Tips for making your first payments with Nook and avoiding limitations imposed by banks and getting your payments blocked
Nook Wallets can be funded using a direct bank transfer from your banking app or using Open Banking from inside Nook. Banks place certain limitations on customers for making payments which can impact you when funding your Nook Wallet.
Here are some helpful tips to avoid bank limits and blocked payments
- We suggest you add YOUR COMPANY LTD as a beneficiary in any bank accounts intended for funding Nook, to find your Wallet details below select Accounts in the navigation, as shown below.
2. Some banks restrict making first payments to a new beneficiary through Open Banking, and some banks also impose limits on the amount you can send to a new recipient such as Nook.
Follow the guidance below:
Payments Limits when funding Nook Wallets
- Your bank sets maximum payment amount limits and may depend on the specific bank account type and conditions, such as the current balance or how many payments have been made recently.
| Bank | Daily Payment Limit | First Payment Limits | Notes |
| Lloyds Banking Group: Lloyds Halifax Bank of Scotland |
Personal: £99,999 Business: £250,000 Commercial/Retail: £25,000 |
Lloyds Business has a 60-minute delay on payments over £5,000 to new recipients. | Please refer to these pages for more info: Lloyds Halifax Bank of Scotland |
| NatWest Group: RBS NatWest Ulster |
Personal: £1,000 This can be increased to £5,000 by adding the recipient to the trusted beneficiaries list in the app or online banking. The user can also increase to £20,000 via online banking. Premier/Business: £5,000 The user can increase to £50,000 via online banking |
Do not allow first payments to a new beneficiary to be made via Open Banking. | |
| Barclays | Personal: Up to £10,000 Premier: Up to £30,000 Business: Up to £50,000 |
Do not allow first payments to a new beneficiary to be made via Open Banking. Barclays Business will only allow payments below £7,500 for new recipients if the payment is made using mobile banking |
|
| HSBC | Personal: Up to £50,000 Business: Up to £100,000 |
Do not allow first payments to a new beneficiary to be made via Open Banking. | |
| Santander | Retail: £100,000 Corporate: £250,000 |
||
| Nationwide | £100,000 | ||
| Danske | £25,000 | ||
| Revolut | Up to £500,000 | Open Banking payments can only be authorised by the account owner. | |
| Monzo | Retail: £10,000 Business - Sole trader: £25,000 Business - Ltd. Company: £50,000 |
To increase the limits, the user should contact Monzo's Support team. Please also refer to this page for more info. |
|
| Starling | Up to £1,000,000 | ||
| Bank of Ireland |
£20,000 |
||
| AIB UK | Up to £20,000 | ||
| TSB | Retail: £25,000 Business: Overall limit is £100,000, £50,000 per transaction |
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| First Direct |
£25,000 |
||
| Tide |
|
Do not allow first payments to a new beneficiary to be made via Open Banking. |