BACS transfer

eddiejones

Hi

Hoow long do these take nowadays? I must admit when I do interbank transfers in the UK, it is nearly always a same day thing....what is the default method used? (Given that I never pay for them).....Basically I can pay 15 pounds for a CHAPs transfer or use BACS.....is there a difference in speed?

Thanks,

Ed

agrinnall

There are no BACS transfers for personal account customers any more. I suggest you read this recent thread which covers the subject.

eddiejones

Thanks....why do I have to pay for this CHAPs thing....FPS is only for personal customers I take it?

Paul_01

No, Faster Payments can be from business accounts too.

agrinnall

So are you now telling us that these are transfers from a business account? Might have been helpful to tell us that in the first post. Anything else you might like to share?

Paul is right that FPS is available from business accounts too, but it is often a chargeable service, as are most business banking functions. CHAPS payments have always been chargeable in the vast majority of cases, and remain so today.