B · Glossary
BACS payment
Bank-to-bank UK payment system; 3 working days to clear, used for salary and HMRC.
BACS (Bankers Automated Clearing Services) is the UK's main bank-to-bank payment system. Transfers take 3 working days to clear and are used for salaries, supplier payments, Direct Debits and Self Assessment payments to HMRC.
Faster Payments (under £1m, near-instant) and CHAPS (same-day, used for big sums like property purchases) are the alternatives.
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