A Bacs payment takes three days to arrive, and is only sending on business days. The Bacs cycle starts with a file submission, which has to be submitted up until a certain cut-off time and gets sent on the third business day.
A Bacs transfer normally arrives very early in the morning on the third day, usually by about 7am. Beware, only Monday to Friday, even though it is a electronic payment system it takes non-working days off.
Find out here about Bacs payment charges.
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 payments up to the value of 250,000 pounds per transfer, much cheaper than CHAPS.
You are probably aware that keying in payments individually is a nightmare and that you wish you could just import a pay run for your business or clients.
This is now possible using a pay run importer like Telleroo that works with most accounting software files and banking files.
Import payments, schedule and fund, without the hassle of manually keying in your payments.