Bacs, Chaps??

0rchidea

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

debbie42

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.

0rchidea

Thank you so much Debbie, appreciate your help!

lisyloo

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.