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Bacs, Chaps??

0rchidea
0rchidea Posts: 22 Forumite
in Savings & investments
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

Comments

  • debbie42
    debbie42 Posts: 2,586 Forumite
    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.
    Debbie
  • 0rchidea
    0rchidea Posts: 22 Forumite
    Thank you so much Debbie, appreciate your help!
  • lisyloo
    lisyloo Posts: 29,839 Forumite
    First Anniversary First Post Name Dropper
    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.
This discussion has been closed.
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