Transfer money using the Faster Payments service:
- online – using Bankline (Fees may apply.)
- online – using Online Banking (up to £50,000)
- over the phone
- in branch
You’ll need to provide the:
- correct sort code – the six digit number which identifies the bank or institution at which the payee holds their account
- account number of the payee account
- account name
Unlike BACS, payments to the incorrect destination can’t be recalled. Incorrect sort code and account number details may also result in your payment not being processed.
The receiving bank needs to be a member of the Faster Payments Service. Most major banks are in the scheme. Where a bank is not in the scheme or a payment value exceeds £1,000,000 the payment will either have to be sent via CHAPS, or Bank Giro Credit.
You do not need to do anything to receive Faster Payments into your account.