BACS or CHAPS?

richard9991

catokelly wrote: »

Actually BACS transfers do still exist, especially if a customer is transferrring over £10,000 or if they bank with banks who are not on the Faster Payments scheme.

all uk banks since January 2012 except and send faster payments bacs for personal accounts no longer excist

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

iluvsaving

From my knowledge a BACS transfer is for 25k and below. Anything above would be sent as a CHAPS payment.

richard9991

iluvsaving wrote: »

From my knowledge a BACS transfer is for 25k and below. Anything above would be sent as a CHAPS payment.

bacs payments dont excist for personal account holders everything sent by faster payment even standing orders the only bacs payments now are pay roll and benefit payments

innovate

iluvsaving wrote: »

From my knowledge a BACS transfer is for 25k and below. Anything above would be sent as a CHAPS payment.

I think you are misinformed. There is no way you can specify "BACS" or "Faster Payment". Everything an individual instructs online must go by Faster Payment now. If you ask your bank (by phone or in branch), they will transfer it by Faster Payment at no charge, or they will ask you to pay for it £25, typically), in which case it is a CHAPS transfer.

If you go above the daily limits of your bank, you can usually ask for a CHAPS, at £25 - - or spread your payments over a couple of days for free.