What’s the difference between BACS and Faster Payments?
- BACS payments usually take 3 days to complete. With Faster Payments, funds will typically reach the recipient in a matter of minutes.
- With Faster Payments, the amount will be deducted from your account instantly, as opposed to BACS, where the amount would be deducted from your account on the third working day from the payment submission.
- Because of the speed of Faster Payments, once sent, a payment cannot be recalled easily. Please check the bank details carefully before sending.
- For more information about Faster Payments limits please refer to the domestic GBP transfer limits here.
- With Faster Payments, your BACS SUN number is not applied on a payment.