What is ‘Faster payments’?
Faster Payments enables UK customers to send funds in minutes and hours, rather than days (CHAPS / BACS). It is a UK banking initiative, with some banks allowing Faster payments up to the value of £100,000.
How long will it take for a faster payment to go from one bank to another will depend on a few factors. If it’s the same bank (i.e Barclays to Barclays), the money will normally arrive immediately. Payments to another bank will usually arrive same day, but check to see what transaction limits are imposed on you for Faster payments.
When you book a transaction on CurrencyTransfer, you’ll need to settle your trade with our panel of foreign exchange suppliers. If the value is below your faster payments threshold, your funds will arrive quickly, meaning your currency supplier will release your funds onto the designated recipient.