Fiducia TogetherBACS, Faster Payments and CHAPS
The ways money moves between UK bank accounts, and when to use which.
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.
What it means
Faster Payments is near-instant with a value limit. BACS takes three working days and is used for payroll and direct debits. CHAPS is same-day for high-value transfers, with a fee.
Why it matters
Choosing the wrong one costs either money or time. A property completion needs CHAPS; a supplier payment does not.
What it looks like in practice
Direct Debit runs on BACS and requires a service user number or a bulk provider. It is the most reliable way to get paid on time and it needs a mandate.\n\nStanding orders are payer-controlled; Direct Debits are payee-controlled.
What to watch out for
Faster Payments limits, which vary by bank and can be lower than expected for a new payee.\n\nAnd authorised push payment fraud — see fraud — where the customer authorises a payment to a criminal.
Where to get proper advice
Your bank. For Direct Debits, a bureau is far easier than sponsorship for a small business.
Where to read more
Last reviewed 2026-08-28 by Fiducia Together · Next review due 2027-08-28
Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.