How to send a BACS payment?

20SmthngSver

When you say BACS, I think you mean the interchangeable meaning associated with an electronic transfer, or Faster Payments (FP). BACS and FP in businesses are used as one and the same thing.

18cc

I think your solicitors need to update their correspondence

it's always used to be they said send it by BACS or by telegraphic transfer

these days that has been superseded by send it by faster payment or chaps (which is telegraphic transfer)

it used to be when you made an online payment from your bank it took 3 working days and was sent by BACS but faster payment changed all that

agrinnall

18cc wrote: »

I think your solicitors need to update their correspondence

Exactly this, I would imagine that they have been using the same standard letter for the last 20+ years and failed to update it when payment processing went through its big shake up 10 years ago. I expect they're still using quill pens and have a woman in to make the tea .

dranzer01

just go into your bank and say you want to send a CHAPS payment.... no need for all this back and forth on here.

xylophone

Make absolutely sure that it really is to your solicitor that this payment is being sent.

https://forums.moneysavingexpert.com/discussion/6009712/friend-defrauded-of-mortgage-deposit

Tom99

If you don't want to pay the CHAPS fee you can send several faster payments using the max payment each day.

18cc

Oh it's definitely the solicitor - no modern day fraudster would be seen dead using such words as telegraphic transfer and BACS!

20SmthngSver

Tom99 wrote: »

If you don't want to pay the CHAPS fee you can send several faster payments using the max payment each day.

I thought the FP limit per bank was the max. you could send in a day? I didn't know you could make multiple transactions for the maximum?

adindas

20SmthngSver wrote: »

I thought the FP limit per bank was the max. you could send in a day? I didn't know you could make multiple transactions for the maximum?

This is correct
http://www.fasterpayments.org.uk/about-us/personal-transaction

The FP limit itself is up to £250.000 but each bank has their own limit

The limit imposed by bank could be checked here
http://www.fasterpayments.org.uk/about-us/personal-transaction

and MSE also has created a table for this

https://www.moneysavingexpert.com/news/2014/11/customers-being-ripped-off-by-banks-on-faster-payments-limits/

Barclay also have their own site to explain this
https://www.barclays.co.uk/help/payments/payment-information/online-banking-limits/

Tom99

20SmthngSver wrote: »

I thought the FP limit per bank was the max. you could send in a day? I didn't know you could make multiple transactions for the maximum?

Yes you just spread the payment over several days.