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How to make a bacs payment...
What is a BACS payment?
BACS payments are UK-based bank transfers primarily used for Direct Debit and Direct Credit, often for payroll, pensions, and supplier payments.
They’re cost-effective, with low fees, but take up to 3 days to process, making them unsuitable for urgent transfers.
What is a Bacs Payment?
Bacs is a regulated payment system used by businesses in the UK to move money electronically from one bank account to another domestically.
Bacs payments can either be made by Direct Debit or Direct Credit.
In a Direct Debit arrangement, the payer having been notified in advance of the amounts to be withdrawn and the dates, instructs their bank to allow the beneficiary organisation to collect varying amounts from the paying account.
In a Direct Credit payment scheme, the payer instructs their payment service provider (PSP) to debit their account and directly credit the beneficiary’s account.
If you're interested in domestic transfers, have a look at our domestic wire transfer guides.
What Does Bacs Stand for?
Bacs is an abbreviation for Bacs Payment Schemes
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