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Q:

What is the difference between Faster Payment and CHAPS?

A:

There are some key differences between a Faster Payment and a CHAPS payment; these should help you decide which method is the most suitable to send your payment.

• CHAPS payment can be used for any amount, a Faster Payment is only for payments up to £250,000.
• CHAPS payment can have an extended reference if needed, with a Faster Payment the reference can be up to 18 characters.
• Faster Payments are generally less expensive than CHAPS.
• The Faster Payments service is available 24 hours a day 7 days a week, CHAPS is available Monday to Friday excluding bank holidays; and usually has a cut off time of 5.30pm.

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