about transferring a substantial amount of money into someone elses account. Due to money laundering implications, there is a fair chance that the transaction would be investigated by the bank in question - particularly if conducted online.

To the OP, I'd think your best option would be to go into the bank and go through a cashier / manager. It would be fairly easy to do though.
 
Ok next question :)

Say I was in France and I needed to arrange a CHAPS (same day transfer) payment, could I simply pop into a French bank get in contact with my bank in Britain, Fax them the instructions for the BACS and a copy of my passport to prove that it was me asking for this. Would this be enough?
 
Ex-RoNiN said:
Why can't people just go about their business normally and buy a car or whatever, without nosy banks and government snooping around :rolleyes:
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Yeah but I bet you'd complain if your account was fraudulently emptied and the bank didn't say a word or do a thing, presuming it was you just going about your business?
 
iCraig said:
Yeah but I bet you'd complain if your account was fraudulently emptied and the bank didn't say a word or do a thing, presuming it was you just going about your business?
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It's far more to do with tax, and far less to do with fraud prevention.
 
PaulStat said:
Ok next question :)

Say I was in France and I needed to arrange a CHAPS (same day transfer) payment, could I simply pop into a French bank get in contact with my bank in Britain, Fax them the instructions for the BACS and a copy of my passport to prove that it was me asking for this. Would this be enough?
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No.

Firstly because BACS and CHAPS are not the same thing! A BACS form will be no use!

If you want to do a CHAPS, normally you have to present proof of ID, a signed CHAPS payment form and present it in person to your branch (well, I work in CHAPS payments and that's the way it's done here.)

Secondly it has to be done and the instruction placed with your bank by no later than 2pm. The CHAPS cut-off for payment is 3:50, so 2pm is imposed to allow the banks to go through the security and anti-money laundering checks etc and still have time to do the actual payment.

I would recommend you call your bank and ask their advice. Explain you're not in the UK and see what they say. Unless the branch in France is a branch of the same bank, they're not likely to help due to anti-money laundering requirements.
 
Tommy B said:
It's far more to do with tax, and far less to do with fraud prevention.
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I thought he was referring to when you withdraw large amounts from your account, and your bank calls you to make sure it's you before they approve the transaction.

Can be a little annoying, but it's nice to see that they're keeping an eye on your money just in case the worst happens.
 
CF93 said:
No.

Firstly because BACS and CHAPS are not the same thing! A BACS form will be no use!

If you want to do a CHAPS, normally you have to present proof of ID, a signed CHAPS payment form and present it in person to your branch (well, I work in CHAPS payments and that's the way it's done here.)

Secondly it has to be done and the instruction placed with your bank by no later than 2pm. The CHAPS cut-off for payment is 3:50, so 2pm is imposed to allow the banks to go through the security and anti-money laundering checks etc and still have time to do the actual payment.

I would recommend you call your bank and ask their advice. Explain you're not in the UK and see what they say. Unless the branch in France is a branch of the same bank, they're not likely to help due to anti-money laundering requirements.
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woops dunno why I said BACS the second time, I meant CHAPS :o
 
Online limit for HSBC is 10k/day.

When i bought my flat, i needed to transfer large amount to my solicitor to complete the deal (deposit, fees etc). CHAPS is the way to go, but you will get charged and have to bring along ID.
 
Nationwide Online allows me to fill in a form for a Chaps reuqest and choose the day of payment, Ask the bank if you supply an instruction that won't be actioned untill the date you need.
 
well i've spoken to natwest about how to go about organising a CHAPS payment whilst on the continent.

Basically the process is
1. Get permission to use your branches fax number
2. Fax them a letter with the CHAPS instruction on it with your signature
3. Fax them a copy of your passport
4. If the signature matches up to the one they have on record then the CHAPS payment will be approved.

So that's another option, basically find somewhere with a fax machine and phone in france so you can get in contact with your branch and do it that way.
 
PaulStat said:
well i've spoken to natwest about how to go about organising a CHAPS payment whilst on the continent.

Basically the process is
1. Get permission to use your branches fax number
2. Fax them a letter with the CHAPS instruction on it with your signature
3. Fax them a copy of your passport
4. If the signature matches up to the one they have on record then the CHAPS payment will be approved.

So that's another option, basically find somewhere with a fax machine and phone in france so you can get in contact with your branch and do it that way.
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Makes sense.

If you are in another country though it's probably also worth phoning the UK branch for two reasons:

Firstly - to advise them what's happening, as checking the fax number the fax comes from is part of the security checks - if it's come from overseas and it's a payment for a UK bank for a UK customer, that looks dodgy! Whilst they'd be able to check everything, it would slow down the process while security checks are carried out on why the fax came from abroad. Be prepared for them to contact you to verify it!
Remember that CHAPS is a "UK-only" system and can only be used to transfer GBP Sterling between UK sort codes, so anything unexpected from overseas is not only extremely unusual but highly suspect.

Secondly - just to make sure they get the documents and are actually going to make the payment. You don't want your docs or the payment going AWOL afterall.
 
egg let my mum transfer about 500k from her account to my parents joint account after the sale of our house, no real questions asked, she rang up to check if it would be possible and they said yes
 
Abraham said:
egg let my mum transfer about 500k from her account to my parents joint account after the sale of our house, no real questions asked, she rang up to check if it would be possible and they said yes
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That's because they are under the name.
 
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