Safest way to transfer large sum to pay off mortgage — MoneySavingExpert Forum

Where you can make a large sum on the Internet, Are there limits to the amount I can pay in Online Banking?

How do I make a large payment?

How to make a bank transfer There are a number of ways you can make a bank transfer. Telephone and online banking offer a fast, usually free and easy way for you to transfer money into another account.

Some of the most common bank transfer methods are: Online bank transfers. Log in to your online account and select the option for making a payment.

Follow the instructions on screen to enter the correct details. Some banks also offer smartphone apps that allow you to transfer money. Telephone transfers.

Shopping and paying safely online

In-branch bank transfers. If you have the money in cash, you can pay it into the account of the person you owe it to in-branch. What details do you need to transfer money? Whichever way you choose to transfer money, you will usually need the following details of the person or organisation you are paying.

Make a lump sum overpayment

Find out more on the Get Safe Online website. The date you want the payment to be made. A payment reference often your name or customer number to let them know the money came from you. This helps them to check that the sort code is right.

Well, there are all sorts of opportunities to do just that if you're willing to put in a little bit of effort.

How long does it take for the money to be transferred? Payments made using Faster Payments will sometimes be received immediately after leaving your account, but can sometimes take up to 2 hours. This option is free, available 24 hours a day and typically used in online banking, mobile apps, over the phone or in branch. You could also use: Bacs payments.

where you can make a large sum on the Internet

These take up to three working days to clear. Find out more on the Pay your way website.

where you can make a large sum on the Internet

Payments will go through on the same day, as long the transfer is made by a certain time. CHAPS payments often charge a fee. Avoiding issues with bank transfers Double-check the details.

where you can make a large sum on the Internet

Check every figure, even if your bank preloads them. It can be difficult to get your money back if you send it to the wrong account more on this below. Get the person on the end of the line to repeat figures and names to you.

where you can make a large sum on the Internet

Beware of going overdrawn. Find out about avoiding bank transfer scams on the FCA website opens in new window and the Take Five website. Other ways to pay If you need to make a payment frequently, for example a monthly energy bill, you might be better off setting up a Direct Debit or standing order.