Transferring large amounts of money with Nationwide

Have a big purchase coming up? Perhaps you’re buying a property, starting building work or upgrading your car. You may even have inherited money and need to move it to a new account.

Whatever your circumstances, you’ll need to find the best, cheapest and most secure way to make a large money transfer in the UK.

If you bank with popular UK building society Nationwide, read on. We’ve put together the complete guide to using Nationwide to transfer large amounts of money. This includes transfer types and timescales, limits, fees, security and how to set up a payment.

If you’re looking for a reliable and cost-effective way to transfer large sums internationally, consider the money services provider Wise. With low, transparent fees*, great mid-market exchange rates, and secure, trackable transfers, Wise makes international money transfers simple and stress-free. Plus, you’ll receive dedicated support when sending large amounts.

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Can you send large transfers with Nationwide?

Yes, you can use Nationwide to transfer large amounts, as long as you’re a customer with an account.

The building society offers a few different ways to send a large payment in the UK, and internationally too.

The first option is Faster Payments, which can be used to send transfers of up to £100,000 depending on how you set the payment up.

Do it online and you can send up to £100,000 per transaction (max. £100,000 per day). However, you may be limited to £25,000 if you’re paying someone new or it’s a Standing Order.¹

Head into a Nationwide branch (with valid ID) and you can send £25,000 per payment, with a maximum of £100,000 per day.¹

Need to send a larger sum? If you’re transferring more than £100,000, you’ll need to use CHAPS, which stands for Clearing House Automated Payment System.

CHAPS is a fast and secure type of payment specially designed for large sums, but it does come with a fee. At Nationwide, this is £15 unless you have a FlexBasic account.²

Nationwide also lets you make international payments of large amounts via SEPA or SWIFT (for euro payments to Europe), but these will also involve some money transfer fees.

Is Nationwide safe for large transfers?

Nationwide is a fully licensed building society and strictly regulated.

And like other licensed UK banks, it is required to use sophisticated security measures to protect customers’ data, money, accounts and transfers.

This includes protections such as:

• A dedicated Scam Checker Service
• Fraud alert messages
• Strong Customer Authentication to safeguard your account (i.e. texting you a passcode when you login to online banking)
• Advanced data encryption technology
• Biometric authentication (face or fingerprint recognition) to login to the Nationwide mobile banking app
• Automatic logout, so that no one else can access your account
• 24/7 account monitoring, so that suspicious transactions are flagged immediately
• A Digital Banking Promise, which includes issuing refunds if money is taken without customer authorisation.

How to make a large amount payment with Nationwide

Once you’ve opened a Nationwide account, it’s pretty straightforward to set up your first transfer - and you can do it all online if you wish.

To send a large transfer with Nationwide using Faster Payments, you can use online banking or the Nationwide mobile banking app. Alternatively, can visit a Nationwide branch - just make sure to take photo ID, proof of address and your debit card along.³

Nationwide also lets you set up CHAPS payments online (most banks require you to visit a branch). You can also head into a branch to do it too.

Whichever method you’re using to set up your payment, you’ll need to have the recipient’s bank details to hand.

Here’s what you’ll usually need to provide:

• The recipient’s name as it appears on their bank account
• Their bank account number and sort code
• The type of account (personal or business)
• A payment reference, if applicable.

In addition to the above, you’ll also need these details if you’re sending money abroad:⁴

• The recipient’s International Bank Account Number (IBAN)
• The SWIFT/BIC code for their bank
• The name and address of the bank
• The recipient’s full name and address

To send money online, you’ll need to login to your online or mobile banking, and either select an existing payee or follow the on-screen instructions for adding a new recipient. You’ll be prompted to enter the recipient’s details, plus the amount you want to send and any other required details.

You may also have to complete additional verification steps for security purposes, especially if you’re paying a new person for the very first time.

If you’re making an international payment, you can do it via online banking but you may also need your Nationwide card reader.⁴

How long do large transfers take with Nationwide

Here’s an overview of average transfer times with Nationwide:

What's the maximum transfer limit with Nationwide?

The maximum amount you can send with Nationwide depends on how you’re making your transfer.

Here’s a quick look at the transfer methods available and the sending limit for each:

Wise – A low-cost alternative to bank transfers

Looking for a secure, convenient and low-cost way to send large sums of money internationally? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

With Wise, you can send large amount transfers worldwide to countries for low, transparent fees* and you’re guaranteed the mid-market exchange rate with no markup.

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Sources used:

Sources last checked on date: 07-Jan-2025