Restricted Payments

My daily limits are higher than this; why can’t I pay more?

This limit only applies to the bank, financial company, or cryptocurrency exchange you’re trying to pay.

It’s separate from the payment limits you set in the Mobile or Digital Banking.

Is the bank allowed to limit/restrict my payments?

Yes, our Terms and Conditions allow us to limit/restrict payments where there is a high risk of fraud, scams or other crimes:

View Royal Bank Personal Current Accounts Terms and Conditions(opens in a new window)

View Royal Bank Business Current Accounts Terms and Conditions(opens in a new window) using Terms code YBRUT and selecting ‘Business account terms’

Can I transfer money to another bank and then make the same payment?

Yes, but we don’t recommend it as you could be at risk of losing money, and other banks may also limit/restrict it.

If you feel pressured to pay, stop and discuss it with someone you trust.

Here are some ways you could protect yourself:

If you’re a Royal Bank of Scotland Personal customer, read our Investment Scams Guide(opens in a new window)
If you’re a Royal Bank of Scotland Business customer, read our Investment Scams Guide(opens in a new window)

Additional Information on Cryptocurrency limits

Why has the Bank blocked or limited my Faster Payment or Debit Card transaction to my chosen cryptocurrency exchange?

To keep your money safe from scams, we have decided to block or limit Faster Payments we identify as going to cryptocurrency exchanges. From 16th March 2023, we’ll block or limit Faster Payments and Debit Card transactions made to these exchanges to £1k a day and £5k in any 30-day period, until further notice. These limits are inclusive of any attempted and rejected payments that are made across all of your personal accounts within the period and is per person not per account.

We know that customers investing their money in cryptocurrency has become extremely popular. However, we are also aware of the increasing risk posed by fraudsters exploiting this trend to dupe customers out of millions of pounds per month. As such, we have decided to take proportionate action to keep our customers safe and secure.

Is cryptocurrency regulated?

Cryptocurrency isn’t protected by the UK’s Financial Services Compensation Scheme (FSCS) and is not an asset that's regulated by the Financial Conduct Authority (FCA). There are also concerns that it could be used to facilitate financial crime or fraud. The value of these currencies is unpredictable and generally involves taking high risks with your money.

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Restricted Payments