bicek Posted January 17, 2021 Share Posted January 17, 2021 On 25/11/2020 at 05:44, A&L said: I think we've looked at torfx and a couple of others but we need the money here for next week for our mortgage here. ...exchange and completion got held up in uk so it would have been fine had it not been for that! Really not useful when you cant speak to England only India.... Did you move to Australia midway through selling your property in the UK? Or did you rent it out and then decide to sell whilst in Oz? We're just trying to figure out how on earth to time selling our UK house so that we complete in the weeks prior to flying. It seems like an impossible task. Quote Link to comment Share on other sites More sharing options...
bicek Posted January 17, 2021 Share Posted January 17, 2021 (edited) On 25/11/2020 at 22:10, Susan from Moneycorp said: Hello A&L I had the same issue when I needed to bring a chunk of GB£ over here too - I found that different banks have different daily limits: Halifax and Lloyds were prepared to up it to whatever I needed (for 24hours) then it reverted back to whatever their regulated daily limit is. Same with Santander. Nationwide would only let me do £10,000 max online (as many times as I liked). Once they know the reason for your transfer, I've found all the major UK banks or building societies will authorise. Sometimes you have to fill out a Chaps or TT form and email it back to them - other times they will ID you over the phone and do it that way. Also - at Moneycorp we hold all of our accounts with Barclays too, so it would just be an internal transfer at Barclays from your account to ours which should make it even simpler for them; we'll do the rest for you - no transfer fees and preferential rates of course for Poms in Oz clients! Give me a call if I can help! Our Sydney office number is: 0414 838586 Hi Susan, Not sure if you can help, but I have a few questions based on what you mentioned in your above post. With Nationwide, does that £10k limit just apply to transfers overseas? Or to another UK bank account too? And whilst you can do it as many times as you like, would that be limited to once per day? And would there be a fee each time that amount was transferred? I am trying to work out how best to transfer the funds of our UK house sale once it goes through. We are putting it on the market shortly. Totally stressed already Edited January 17, 2021 by bicek Quote Link to comment Share on other sites More sharing options...
A&L Posted January 18, 2021 Author Share Posted January 18, 2021 2 hours ago, bicek said: Did you move to Australia midway through selling your property in the UK? Or did you rent it out and then decide to sell whilst in Oz? We're just trying to figure out how on earth to time selling our UK house so that we complete in the weeks prior to flying. It seems like an impossible task. We moved whilst selling so house was empty for a little while. Good in some ways as I could get it packed up on my own timeline and cleaned the place top to bottom before I left... Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 18, 2021 Share Posted January 18, 2021 (edited) 2 hours ago, bicek said: With Nationwide, does that £10k limit just apply to transfers overseas? Or to another UK bank account too? Every bank is different, but most banks will have a similar limit. However, usually all you have to do is phone them and they can authorise a one-off exception. There won't be a fee if you open an account with a company like Moneycorp and transfer the money to that account in pounds sterling. Then you can transfer from Moneycorp to your Australian bank with minimal or no fees. I don't remember how settlement works in the UK, but if you open an account with Moneycorp, could you direct all the money to be paid straight into that account instead of into the bank? Edited January 18, 2021 by Marisawright Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted January 18, 2021 Share Posted January 18, 2021 4 hours ago, bicek said: Hi Susan, Not sure if you can help, but I have a few questions based on what you mentioned in your above post. With Nationwide, does that £10k limit just apply to transfers overseas? Or to another UK bank account too? And whilst you can do it as many times as you like, would that be limited to once per day? And would there be a fee each time that amount was transferred? I am trying to work out how best to transfer the funds of our UK house sale once it goes through. We are putting it on the market shortly. Totally stressed already Ughhh, I completely sympathise with you on the stress.... we've all been through it too and we walk alongside you in support! Fortunately we have the forum here to help and make it as pain-free as possible Re. your question - I had almost exactly the same (Nationwide) case in December: You're right in that they only allow you to do tranches of £10k at a time. My client calling them to ask them to raise their daily limit didn't help: They allowed her to do countless transactions online of £10k per transaction - and could not override their system's £10k rules. She got it done, (£120k in 12 transactions, one after the other, in 30minutes - no fee for online payments) but I've heard of other cases where the Nationwide firewall thought continual, same, transactions were suspicious and put a block on the client's account. You then have to phone to go through KYC security and your account is 'unlocked'. I've had an instance too where, instead of an online transfer, Nationwide agreed to a Chaps payment. This costs £25, but they will transfer any amount for you. The difference is they make the trf instead of you. Much more efficient. You fill out an online form and pay your £25. Hope that makes your day a little less stressful Quote Link to comment Share on other sites More sharing options...
Wanderer Returns Posted January 18, 2021 Share Posted January 18, 2021 7 hours ago, bicek said: Can I ask what tool did you use for the price comparison? That was actually a screenshot from Transferwise's transfer page - I guess they are trying to show you how competitive they are! Quote Link to comment Share on other sites More sharing options...
bicek Posted January 18, 2021 Share Posted January 18, 2021 10 hours ago, A&L said: We moved whilst selling so house was empty for a little while. Good in some ways as I could get it packed up on my own timeline and cleaned the place top to bottom before I left... I am just nervous about this as an option for us in the situation where the sale fell through and then the house had to go back on the market completely empty with us on the other side of the planet! But yes, that is tempting in that it offers a bit more flexibility, potentially. Quote Link to comment Share on other sites More sharing options...
bicek Posted January 18, 2021 Share Posted January 18, 2021 10 hours ago, Marisawright said: Every bank is different, but most banks will have a similar limit. However, usually all you have to do is phone them and they can authorise a one-off exception. There won't be a fee if you open an account with a company like Moneycorp and transfer the money to that account in pounds sterling. Then you can transfer from Moneycorp to your Australian bank with minimal or no fees. I don't remember how settlement works in the UK, but if you open an account with Moneycorp, could you direct all the money to be paid straight into that account instead of into the bank? I think i wouldn't keep my life savings in Moneycorp, I would just use it to transfer the funds, so it would only be with them for a short period of time (days). Quote Link to comment Share on other sites More sharing options...
bicek Posted January 18, 2021 Share Posted January 18, 2021 8 hours ago, Susan from Moneycorp said: Ughhh, I completely sympathise with you on the stress.... we've all been through it too and we walk alongside you in support! Fortunately we have the forum here to help and make it as pain-free as possible Re. your question - I had almost exactly the same (Nationwide) case in December: You're right in that they only allow you to do tranches of £10k at a time. My client calling them to ask them to raise their daily limit didn't help: They allowed her to do countless transactions online of £10k per transaction - and could not override their system's £10k rules. She got it done, (£120k in 12 transactions, one after the other, in 30minutes - no fee for online payments) but I've heard of other cases where the Nationwide firewall thought continual, same, transactions were suspicious and put a block on the client's account. You then have to phone to go through KYC security and your account is 'unlocked'. I've had an instance too where, instead of an online transfer, Nationwide agreed to a Chaps payment. This costs £25, but they will transfer any amount for you. The difference is they make the trf instead of you. Much more efficient. You fill out an online form and pay your £25. Hope that makes your day a little less stressful Ah yes, the CHAPS payment sounds like a good option, definitely don't want the bank thinking anything suspicious is going on and blocking the account! Useful to know, thank you very much Susan. Quote Link to comment Share on other sites More sharing options...
bicek Posted January 18, 2021 Share Posted January 18, 2021 5 hours ago, Wanderer Returns said: That was actually a screenshot from Transferwise's transfer page - I guess they are trying to show you how competitive they are! Oh ok, I guess they wouldn't include any competitors that offered a better rate then them! They seem very competitive though, I will keep an eye on both Transferwise and Moneycorp, and decide nearer the time. Thanks all. Quote Link to comment Share on other sites More sharing options...
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