In this article, we’re going to share the best ways for transferring large amounts of money between banks in the UK.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Transferring Large Amounts of Money Between Banks UK
- How to Transfer Money Between Banks in the United Kingdom
- UK Bank Transfer Limits
- Frequently Asked Questions
- Ready to Explore Your Options?
Transferring Large Amounts of Money Between Banks UK
Transferring large amounts of money between banks in the UK is possible. However, each bank sets its own limits, which will vary depending on the type of account and the method for originating the transfer. In general, transfers between GBP 10,000 and GBP 50,000 are common while certain banks allow for transfers of up to GBP 1,000,000.
In the sections below, we’ll explore how much money you can send between UK banks using transfers that originate online, in-person, and over the phone. While the specific amount will vary by bank, this will give you an initial sense of how much you can transfer via both traditional bank transfers and standing orders.
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How to Transfer Money Between Banks in the United Kingdom
To transfer money between banks in the United Kingdom, you will need the following information:
- Name of the account holder (person or company)
- Bank name
- Account number
- Sort code
- Amount being sent
In most cases, you should also include a reference so the recipient is able to easily identify your incoming transfer.
When making a transfer between banks in the United Kingdom, one of the best ways is to use online banking. In addition to being more time-efficient, online banking also allows the highest transfer limits at most UK banks. In other words, if you are trying to make large transfers, online banking may be your best option.
To make online transfers between banks in the UK, you will need the recipient’s personal and bank information. With this information you can log into your online banking and follow the necessary instructions to schedule a transfer.
Standing orders refer to payments that are scheduled with your bank to fulfil repeating expenses with fixed amounts. Common examples of payments that are suitable for standing orders include mortgage payments, licensing, and public utilities.
Both individuals and businesses can schedule standing orders, which can be done in-person, through online banking, or over the phone. Importantly, as we’ll share below, the method you choose for originating the transfer can impact the allowable limit of the standing order. So, if you need to schedule standing orders to transfer large amounts of money between banks in the UK, you may want to consider in-person or online origination.
UK Bank Transfer Limits
Each UK bank sets its own transfer limits, which differ depending on the type of transfer, type of account, and how the transfer originates.
For example, transfers that originate over the phone generally have the lowest allowable limits while in person and online transfers have the highest.
Here is a look at the range of allowable limits that you can expect from high-street UK banks.
UK Bank Limits for In-Person Transfers
- One-time transfer: GBP 10,000 to GBP 250,000
- Standing orders: GBP 10,000 to GBP 100,000
Bank Limits for Online Transfers in the UK
- One-time transfer: GBP 10,000 to GBP 1,000,000
- Standing orders: GBP 10,000 to GBP 1,000,000
UK Bank Limits for Phone Transfers
- One-time transfer: GBP 10,000 to GBP 100,000
- Standing orders: GBP 10,000 to GBP 100,000
Clearly, there is a wide discrepancy between banks, so if transferring large amounts of money between banks in the UK is important to you, you should confirm the transfer limits for your preferred method before opening accounts.
Frequently Asked Questions
Below are three of the most common questions that we receive from people interested in transferring large amounts of money between banks in the UK. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Much Money Can I Transfer Between Banks UK?
The amount of money you can transfer between banks in the UK depends on your bank, account type, and transfer method. However, most UK banks permit account holders to transfer GBP 10,000 per transaction regardless of the type of account or how the transfer originates. That said, certain banks have considerably higher limits, between GBP 250,000 and 1,000,000, which typically requires in person or online transfer origination.
What’s the Maximum You Can Transfer Online Banking UK?
The maximum you can transfer using online banking in the UK will depend on your bank. But also, on your account type and account permissions. For example, certain UK banks will allow you to transfer GBP 1,000,000 through an online transfer. However, most UK banks limit online transfers to between GBP 25,000 and 50,000.
Can I Transfer a Large Amount of Money From One Bank to Another?
Yes, you can transfer a large amount of money from one bank to another in the UK. You can confirm the exact amount that your bank will permit you to transfer by reviewing the terms and conditions associated with your account. Alternatively, you can contact customer service at your bank and ask them to share any applicable limits on outbound transfers.
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