Consumers

Banks and building societies are now able to send and receive Faster Payments.

You can use the service to make electronic payments via internet or phone banking, or at a bank branch. Faster Payments enables you to transfer money between accounts, pay a bill, a business or another person almost instantaneously - seven days a week, 24 hours a day.

Each bank or building society has a limit on the amount of money that can be sent using Faster Payments - you can see the limits of all Faster Payments Participants here.

Faster Payments are just one of a range of different ways to pay. To find out more about the different options that are available to you, the independent website PayYourWay.org.uk has practical ‘how to’ guides as well as a comprehensive glossary of payment terms and advice on security, reliability, speed and costs.  

If you are concerned about fraud, find out more about how to spot the signs of a financial scam from the new industry-wide ‘Take Five’  campaign to prevent fraud.