Bacs payments are one of the most common ways of sending and receiving payments in the UK. Here, we’ll give you an overview over Bacs and Bacs payments - including what they are, how they work and how long they take.
What is Bacs? A guide to Bacs payments
How long does a Bacs payment take?
Usually, a Bacs payment takes three working days to go through. This applies both to Direct Debits and Direct Credits.
The Bacs payment processing time typically goes like this:
- A payment is submitted to the Bacs system
- The payment is processed by the bank
- Funds are transferred and payments settled via Direct Debit or Direct Credit.
This process is usually completed within three working days.
Can Bacs payments go in any time of day?
The time frame in which you can submit payments to the Bacs system runs from 7AM to 10:30PM on weekdays. Bacs Direct Credits often arrive very early on the third day.
How to make a Bacs payment
Bacs payments are a safe and reliable way of transferring money.
To make a Bacs payment you’ll typically need to know the other party’s name, bank, account number and sort code. You’ll also need the same details for the account you’re withdrawing from.
Starling customers can receive Bacs payments, but not initiate them.
How much does a Bacs transfer cost?
Bacs payments are considered very cost-efficient. The cost of sending a Bacs payment depends on the amount and the bank, but it usually only amounts to pennies. You won’t be charged for receiving a Bacs payment.
Is Bacs the same as a bank transfer?
Bacs is a form of bank transfer and the two terms are often used interchangeably. There are also other types of bank transfers to be aware of (each has its own characteristics), such as CHAPS and Faster Payments.