- Bacs payments are the cheapest way to send payments
- Easy solution for regular & recurring payments
- Payments are not instant or same-day such as CHAPS or Faster Payments
- Payments take three days to clear
Alternatives to Bacs payments
Bank to bank payments can also be made through CHAPS and Faster Payments. CHAPS are same day payments for high value transfers which cost about 20-30 pounds per transfer. Faster Payments are instant payment up to the value of 250,000 pounds per transfer, much cheaper than CHAPS.