Difference between bank transfer and a bacs transfer

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

 

AFAIK they are the same thing.

 

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.

 

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.