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To ask you if BACS is the same as a quick transfer?

(15 Posts)
TimelyNameChangey Thu 04-Dec-14 11:31:48

I want to pay for my Christmas tree which is coming at the weekend....he's sent me BACS details which is sort code, account number and a ref. Is this just the same as when I pay anyone by a quick transfer online?

It seems to use the same details...I've just never heard it called BACS before

Am I being dim? I sometimes pay my sister for items she's got me whilst shopping...by quick transfer...is it the same thing?

fconfused

Tobyjugg Thu 04-Dec-14 11:33:45

BACS = Bankers Automated Clearing Service (or something like that) it's the "formal" name for a quick transfer.

TimelyNameChangey Thu 04-Dec-14 11:36:32

Is it? Why don't people just call it a transfer? I'm easily confused fgrin thank you Toby

Dollyemi Thu 04-Dec-14 11:37:48

Bacs is the old fashioned name and sometimes took 3 days. Faster payments are basically the same but now usually get to the recipient within 15 minutes. Faster payments apply now up to £100k

juneybean Thu 04-Dec-14 11:38:36

It didn't used to be so quick it used to take 3 days wink

Fluffyears Thu 04-Dec-14 11:42:05

BACS can still take 3 days a 'faster'BACS, transfer or CHAPS are all same day. (I work in finance).

squoosh Thu 04-Dec-14 12:32:04

Bacs takes a couple of days.

TimelyNameChangey Thu 04-Dec-14 13:34:57

I love faster payments I do. fgrin

HeyheyheyGoodbye Thu 04-Dec-14 13:51:32

I remember when a transfer was only between your own accounts with the same bank, a BACS was to someone else but took 3 days (unless they banked in the same place) and a CHAPS was terribly complicated and needed a fee paying. Love faster payments!

mollypup Thu 04-Dec-14 14:54:30

Ah people are making it unnecessarily confusing!

If you have his sort code and account number, he will receive the money almost immediately after you have sent it. The reference is purely an identifier.

It used to take 3 days a few years ago however since the introduction of faster payments, i.e. speedy BACS the vast, vast majority receive the payment within 3 hours.

It won't take 2/3 however many days.

squoosh Thu 04-Dec-14 14:56:22

Business to business BACs is still usually a couple of days, one individual's account to another's is pretty much instant.

cheesecakemom Thu 04-Dec-14 14:59:22

I thought BACs was 3 days and faster payments is just that, faster payment (within 2 hours) if your bank has the service.

ilovepowerhoop Thu 04-Dec-14 15:01:37

faster payments uses the BACS system too

PeppermintInfusion Thu 04-Dec-14 15:24:09

It is BACSand faster payments are exactly the same as pp have said (I work in this field).
I have a business and personal acct, when I do transfers on my business acct they never go through straightaway and follow the 2-3 day rule, as they do additional fraud/anti-money laundering checks/prevention etc. The guy is probably using a business acct and just uses that terminology.

Gribbie Thu 04-Dec-14 20:47:34

BACS and faster payments are different but achieve the same thing - cash transferred from one account to another. BACS takes 3 days and faster payments takes minutes. BACS also handles direct debits as well as direct credits. Faster payments is for credits only. I write BACS and faster payments software grin

So to answer your question, yes - just do a transfer using your online banking.

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