A safer way to move money

You’ll soon have to manage your business finances differently. We’re introducing these changes to ‘Online for Business’ from 28 October and the mobile app from 11 November. 

It’s designed to enhance security and keep your payments safe. But it means you won’t be able to use ‘make a quick transfer’ anymore to move money between your businesses. Instead, you’ll need to set up each of your businesses as new payees.

You can then add a reference to your payments so you can keep track of where everything’s going.

 

Will these changes cost me more money?

If you’ve been transferring amounts under £100,000 between your businesses, nothing changes.

If you want to make larger transfers of over £100,000, you’ll need to break them into smaller payments. Each of these will count as a separate payment. The amount we’ll charge you for each of these will depend on your account tariff.

Get ahead of the game

Ready to set up new payees? Just follow these simple steps.

Steps to take

We’ll guide you through it.

  1. Log on to ‘Online for Business’ and select ‘pay and transfer’ next to the account you want to transfer from.
  2. Click on  ‘add new recipient’.
  3. Enter the details of the account you want to transfer to.
  4. Follow the payment steps on the screen. 

Just a quick note: when setting up a new payee, you can make a single transfer of up to £5,000 in the first 60 minutes. After that, you’re free to transfer up to £100,000 for each transaction.

This is a great opportunity to review your recipients and add any businesses you might need to transfer money to in the future. Planning ahead will make your transactions smoother and more efficient. 

Frequently asked questions

  • If you have more than one business and need to transfer money between them, you’ll have to set up each of your businesses as new payees.

    You can still use the ‘quick transfers’ feature to move money between accounts in the same business.

    So why not organise your accounts today? Then you’ll be all set for seamless transactions.

  • We’re making this change to give you more protection and to keep in line with new secure payment regulations.

    By getting you to check payments before we process them, you’ll enjoy more security and peace of mind.

  • We’re introducing these changes from 28 October for ‘Online for Business’ and 11 November for the mobile app.

  • If you’re going to be affected by this change, you can get ahead by setting up new payees in advance.

    Follow the steps above for either ‘Online for Business’ or the Business Mobile Banking app. It’s a straightforward process and you’ll be all set in no time.

  • We’re dedicated to keeping your business safe from scams. But do you and your team know how to spot and avoid fraud?

    Our guides take a closer look at how scams work, helping you protect your business. Plus, our engaging training video lets you test your knowledge in a fun and interactive way. Stay informed and keep your business protected.

  • Need to send more than £100,000? No problem.

    You have a couple of options:

    1. Multiple payments: for example, if you need to send £250,000, you can easily split it into two £100,000 payments and one £50,000 payment.
    2. CHAPS payment: for those one-off large payments, you can ask for a CHAPS payment at your local branch. It’s perfect for big transfers, though do keep in mind that you’ll have to pay a fee.

    Just a quick note: when setting up a new payee, you can make a single transfer up to £5,000 in the first 60 minutes. After that, you’re free to transfer up to £100,000 for each transaction.

  • We want to make things as secure as possible. So, you’ll need to set up each new payee yourself and approve them through your card reader. But the good news is that you’ll only have to do this once for each of your businesses.