The general limit is 250,000 pounds per payment. But, be aware that some banks have lower Faster Payment limits than the service limit of 250,000 pounds starting at 10,000 pounds per payment. They like to overcharge businesses and offer them more expensive CHAPS payments instead.
Learn more about faster payments here.
How to get started with Faster Payments
Sending individual payments through any online business banking in the UK will most likely be a Faster Payment, meaning to send individual FPS is very simple, mostly free, and accessible to even very small businesses. When it comes to sending more than a handful of payments it becomes more difficult and you are left with three options:
- Upgrade regular Business Banking to Corporate Banking (eg. Barclays.Net)
- Use Telleroo Batch Payments
- Connect to Telleroo Faster Payments API for higher volumes
We at Telleroo are committed to end this era of slow and expensive business payments to eventually level the playing field, and make business payments as effortless as consumer payments.