Most people receive their salary from their employer via a BACS payment of some type, for example. BACS paymentīACS stands for Banker’s Automated Clearing Services - and the BACS payment system has been in existence for 50 years already³.īACS payments are used for bank transfers within the UK, including direct debits. Although there's no minimum payment limit, CHAPS payments are not generally used for low value transfers because they’re typically quite expensive to process².ĬHAPS payments are usually worth over £10,000, and can be settled immediately, making them perfect for large, and critical transfers which have to be received right away - like paying a deposit on a house. The Clearing House Automated Payment System - CHAPS - has been in operation since 1984².ĬHAPS payments are used for retail and wholesale, high value payments within the UK. Here are some of the special features of each payment type. They're all used for different types of payments, and come with their own advantages and disadvantages. There are several different payment schemes in use in the UK, including CHAPS, BACS, SWIFT and Faster Payments. What are CHAPS, BACS, SWIFT and Faster payments? If you feel like you need a dictionary to get to grips with the different payment types available, and why they matter, we have you covered. The payment types on offer are used for different purposes - if you’re sending some money to a friend overseas you’ll likely use the SWIFT network to process the payment, while an urgent, high value transfer, like paying for a new car in the UK, would go via CHAPS¹. Most banks offer CHAPS, BACS, SWIFT and Faster Payments for their UK customers. There are several different choices available if you need to make a local or international bank transfer from the UK. Travelling to Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Croatia Cyprus Czech Republic Denmark Egypt Estonia Finland France Georgia Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan Kenya Latvia Liechtenstein Lithuania Luxembourg Malaysia Malta Mexico Monaco Morocco Nepal Netherlands New Zealand Nigeria Norway Pakistan Peru Philippines Poland Portugal Romania Russia San Marino Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Thailand Turkey Ukraine Vietnam The UAE The UK The US.

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