Faster payment limit


#1

Just saw this new faq

Now I don’t have that much money to transfer anywhere at the moment but given the faster payment limit is £250,000 why is this set so low?

If you do need to transfer more than £25000 how can this be done and how much are Starling charging for it?


#2

I believe the limit is what you’re able to do without intervention from Starling. If you need to send a higher amount, then Customer Services should be able to action that.


#3

I understand from faster payment is the limit of £250000 is without intervention. Santander appear to allow £100000.

It may have been an old article I read but it mentioned the £25k limit(for banks with that limit) and then traditional banks would charge £25/£30 for CHAPS.


#4

The limit is dependent on the bank not on the scheme rules. The scheme rules are £250,000 is the maximum, there is only a very few banks that offer up to that limit without you having to contact your bank.

With Starling if you need to send more than £25,000 you just contact them and they can sort that out for you.


#5

Thanks. Understand it’s bank dependent. Do starling charge when contacted or just temporarily up your limit?


#6

There is no charge to send your own money to someone.

They do not actually up your limit, they just send the payment for you from your account funds.