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

[TimelyNameChangey]

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?

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

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

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

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

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

Bacs takes a couple of days.

I love faster payments I do.

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!

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.

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

faster payments uses the BACS system too

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.

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

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