maximum interbank transfers

100gSoma

there is a limit of 15k per transaction? why is that? Is it a financial law to prevent structuring? Or amounts over 15k must be declared?

spoonface

Just get a draft or split your payment into 2 or 4 parts.

KillerShamrock

What method are you using to do these interbank transfer. Im not aware of any limits.
If you do it on an interpay form or as a same day money transfer you can pretty much transfer what ever is in your account!!!!1

stepbar

100gSoma wrote: »

there is a limit of 15k per transaction? why is that? Is it a financial law to prevent structuring? Or amounts over 15k must be declared?

It would be handy to know what type of transaction you are trying to do............ "interbank" could mean to be online, cheque, draft.......

Seriously are we supposed to guess?

Gordon

Direct funds transfer right?

It's usually down to fraud afair. There would be a delicate line between allowing legitimate customers full access to their money, but stopping fraudsters wiping out accounts completely, immediately, that a bank would have to draw.

100gSoma

stepbar wrote: »

Seriously are we supposed to guess?

Seriously, no. Seriously.

It was a transfer using phone banking from one bank to another. on the phone. I was informed that themost per single transaction out was 15k so it would need to be broken up into multiple transfers but could be done all at once.

through my own research I just found a link to Resolution on the 'Second Commission Report to the European Parliament and the Council on the implementation of the Money Laundering Directive' (COM(98)0401 - C4-0396/98)

point 17 says

Stresses the importance of setting a 15,000 euro threshold (all new accounts and transactions above that limit will be controlled) in order to identify suspicious transactions better; believes that this threshold needs to be kept under review to ensure that it is capturing as many suspicious transactions as possible;

I presume its something like this anyway. Maybe all the banks declare transfers over 15k to some board, or else they need written request for that or won't do it over the phone. no difference really if you can just transfer 8 x 15k lumps instantly over the phone.

100gSoma

cheers Gordon. I reckon thats what it was alright.