Faster Payments vs Bacs and CHAPS Bacs is another common UK payment system. It differs from Faster Payments in several ways, primarily the speed. Bacs payments take place directly from one bank account to another and are mainly used for handlingDirect Debitand Direct Credit payments from organisat...
BACS payments usually take up to three business days to clear.¹ So if you need your payment to arrive more quickly, you’ll need to use either CHAPS or Faster Payments.To send a BACS payment, you’ll usually just need your recipient’s bank account details including sort code.📚 Read...