Update July 2024:
Lloyds Banking Group have recently updated their payment limits; where they used to limit payments to eCommerce/retail providers at £5K, this has now increased to align with their personal transfer limit. Payments of up to £25K can now be processed through these banks.
Payments made through Vyne are processed using the Faster Payments Scheme (FPS).
The minimum amount for a payment (through Vyne) is £1. Whilst the maximum amount that can be sent using Faster Payments is £1 million. Although Faster Payments can go up to this amount, banking providers will usually always set their own payment limits. These are dependant on certain conditions, such as bank account type, how an account is accessed or recently account activity.
Below is a list of some of our larger banking providers and their transaction limits. Please refer to each bank's website for more specific information.
NOTE: In some instances the payment limits we have observed is NOT the same as what the banks advertise. We are actively working with the banks on this to understand how they apply payment limits and to ensure the best experience for our customers and end-users.
If you have any questions regarding bank payment limits or require assistance, please don't hesitate to contact us.