paying by 'BACS'

silkyuk9

I am going to buy something from a company and I have cash. now rather than putting this cash into my bank account and do a transfer I have the companies sort code and account number. The bank account to this company is not the same bank as my own.

My question is, can I just go into my bank with the bank account details and ask them to pay the cash into the account number I have from the company? Will it cost me?

Dont worry im not sending money to Nigeria!

The issue is that there is not a bank in my town where the company in question banks, for example, my bank is HSBC and the company banks with an entirely different bank.

Aquamania

silkyuk9 wrote: »

I am going to buy something from a company and I have cash. now rather than putting this cash into my bank account and do a transfer I have the companies sort code and account number. The bank account to this company is not the same bank as my own.

My question is, can I just go into my bank with the bank account details and ask them to pay the cash into the account number I have from the company? Will it cost me?

Dont worry im not sending money to Nigeria!

The issue is that there is not a bank in my town where the company in question banks, for example, my bank is HSBC and the company banks with an entirely different bank.

Why don't you want the cash to go through your account?

As long as the bank account and sort code you are paying into is that of a UK clearing bank, I'm sure your bank will assist you.
(But be prepared for them asking the above question)

pmduk

Pay by card it gives you some protection. Once you've paid by a transfer you've little to no redress should problems arise.

silkyuk9

pmduk wrote: »

Pay by card it gives you some protection. Once you've paid by a transfer you've little to no redress should problems arise.

Actually you have a point. There is no issue with the money its just money ive raised for some items for a charitable donation. I just have the cash in my hand and a account number so it just seems easier to place into the companies account thats all really. There is no skull and daggers here sorry to be boring but I aint smuggling crack!

Fruit_and_Nut_Case

silkyuk9 wrote: »

...I aint smuggling crack!

Too bad, I was going to PM you











Just joking. Crack is bad for you. Don't try this at home.

agrinnall

You can definitely pay cash into somebody else's bank account over the counter, I've had money paid into mine that way. Your problem is most likely to be the lack of a branch of the payee's bank, as that's the easiest way to pay it in. As there isn't one your best bet is to ask in your bank, they should be able to do it but it's possible that they'll charge a fee - if you do try could you come back and let us know the result, as the fee question has been raised recently and there didn't seem to be a current answer.

System

A pre-printed credit (BGC) slip would be required for an account held at a different bank. Faster Payments require an account to come from.

agrinnall wrote: »

You can definitely pay cash into somebody else's bank account over the counter, I've had money paid into mine that way. Your problem is most likely to be the lack of a branch of the payee's bank, as that's the easiest way to pay it in. As there isn't one your best bet is to ask in your bank, they should be able to do it but it's possible that they'll charge a fee - if you do try could you come back and let us know the result, as the fee question has been raised recently and there didn't seem to be a current answer.

JuicyJesus

You can pay into a branch of the company's bank if you want but the company may get charged a fairly hefty percentage of the amount you deposit and so be a bit upset with you. You will also have no recourse whatsoever should you be scammed or ripped off in any way.

thenudeone

Heng_Leng wrote: »

A pre-printed credit (BGC) slip would be required for an account held at a different bank. Faster Payments require an account to come from.

It certainly used to be the case the completely blank BGC slips were available on request. I know some banks took them off the counters to try to persuade people to use the pre-printed ones, as it cut out the work (and possible errors) in typing the digits into a machine to print the details on the bottom of the (previously blank) paying in slip.

Even though paying on slips aren't even needed nowadays, it doesn't necessarily follow that the underlying philosophy of a universal BGC system based on a standardised set of sort codes has had to stop, although if it were possible, there would be a charge involved.

silkyuk9

I know my bank charge to make a cc payment. I bank with HSBC and paying my cc by payment slip is ok, but while in the bank I thought i would pay my son's as he asked me too as he was at work. The bank would only do it for free if he was a customer or would charge me, so I went to the bank where he banks and did it for free.

RedLemon

silkyuk9 wrote: »

I know my bank charge to make a cc payment. I bank with HSBC and paying my cc by payment slip is ok, but while in the bank I thought i would pay my son's as he asked me too as he was at work. The bank would only do it for free if he was a customer or would charge me, so I went to the bank where he banks and did it for free.

That's correct.

If your son has say a Barclaycard credit card, and banks with say Lloyds, then why should HSBC process his payment for free?

But if you were to pay his bill, then HSBC will do that for free