How much can I transfer via faster payments?

The introduction of faster payments is a UK banking initiative designed to reduce payment times between customer accounts belonging to different banks. In this article, Interbacs looks to answer the question ‘how much can I transfer via faster payments by looking at the faster payment limit.

Brief overview of faster payments

The Faster Payments Service (FPS) was introduced in the UK in May 2008 with the specific design to speed up the process of sending money within the UK. It is now commonly used for everyday transactions and in 2018, it was recorded that 21 banks and building societies were now using faster payments. We cover more about the Faster Payment Service and why it was introduced in our blog ‘What is the FPS payment method?’

How much can I transfer via faster payments?

In general each banking organisation will have its own faster payment limit, which is set at the individual bank’s discretion. However, currently the highest amount you can transfer using faster payments is up to £250,000. It is important to note that despite its name, transfer times are not guaranteed, even if they are expected to be short. It is also not guaranteed that your receiving bank will credit the payment into your account immediately.

How do I find out if my bank is able to receive faster payments?

This simplest method would of course be to just ask your bank. However, if you like to do things quickly and online then the Faster Payments UK website enables you to find out quickly using their easy-to-use sort code checker.

Choose Interbacs for your payment solutions

Interbacs is a market leader when it comes to payment solutions. We offer a range of services that are tailored to meet the needs of pretty much any business or organisation, regardless of whether you are big or small. We offer full facilities management services to our customers, ensuring that you have efficient capacity to deal with your payment collections.

Not only that, we are a Bacs Approved Bureau, combining 30 years of experience to deliver high-quality Bacs solutions. We offer a friendly, reliable and professional approach, dedicated to helping you make the best decision for your business.

Get in touch with Interbacs today or arrange a free demonstration without obligation to learn more about our services and how they can help you. Alternatively, why not try our solutions finder and find the best package for your business.