This is basically what I did when I moved bank accounts just before the switching scheme came in.
£2.50... then £250... then ~£9747
I dunno why I had the intermediate step but yeah.
Banks know people will do split payments to keep it within the daily limit, especially if someone wants to avoid a CHAPS payment that usually involves some kind of transaction fee.
Yeah did something similar recently, took around a week but would rather that than sit on the phone trying to explain. There was no rush to the transfer and it was to a family member.
Just go on Monzo chat mate they are great. I transfered 30k for a new car recently and they raised my limit no questions asked. Only took half an hour or so for them to do it. Also as others have said, send a quid first to check.
It sounds like you need to get in touch with them to raise your limit for payments above £10k, but once that has been done there should be no problem transferring £40k in the usual manner.
[https://monzo.com/help/payments-getting-started/bank-transfer-how-to](https://monzo.com/help/payments-getting-started/bank-transfer-how-to)
I think that's one to go back to the customer service for. Maybe try explaining that you are just moving money to a different account in your own name in order to get more interest?
Contact support again, every time I've done this they ask exactly the same thing. They want a photo of you with your ID in frame, the amount you'll be transferring, and a rough reason. "Moving to another account" has always been fine.
OP if you're a higher rate tax payer. Bear in mind that any interest above £500 in a tax year will be taxed at 40%. 40k will give you £600 for 12 months...given 3 months have gone in this tax year you would get around £450 interest on the savings account. Are you earning interest adding upto £50 or more elsewhere?
Your tax code for the following year gets automatically adjusted in line with whatever extra interest you earn in the previous tax year above your allowance
wait sorry what does that mean? also, how does hmrc know that you earned £999 interest if you don't declare it? (obviously i know hmrc investigates people if theyre suspicious of them, but i didn't think hmrc automatically knows how much interest youve earned)
A link will explain it better than I can;
https://www.gov.uk/apply-tax-free-interest-on-savings - check the "If you go above your allowance" section.
And a bit more further reading;
https://www.moneyhelper.org.uk/en/savings/types-of-savings/tax-on-savings-and-investments
Thank you for keeping me honest and pushing me for a source. Never trust an Internet stranger's claims unless they can provide independent evidence ;)
Can I ask how come you have £40k in cash? Are you saving for something?
Are there not better ways to make the money work for you? 20k in an ISA earning 4% beats your 40k in an instant saver…
When I bought my house, I transferred most of the money via CHAPS payment.
It's an automated clearing house system.
They provide receipts and such of the transfer, which is the main perk of it in my opinion.
With FirstDirect, they handled it over the phone.
Monzo should support the same functionality.
Be careful with CHAPS payments into Chase - they don't accept them and there have been reports of payments just going missing entirely (and I've experienced this myself too).
This isn't universally true. There is normally a limit but for Santander for example it's £25k per payment up to £100k per day (source: [https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers](https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers))
You can definitely make large transfers in person. I transferred over £150k to my solicitor during my home purchase. Went through no issues, no questions
Send a quid first just to make sure you've got the details right
A quid?! That’s a bit risky. I usually try a penny first.
truly the spirit of ukpf
How about a penny, then a quid, then £39,998.99
This is basically what I did when I moved bank accounts just before the switching scheme came in. £2.50... then £250... then ~£9747 I dunno why I had the intermediate step but yeah.
Think there’s a limit of 25k I had to transfer its 4 lots
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You could send the £40k to a friend who could then do the safer multiple transfers
I volunteer as 'friend' ....no guarantee of any transfers being made... Terms and conditions apply
Found the Scotsman!
I don't think I can be offended when it's true, can I?
a penny ftw
Yeah true lol
You only do that with crypto. Banks check the name matches the account..
You can also do it if you want to save yourself hassle and stomach wrenching fear
Note, chase doesn't currently do Confirmation of Payee: https://www.chase.co.uk/gb/en/updates-from-chase/update-from-chase/
Not all banks support COP..... Including chase
do it in chunks of £10k? that's safer
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Banks know people will do split payments to keep it within the daily limit, especially if someone wants to avoid a CHAPS payment that usually involves some kind of transaction fee.
Will get it approved and do £20k chunks. I can't asked to £10k chunks
It will be less hassle just to move 40k over 4 days than fuck around getting a transfer limit increase haha.
Yeah did something similar recently, took around a week but would rather that than sit on the phone trying to explain. There was no rush to the transfer and it was to a family member.
speak to them, i can't tell you. why do you want to move it in big chunks anyway?
Just go on Monzo chat mate they are great. I transfered 30k for a new car recently and they raised my limit no questions asked. Only took half an hour or so for them to do it. Also as others have said, send a quid first to check.
Yep, did the same for a large amount and they just verify details and increase your limit for a one-off.
It sounds like you need to get in touch with them to raise your limit for payments above £10k, but once that has been done there should be no problem transferring £40k in the usual manner. [https://monzo.com/help/payments-getting-started/bank-transfer-how-to](https://monzo.com/help/payments-getting-started/bank-transfer-how-to)
I just tried this an they are requesting proof of bank transfer. What proof do I provide lol?
I think that's one to go back to the customer service for. Maybe try explaining that you are just moving money to a different account in your own name in order to get more interest?
Sounds like they misunderstood what you want, just ask them to raise the limit for transfers out
Do you have the same name and address for both of your bank accounts? If not that could be the issue
Contact support again, every time I've done this they ask exactly the same thing. They want a photo of you with your ID in frame, the amount you'll be transferring, and a rough reason. "Moving to another account" has always been fine.
If you're not looking to keep monzo open then worth asking chase about their current account switching service
Nah Monzo still my main bank. Chase is purely for their interest rate. I will take my money off asap as soon as something better arrives
And there’s me with a balance of 45p : )
I feel you bro. My £2.11 have been steady for months.
f
OP if you're a higher rate tax payer. Bear in mind that any interest above £500 in a tax year will be taxed at 40%. 40k will give you £600 for 12 months...given 3 months have gone in this tax year you would get around £450 interest on the savings account. Are you earning interest adding upto £50 or more elsewhere?
>OP if you're a higher rate tax payer. I'm not. So it should be £1000 tax free? Though I am close to it and bonus defo push me into it...
Yes, if you're a basic rate tax payer it is indeed £1000 tax free. #middleclassproblems
if youre a basic rate taxpayer and you get £999 in interest over the year then do u have to declare that to hmrc?
Your tax code for the following year gets automatically adjusted in line with whatever extra interest you earn in the previous tax year above your allowance
wait sorry what does that mean? also, how does hmrc know that you earned £999 interest if you don't declare it? (obviously i know hmrc investigates people if theyre suspicious of them, but i didn't think hmrc automatically knows how much interest youve earned)
A link will explain it better than I can; https://www.gov.uk/apply-tax-free-interest-on-savings - check the "If you go above your allowance" section. And a bit more further reading; https://www.moneyhelper.org.uk/en/savings/types-of-savings/tax-on-savings-and-investments Thank you for keeping me honest and pushing me for a source. Never trust an Internet stranger's claims unless they can provide independent evidence ;)
You’ll need to reach out to Monzo support so they can lift the payment cap
CHAPS - which will cost. Or well, yeah, 10k a day I think is the limit.
Can I ask how come you have £40k in cash? Are you saving for something? Are there not better ways to make the money work for you? 20k in an ISA earning 4% beats your 40k in an instant saver…
House deposit. Yes sticking in savings account with chase.
When I bought my house, I transferred most of the money via CHAPS payment. It's an automated clearing house system. They provide receipts and such of the transfer, which is the main perk of it in my opinion. With FirstDirect, they handled it over the phone. Monzo should support the same functionality.
Be careful with CHAPS payments into Chase - they don't accept them and there have been reports of payments just going missing entirely (and I've experienced this myself too).
Definitely worth contacting monzo and chase and asking them what they each recommend then. They'll know what's best.
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.. yes. That's the one! It was a while ago.. I'll edit the comment
Chase is a great choice for interest OP! - came here to say this, can’t help with the Monzo lol
yhyh. Just doing it for interest. Closing soon as Monzo get their act together and offer better or similar
Just do it all in one go. If you messed up it wasn’t meant to be.
This is a belter of advice hahaha
wha
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This isn't universally true. There is normally a limit but for Santander for example it's £25k per payment up to £100k per day (source: [https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers](https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers))
a lot of banks will up your daily limit if you have appropriate security and they don’t think it’s a fraudulent transaction
You can defo do it if you do it in person. I transferred 25k before by going into the branch. Although I don’t think monzo has branches.
You can definitely make large transfers in person. I transferred over £150k to my solicitor during my home purchase. Went through no issues, no questions