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For Domestic Payments (where the receiving bank is located within the UK)
- Payments sent via Regular will be routed via UK Faster Payments Service (UKFP) - This is the cheapest & fastest way to send payments within the UK - We recommend to always use this option when available
- Payments sent via Priority will be routed via CHAPS (CHAPS is slower compared to UKFP and can attract fees - We recommend to avoid CHAPS wherever UKFP is available)
For International payments (where the receiving bank is outside the UK)
- Payments sent via Priority will be routed via SWIFT
ATTN: When sending payments it is important you select the correct payment method for the accounts you wish to pay. Sending a payment via Priority SWIFT to a UKPF account will result in a failed payment.
Time Frame Overview
| Payment Type | SWIFT (Priority) | Local (Regular) |
|---|---|---|
| Cutoff time (UK Time) | 4.15 PM | 24 hours a day processing (Monday - Friday). |
| Delivery time frame | 0-2 days (depending on the beneficiary bank) | 0 days |
| Maximum payment size | No limit | £1,000,000 |
| Payment Scheme | CHAPS (GBP to the UK) SWIFT (GBP to any other country) |
Faster Payments Service (FPS) |
| Destination countries | Any (excluding sanctioned countries) | United Kingdom, Gibraltar, Guernsey, Isle of Man, Jersey |
| Traces | Yes | No |
| Recalls | Yes | No |
| Ultimate payer displayed? | Yes | Yes |
To set up UK Faster payments
Step 1 - add Beneficiary and choose Regular payment method.
Step 2 - add the UK Faster payment bank details
For more details on how to set up a Beneficiary follow this link - Add or Set up a Beneficiary to Pay
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