What are advantages and disadvantages of Bacs payments?

Advantages

  • Bacs payments are the cheapest way to send payments
  • Easy solution for regular & recurring payments

Disadvantages

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.

Find out more about Faster Payments?