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Payment Systems

Payment Methods Overview

Payment Method Advantages Limitations
Faster Payments - Almost instant payments
- Usually fee-free
- Can only send within the UK
CHAPS - Send high value payments
- Same day transfers
- Often has high fees
- Can only send within the UK
BACS - Ideal for everyday transfers
- Usually fee-free
- Can be slow (up to 3 working days)
- Can only send within the UK
SWIFT - Secure way to send international payments - Can be slow (1–4 working days)
- Fees apply, including correspondent fees

References :

https://wise.com/gb/blog/chaps-bacs-swift-faster-payments

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