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Q:

What is a CHAPS payment?

A:

A CHAPS payment is a way of moving money between UK sterling accounts, with funds arriving cleared on the same working day. They can be made to any UK account that accepts CHAPS payments.

CHAPS can be used for payments of any amount, but are commonly used for payments over £250,000. Payments under £250,000 can be made as faster payments which are cheaper. You can check your Bankline payment charges under 'View notification' in Bankline.

They're also suitable when you need to include a reference for the payee of more than 18 characters.

CHAPS payments can only be made Monday to Friday (excluding bank holidays) and usually have a cut off time of 5.30pm.

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