large money transfers - Might have to factor in a delay!
Jan 22nd 2014, 3:13 am
#1
L2, GC, Surrey, OH, TX!
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Joined: Aug 2007
Location: Surrey to Dallas (via Ohio)!
Posts: 6,363
large money transfers - Might have to factor in a delay!
I was just discussing a money transfer through my normal provider XE.com who i have used successfully many times in the past. However - my plans hit a delay because my current account with Lloyds has advised me that i cannot transfer online more than $25,000 per calendar day. so any larger sum will take several days to accumulate. The only way i can get around this is to visit a branch which isnt possible
Ive spoken to XE and they acted as if they came across this often and would wait for the 'installments' to reach the desired 'trade amount'. I just wanted to flag this up because its new to me - ive transferred more than that in the past so i assume its the new regs having an impact.
so if you are wanting to send larger sums across - be aware it wont always be sent in one day if your bank has these limits in place.
Ive spoken to XE and they acted as if they came across this often and would wait for the 'installments' to reach the desired 'trade amount'. I just wanted to flag this up because its new to me - ive transferred more than that in the past so i assume its the new regs having an impact.
so if you are wanting to send larger sums across - be aware it wont always be sent in one day if your bank has these limits in place.
Jan 22nd 2014, 3:54 pm
#2
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Joined: Dec 2002
Location: texas
Posts: 910
Re: large money transfers - Might have to factor in a delay!
That's higher than Royal Bank of Scotland. Had to transfer a large amount to BIL as he was a beneficiary of my late FIL. All the money had been deposited in our account as he hasn't had a UK account since he move to Australia more than 20 yrs ago. Max allowed was £10,000 per calendar day online or visit bank. So took a few days plus additional bank fees 
Jan 22nd 2014, 5:05 pm
#3
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: large money transfers - Might have to factor in a delay!
If you are exchanging more than your banks daily transfer limit, you just book the date the currency broker will do the exchange to allow you time to transfer the funds to them. I transfer my pension quarterly if the rate if OK but that exceeds NatWests £10k a day limit. So I allow two days to transfer the money to the broker and book the contract date for the fourth day. I usually allow an extra day just in case there is a problem with a transfer. With World First you can set the contract date up to 365 days out.
Jan 22nd 2014, 8:03 pm
#4
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Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: large money transfers - Might have to factor in a delay!
I was able to overcome Intelligent Finance's on-line limit by calling them (they are part of Bank of Scotland which is part of Lloyds). After some security questions, and being satisfied that I had the money in my account, they transferred a substantial sum using the faster payment system. It was with my foreign exchange service within two hours.
Not surprisingly different banks have different practices.
Not surprisingly different banks have different practices.
