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What is the difference between Faster Payment and CHAPS?


There are some key differences between a Faster Payment and a CHAPS payment; these should help you decide which method is the most suitable to send your payment.

• CHAPS payment can be used for any amount, a Faster Payment is only for payments up to £1 million
• Faster Payments are generally less expensive than CHAPS
• The Faster Payments service is available 24 hours a day 7 days a week, CHAPS is available Monday to Friday excluding bank holidays; and usually has a cut off time of 5.30pm
• Both CHAPs and Faster Payments are same day payments. However Faster Payments typically arrive within an hour
• CHAPS payment can have an extended reference if needed, with a Faster Payment the reference can be up to 18 characters

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