Difference between bank transfer and a bacs transfer

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

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  1. williamson_liz

    williamson_liz UKBF Newcomer Free Member

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    Hi All

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

    Thanks

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

    adamcooke UKBF Regular Free Member

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

    StevensOnln1 UKBF Big Shot Free Member

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    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
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  4. Tom McClelland

    Tom McClelland UKBF Ace Full Member

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    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
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