Difference between bank transfer and a bacs transfer

Discussion in 'Accounts & Finance' started by williamson_liz, Mar 29, 2012.

Thread Status:
Not open for further replies.
  1. williamson_liz

    williamson_liz UKBF Newcomer Free Member

    106 4
    Hi All

    I've been asked to make a BACS transfer rather than a bank transfer and I was wondering what the difference was?


    Last edited: Mar 29, 2012
    Posted: Mar 29, 2012 By: williamson_liz Member since: Apr 20, 2011
  2. adamcooke

    adamcooke UKBF Regular Free Member

    148 30
    AFAIK they are the same thing.
    Posted: Mar 29, 2012 By: adamcooke Member since: Mar 29, 2012
  3. StevensOnln1

    StevensOnln1 UKBF Big Shot Free Member

    3,408 740
    Bank transfer could be any electronic method of sending funds to a bank account, including BACS, CHAPS, faster payments, etc. Just do the transfer using internet/telephone banking as usual.
    Posted: Mar 29, 2012 By: StevensOnln1 Member since: Dec 10, 2011
  4. Tom McClelland

    Tom McClelland UKBF Ace Full Member

    2,890 789
    They aren't necessarily the same thing but most people don't appreciate the difference. Many internet banking payments are now made using the "Faster Payments" system, a completely separate system from BACS. There is a further system usually for same-day payments called CHAPS. (and probably several others too)

    Not all recipients can receive money through Faster Payments and they would request a BACS or CHAPS payment. If your bank account isn't equipped to send out BACS payments (which are usually cheap if available) then you'd have to use a same-day CHAPS transfer which from memory would typically start at fees of around £15.
    Posted: Mar 29, 2012 By: Tom McClelland Member since: Feb 10, 2008
Thread Status:
Not open for further replies.