Getting money to Moneycorp - issue with UK Bank

[Incata]

Hi

 

I should and will call Moneycorp in the morning but wondered this evening, if any of you have had this situation and what you did about it? We have the proceeds of our house sale to transfer to Australia and we will do it via Moneycorp as they seem to have the best rates.

 

However my main bank (and most of the money from our house sale) is with HSBC. They told me this evening that I can only transfer £10,000 per day. That is fine. I asked about transferring the whole lot at once and they have told me I have to go to a local branch, with 3 forms of ID, they will then do it, but charge me £30 for the priviledge (I have some Scottish in my blood and hate paying for anything I don't have to). They got stroppy with me when I said I would just send a cheque then.

 

Obviously if I do the exchange with moneycorp they want the money as soon as possible and the website says you give them your debit card information. However my bank told me that if I tried this with the sum I want to transfer, it would be blocked.

 

I'm nervous about sending moneycorp a cheque to hold in their account as there are no safety nets in place to make sure my money is safe if they suddenly hit the wall, and they also don't pay interest on the money. We don't need to buy or will be unlikely to buy before March/April time so I can leave the money in a savings account, but the problem of getting the money to moneycorp when I want to buy AUD still remains.

 

Any advice or information about what you did would be most appreciated.

 

Thanks

 

Carolyn

[Rupert]

Wouldn't you wire the money if it is a large sum? Not make a regular payment? I cannot see how the cheque solution will work, cheques take days to clear.

 

Or just stop making things hard for yourself and pay the GBP 30.

[Incata]

Hi Rupert

 

I'm not really sure what you mean by wiring the money. Could you clarify? I asked about CHAPS and BACS and they said that with both I can send a maximum of £10k per day, so I'm not really sure how else I can do it as sending £10k per day would take ages. I could pay the £30 but I'm tight (and I hate having to go to the bank with toddllers in tow as they create hell and my hubbie is aleady in Perth so childcare is something of an issue :-)) I would not mind paying a CHAPS fee of £30 but I did not get the impression that this is what the bank is going to do. I hung up confused.

 

Solicitors seem to manage to do it with house sale proceeds but I must be missing something as to why I can't use the same process they do. Do you know anything about this?

 

Thanks

[milliem]

Hi

 

I should and will call Moneycorp in the morning but wondered this evening, if any of you have had this situation and what you did about it? We have the proceeds of our house sale to transfer to Australia and we will do it via Moneycorp as they seem to have the best rates.

 

However my main bank (and most of the money from our house sale) is with HSBC. They told me this evening that I can only transfer £10,000 per day. That is fine. I asked about transferring the whole lot at once and they have told me I have to go to a local branch, with 3 forms of ID, they will then do it, but charge me £30 for the priviledge (I have some Scottish in my blood and hate paying for anything I don't have to). They got stroppy with me when I said I would just send a cheque then.

 

Obviously if I do the exchange with moneycorp they want the money as soon as possible and the website says you give them your debit card information. However my bank told me that if I tried this with the sum I want to transfer, it would be blocked.

 

I'm nervous about sending moneycorp a cheque to hold in their account as there are no safety nets in place to make sure my money is safe if they suddenly hit the wall, and they also don't pay interest on the money. We don't need to buy or will be unlikely to buy before March/April time so I can leave the money in a savings account, but the problem of getting the money to moneycorp when I want to buy AUD still remains.

 

Any advice or information about what you did would be most appreciated.

 

Thanks

 

Carolyn

 

 

Yes I had this issue. I booked the transfer and set the rate with them, then they give you 48 hours I think to move the funds. I moved it by a combination of transfers between UK accounts and debit card payments. It was a bit of a faff but it worked. I had to do it this way as I had no prospect of getting to my branch easily.

 

Millie

[Guest John from Moneycorp]

Hi

 

I should and will call Moneycorp in the morning but wondered this evening, if any of you have had this situation and what you did about it? We have the proceeds of our house sale to transfer to Australia and we will do it via Moneycorp as they seem to have the best rates.

 

However my main bank (and most of the money from our house sale) is with HSBC. They told me this evening that I can only transfer £10,000 per day. That is fine. I asked about transferring the whole lot at once and they have told me I have to go to a local branch, with 3 forms of ID, they will then do it, but charge me £30 for the priviledge (I have some Scottish in my blood and hate paying for anything I don't have to). They got stroppy with me when I said I would just send a cheque then.

 

Obviously if I do the exchange with moneycorp they want the money as soon as possible and the website says you give them your debit card information. However my bank told me that if I tried this with the sum I want to transfer, it would be blocked.

 

I'm nervous about sending moneycorp a cheque to hold in their account as there are no safety nets in place to make sure my money is safe if they suddenly hit the wall, and they also don't pay interest on the money. We don't need to buy or will be unlikely to buy before March/April time so I can leave the money in a savings account, but the problem of getting the money to moneycorp when I want to buy AUD still remains.

 

Any advice or information about what you did would be most appreciated.

 

Thanks

 

Carolyn

 

Hi Carolyn

 

Let me know if there is anything we can help with - if necessary I can ask one of the Moneycorp team to call you.

 

Thanks

 

John

[rob dc]

We did this, had to go to a nat west branch, show I'd, pay £30 etc. but it was with Moneycorp and then in NAB account in 3 days

[Ken]

£30 is not an untypical amount for a bank to charge to make a CHAPS payment. The old BACS system has been scrapped and replaced by FasterPayments. FasterPayments is a lot cheaper (many banks don't charge personal customers at all and the charge for business customers can be as little as 20p) but is only for payments of up to £100,000 and some banks (including the OP's apparently) don't allow the full limit to be used.

[NicF]

Sounds horribly familiar to me. We were already in Australia when we wanted to bring our money over and there was almost no way to get the money from the bank to Moneycorp easily. We had to write a letter to the bank requesting they make the CHAPS payment (with all the appropriate details on) which we both had to sign and then physically post to them in the UK. They wouldn't accept a fax, it had to be the original. And then when they received the letter, before they would make the transfer they phoned us in Australia to make sure we really had requested the transfer to be made. We had to pay something like $30 to ensure the letter got to the UK in a hurry and then another £30 for the CHAPS payment.

 

I'd go to the bank and give them your id and arrange the transfer from there. I had to do something similar with another bank account for a different reason and it was actually quite quick. If you pick a time when it's likely to be quiet then it shouldn't be too much of a problem with the kids in tow.