What’s the difference between BACS, CHAPS (same-day UK payments) and Faster Payments?

Faster Payments

These are electronic payments that can be made online, over the phone, in a branch or using our self-service machines.
As long as the receiving bank or building society uses Faster Payments too, the payment will arrive almost immediately (though sometimes, it can take up to 2 hours).

To check whether the bank or building society you’re sending money to can receive Faster Payments, use our sort code checker.

 

CHAPS

These are payments to UK accounts that are guaranteed to arrive on the day you make them, as long as you set up the payment in branch, by phone (Business and Premier customers only) before 3.30pm or online before 5pm.*

If you set up the payment after the cut-off time, on a weekend or on a public holiday, we’ll usually send the payment the next working day.

There’s a £25 fee per CHAPS payment. If you’re a Platinum Banking customer, there’s no charge.

*Monday to Friday, excluding public holidays. There might be delays if we need to speak to you about your payment before we send the money.

BACS

This is an electronic system to make payments directly from one bank account to another. They’re mainly used for Direct Debits and direct credits from organisations. The payments take 3 working days to clear, so money paid into your account on Monday will clear on Wednesday.

*Although most electronic payments sent through Faster Payments will arrive at the recipient bank on the same day, this isn’t guaranteed. For details of the service, visit the Payments Council website.