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Bacs, Chaps??
0rchidea
Posts: 22 Forumite
Sorry, a complete novice here. I have just opened an online account with Kaupthing Edge, and don't have a clue what they mean by the above.
Please can someone enlighten me? Thanks
Please can someone enlighten me? Thanks
0
Comments
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BACS is the standard, and is free.
CHAPS is faster (normally) but costs.
You'd normally use the BACS sort code, unless you wanted a fast transfer, with the cash not in limbo for so long.Debbie0 -
Thank you so much Debbie, appreciate your help!0
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CHAPS costs about £35 but the moeny goes over immediately.
This is most commonly used in house selling situations where people don't want to live on the streets for 3-4 working days whilst they are waiting for the BACS payment to go across :-)
If you have on-line of phone banking then you can make BACS payments for free but you should allow 4 working days for the money to get to the other end.0
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