High Value Bank Transfers


#1

I chatted to customer services and was told that there’s a limit of £10k per day for FPS. I asked further about BACS transfers, but was told that only receiving BACS is supported.

When I was with LBG, the FPS limit was £25k and if I wanted to make BACS (or even CHAPS) for higher amounts, I would go into a branch. But from what I understand now, there’s no way to move more than £10k on Starling.

Short of moving incremental amounts to another bank as a proxy, what’s the suggested solution for this use case?


#2

Hi @horaceli. Assuming you’re not planning to exceed the protected sum, I’m not sure I’d look for a more efficient method beyond the FPS. (Sorry if I’m missing the point). :slightly_smiling_face:


#3

I’m actually surprised that none of the challenger banks accept CHAPs payments?

Is there any plan for starling to accept them @sarah.guha?

At the moment I use Nationwide as a proxy…


#4

I would rather send FPS as normally reachs most banks within 2 hours. However BACS takes two days to reach your account. I think having CHAPS/TT would be a good idea but most banks charge you £35 as it’s not cheap to use. I think quite a few banks have certain limits on FPS and you would have to send payments multiples of that by FPS.


#5

in regards to this post but not exactly on the same topic will starling be adding any contextual based questions to protect people from scams. FCA mandates that it is every banks responsibility to help educate customers around these issue but also put enough measures in place to protect them selves. so in practice if someone was to make a large fps from account which is not in keeping with account trends the customer to be presented with a series of questions like - have you done this payment before? have you been asked by a 3rd you do not know to do this etc etc?


#6

With these sort of sums are we not dipping into a buisness account rather than personnel banking
I’m sure when Starling instigates buisness banking the threshold will be appropriately raised


#7

not necessarily, HNW (high net worth) customers may require higher limits. Hence their tendency to bank with banks who’s payment limits match the upper limit of FPS rather than a bank who’s payment limits for FPS are set lower than the scheme would permit.


#8

Ah ha
I see, but with such high value transactions where does one stand with protection


#9

Standard account protection is still £85,000 (£170,000 on joint accounts) regardless of your high balance, if that balance is a regular thing. If you however have a temporary high balance, due to sale of a house or receipt of the estate of a deceased relative, then temporarily a higher £1,000,000 limit of cover applies.


#10

HBOS does 25k FPS limit online per day. Any more and I can visit a branch or call them. If Starling is branchless, they should accommodate all the functions that a branch provides, including these edge cases.

@MIROW Incidentally in my original post, I was trying to send money to my solicitors related to a property - they would not appreciate my splitting payments over 30 days of 10k each.


#11

that is crazy. Some banks have £250,000 - ten times what HBOS have!


#12

Yup. 250k is the FPS limit. Though I suspect banks don’t want to be liable for fraud if someone hacks your online banking and empties your account.


#13

Hacking into your mobile phone rather than online for Starling


#14

But in this instance when trying to send large funds for a house purchase etc I would quite naturally pick up the phone and call Starling Direct
Sorry if I’m miss reading this but by contacting the bank direct can we not make the transfer


#15

Hi, For now as we grow and evolve our processes our daily FPS limit is £10k. We recognise that this is lower than some other banks and we may well increase the limits in the future. If you have a need for a higher value transaction please contact our customer service team who might be able to help facilitate your payment.


#16

That’s what I thought

Thank you Sarah


#17

I can confirm that when I needed a large sum to complete my car purchase, a phone call to CS was all it took. No interrogation - just some confirmation of recipient details. It took minutes.

Really neat transaction.


#18

I was told by CS “At this stage we don’t have a manual way to do this either” when I asked them if they could help. They said FPS has a 10k cap and whilst the account can receive BACS, it can’t send any from the app.

That said, that was last summer, so I guess things might have changed.


#19

The information about Bacs is correct. We can receive Bacs credits so you can have your salary paid into your account, but you cannot instruct a Bacs payment from your account. To make a bank transfer Faster Payments are available. Our CS team won’t have the ability to make a higher value payment for you whilst you are online or on the phone to them, if you have an urgent need to make a higher value payment we will do what we can to see if we can help you do that, but this is a manual process which will be managed our operations team. Worth dropping a request into CS and @patrickwho leads the team can support if need be.


#20

@sarah.guha It seems this 10k cap also applies to the new business accounts. I have to say that this is an issue with business banking.

From past experience, high street banks seem to have greater limits, and, when individual transaction limits are met, you can still make more payments individually.

The fact that this thread started last August, and this hasn’t been addressed doesn’t fill me with confidence as to any change being likely to occur.

I’d welcome your thoughts on this being resolved, as otherwise, despite all good intentions of moving to Starling as my sole business bank (and personal for that matter), I am now having to re-consider matters and look to keep my main accounts with a high street bank, and move things back there again.