What is Faster Payments?

By August 13, 2020June 24th, 2021No Comments

What is Faster Payments?

Faster Payments is a free electronic payment method that can be made online, over the phone or in a branch to remit GBP virtually instantly. To send money using faster payments you will need an account number and sort code for the person or business you are paying. Rutland FX sends all GBP payments via Faster Payments at no additional cost. Your bank will usually have a daily limit for Faster Payments however if you need to send a large amount in one day a CHAPS payment can be used as an alternitve

What is a CHAPS Payment?

CHAPS stands for Clearing House Automated Payment System, it is used for high value bank to bank payments and usualy has a fee associated with the payment. CHAPS can be same day guranteed as long as it is done before the institutions payment cut off time. Unlike Faster Payments there is no upper limit to the amount you can send per day using CHAPS.

What is a BACS Payment?

BACS stands for Bankers Automated Clearing Services, it is primarily used for direct debits and direct credits, the payments can take up to 3 business days to clear.

Still not sure?

If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback to discuss your requirements.

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