Sending large payments with Starling Bank

Need to make a large payment? You might be buying something big like a car, kitchen or even a new home, or paying a bill for building work.

Whatever your reason for sending a large payment in the UK, you’ll need to find the safest, most convenient and cheapest way to do it.

In this guide, we’ll take a look at using Starling Bank for large payments. This includes info on how to set up a large payment with the UK bank, transfer times, limits and security considerations.

Just remember that alternatives to banks are also available, like the money services provider Wise. You can send large transfers with Wise for low fees* and great mid-market exchange rates. Your money is secured and trackable, and you’ll get dedicated support when sending large amounts.

Request a call back when sending large amounts 📞

Can you send large payments with Starling Bank?

Yes, Starling Bank lets you send large payments right from its mobile banking app.

You can set up the payment in just a few taps, but for high value transfers it may need to be reviewed by the bank’s security team before it can be sent. There’s also a chance you may be contacted to provide further evidence to verify the payment.

High value transfers with Starling Bank are typically sent via Faster Payments, which allow payments of up to £1 million. But there’s also the option to send even larger amounts via CHAPS (Clearing House Automated Payment System), which has a £20 charge.¹

You’ll need to be a Starling Bank current or business account customer before you can send money. Find out how to open a Starling bank account online here.

Starling Bank also lets you make international payments of large amounts, but these will involve money transfer fees.

Is Starling Bank safe for large payments?

Starling Bank is a fully licensed UK bank, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). As such, it is required to use sophisticated security measures to protect customers’ data, money and transfers.

This means you can feel confident that Starling is a safe choice for a large transfer, even one being sent internationally.

But it’s also recommended to take additional steps to protect yourself and your money when sending large amounts within the UK or overseas. For example, you should:

• Double-check the recipient’s bank details - and make sure there’s a match when setting up the transfer in your mobile banking app
• Avoid sending money to people you don’t know
• Never feel pressured into sending a payment - it could be a scam.
• Avoid sharing your online or mobile banking details with anyone.

How to make a large amount payment with Starling Bank?

You can start the process of sending a Faster Payments transfer in your Starling Bank mobile app.

You’ll need to have the recipient’s bank details ready. 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, business or joint account)

If you’re making an international payment, you’ll need these additional details for sending money abroad:

• The International Bank Account Number (IBAN)
• The SWIFT/BIC code for their bank.

Now, here are the steps to follow to set up your payment with Starling:²

1. Open your Starling Bank mobile app and login
2. Select ‘Payments’
3. Enter the payee details
4. Enter the amount you’d like to send (double-check you have enough in your balance to cover the payment first)
5. Select the reason for the payment
6. Answer the security questions (these are designed to protect you from fraud, especially if you’re sending to a new payee)
7. Submit the payment.

For high value payments, it may take a day or two for the details to be checked. You’ll receive a notification from Starling if your payment needs to be double checked for security purposes, and you may be asked to provide more information.

If you’re sending a CHAPS payment, you’ll need to request this from Starling’s customer services team by sending an in-app message or using the chat function.³

How long do large transfers take with Starling Bank?

The transfer time for sending large payments with Starling Bank varies depending on the payment method you use, but both are pretty quick.

If you send with Faster Payments, the money should arrive in your recipient’s bank account almost instantly, or at least within a few minutes. But in rare cases, it could take up to 2 hours.⁴

When sending money via CHAPS your transfer should arrive on the same working day. However, it depends if you manage to set up the payment before the cut-off time. The CHAPS system is open between 6am and 6pm, but each bank has its own cut-off time for processing CHAPS payments.⁵

With Starling Bank, you’ll need to get your payment request in between 9am and 3pm if you want the transfer to be sent the same day. In some cases, further security checks may need to be completed or further information requested. This will result in the payment being sent the following working day.⁵

For sending international payments, you’ll need to check with Starling Bank for accurate transfer times.

What's the maximum transfer limit with Starling Bank?

The maximum amount you can send with Starling Bank depends on how you’re making your transfer. Here are the two main available options:

If you’re sending up to £1 million with Starling Bank, Faster Payments is the most cost-effective option to choose. But if you need to send more than this, you’ll need to pay the £20 fee and use CHAPS.

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 many similar features.

With Wise, you can send large amount transfers worldwide to 160+ countries for low, transparent fees* and you’re guaranteed the mid-market exchange rate with no markup.

Sign up with Wise today 💰

After reading this, you should have a better idea of how to send large payments with Starling Bank.

The good news is that it’s really easy to do in the mobile app, and it’s pretty quick too - whichever method you choose.

Sources used:

Sources last checked on date: 30-Oct-2024