BACS is the electronic system that processes Direct Debits, direct credits and standing orders for UK banks. If you visit a branch or call Telephone Banking and ask to transfer funds to another person at another bank, BACS is the usual method used. There is no charge for this service. With the roll-out of Faster Payments, electronic payments of up to £10,000 and initiated through Online Banking, Telephone Banking, branches or self-service Kiosks could be processed in under 2 hours.

There will be an initial period when some banks are still joining the Faster Payments scheme. Payments to these banks will continue to take 3 working days until they have joined and are fully participating. Payments made to some credit card or utility companies will be excluded from the Faster Payments scheme and may still take a minimum of 3 working days to arrive in the account. Payments over £10,000 will continue to take 3 working days. Please note that BACS transfers are subject to personal and branch limits.

CHAPS is a same-day UK electronic transfer (instructions must be received by 2pm on a working day). CHAPs payments are useful if you need to urgently send money to someone or when you buy a house and your solicitor needs to send money to the vendor. There is a charge of £25 for this service for Personal Banking customers.