Employer Salary payments coming in, what is the name of this bank transfer ?

Danny_G

When employers pay you, your salary once a week what is that transfer method called?

where the money is transferred from the employers account department to the employee’s bank accounts?

Is it a wire transfer? (for Uk transfers, lets say you work for boots, or comet - for example)

username

It's called BACS (Bankers' Automated Credit System, I believe).

samwsmith1

BACS Direct Credit is the full term I think.

http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/Pages/BacsDirectCredit.aspx

agrinnall

BACS Direct Credit is one of the ways that businesses can use to make payments, but they may also use Faster Payments. If it's a small employer I think FPS is more likely as they may well not have the facility to initiate BACS Direct Credits.

GlamGirlie

It depends how the employer pays you!

I work for HSBC and I am paid by BACS.

Smaller companies may not have a BACS limit (it is a lending product, so requires approval and security) and so these may pay you either by hiring a payroll company who does the BACS processing for them, or perhaps simply via their internet banking, which may or may not be via Faster Payments, depending on the remitter & beneficiary sort codes.