Transferring large amounts with First Direct

Need to make a large payment to a person or business in the UK or overseas? You might be buying a car or putting down the deposit on a house, or covering the bill for recent building work.

Whatever you have planned, you’ll need to find the fastest, cheapest and safest way to send a large sum all at once.

Below, we’ll be taking a look at what it’s like using UK bank First Direct to transfer large amounts. Our helpful guide will cover everything from transfer times and limits to security and much more.

Just remember that alternatives to banks are available, like the money services provider Wise. You can securely send large transfers with Wise for low fees and fair exchange rates. This makes it a particularly good choice for international transfers.

Table of contents
Can you use First Direct to transfer large amounts? Is First Direct safe for large transfers? How to make a large payment with First Direct? How long do large transfers take with First Direct? What's the maximum transfer limit with First Direct? Wise – A low-cost alternative to bank transfers

Can you use First Direct to transfer large amounts?

Yes, First Direct customers can send large sums via online, mobile or telephone banking. However, there are some limits depending on which method you use. We’ll cover these in more detail later on.

First Direct also supports international transfers, again with certain limits attached.

And of course, you’ll also need to be a First Direct current or business account customer before you can send money.

📚 Read more: How to open a First Direct account?

Is First Direct safe for large transfers?

First Direct is a fully licensed and registered UK bank, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

As such, it is required to use advanced security measures to protect your money, transfers and your sensitive data too. These include encrypted online banking sessions, a dedicated security team and a guarantee to reimburse you if a fraudulent payment is taken from your account.¹

This should mean you can use First Direct to transfer large amounts in confidence - even if sending money overseas.

However, it’s always wise to take steps to protect yourself when sending a large sum, especially if you’re doing it online. Here are some security tips to remember:

• Double-check the recipient’s bank details before confirming the payment - you might not be able to get the money back if the transfer is sent to the wrong account.
• Avoid sending money to people you don’t know, unless you’ve thoroughly researched and checked them out first.
• 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 payment with First Direct?

Before you start setting up your payment, you’ll need to make sure you have the recipient’s bank details ready.

Here’s what you’re likely to need (including details required for international transfers):

• The recipient’s full name
• Their bank account number and sort code
• The type of account (personal or business)
• The International Bank Account Number (IBAN) - for international transfers
• The SWIFT/BIC code for their bank - for international transfers.

With these details ready, you can simply follow these steps to send a large payment with First Direct:²

1. Sign into your First Direct online banking or the mobile banking app
2. Go to the ‘Move Money’ screen
3. If it’s someone you’ve paid before, you can select ‘Existing Payees and My Accounts’ and select them from the list.
4. If it’s a new payee, you’ll need to add their bank details and verify the payment - either biometrically or using your Digital Secure Key password.
5. Follow the on-screen instructions to set up and confirm your payment.

If you’d like to send a payment above First Direct’s limits, it is possible through something called a CHAPS payment. This is a method designed for same day large payments, and it comes with a transfer fee. You may not be able to do this online though - it’s best to check with the bank if you’re interested in making a CHAPS payment.

How long do large transfers take with First Direct?

Need your payment to arrive urgently? If your transfer is time-sensitive (i.e. you’re exchanging contracts on a property purchase), it’s useful to know roughly how long First Direct payments take to arrive.

Here’s a quick look at how long large transfers usually take with the bank, provided you confirm the payment before the given cut-off time:³

Transfer type	Cut-off time	Transfer arrives
To other First Direct UK account (GBP)	11.45pm	Instantly
To HSBC UK or M&S Bank accounts (GBP)	11.45pm for under £50,000 7.30pm for £50,000+	Instantly
All other UK transfers (GBP)	11.45pm (Faster Payment) 4.45pm (CHAPS)	Instantly Same working day
International payments	Varies depending on currency and destination	Up to 4 working days (EUR and USD payments may be quicker)

What's the maximum transfer limit with First Direct?

The First Direct maximum transfer limit varies depending on how you choose to make your transfer, and where you’re sending money too.

Let’s take a look:²

Transfer type	First Direct maximum transfer limit
Transfer between First Direct accounts	£999,999
Transfer to a UK account - online or phone	£49,999
Transfer to UK account - mobile app	£30,000
International transfer - online or phone	£50,000

Wise – A low-cost alternative to bank transfers

Before making a large transfer, especially across international borders, it’s always smart to compare all available options.

Make sure to check out Wise account, which lets you send large amount transfers worldwide, to 150+ countries for low, transparent fees. It’s not a bank account but offers many similar features.

Sending money with Wise is easy, but also secure, cost-effective and fully transparent.

Best of all, you’re guaranteed the mid-market exchange rate when making international transfers. There’s no markup or margin added, and no hidden fees – only a small, upfront conversion fee. This means that more of your money reaches your recipient, and the transfer costs you less.

Wise uses sophisticated security measures to keep your money safe. This includes 2-factor authentication, a dedicated anti-fraud team and your money safeguarded with leading banks.

And if you need to send large sums overseas as a business, Wise has a dedicated service for that too.

Sign up with Wise today 💰

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Sources used:

1. First Direct - Ways we keep you safe
2. First Direct - Payments and transfers
3. First Direct - Our Account Terms and Conditions and Charges

Sources last checked on date: 19-Feb-2024