FAQs

How can I send a payment using Faster Payments?

You don’t have to do anything out of the ordinary to make a Faster Payment. Most internet, mobile or telephone banking payments are now processed using Faster Payments. 

The separate Bacs and CHAPS payment systems might be used for certain payments - for example for very large amounts, or to set up a batch of payments in advance. 

You should contact your bank or building society directly for more information on the exact process they follow when you request a payment to be made from your account.
 

How much can I send?

It is possible to send an individual payment of up to £250,000 using the Faster Payments Service. 

Banks and building societies set their own limits for their customers depending on the type of account you hold and the way you initiate the payment (e.g. online, on the phone or in a branch). Transaction limits for the banks and building societies that connect directly to the Faster Payments Service are listed here, for personal and business/ corporate accounts.

If your bank or building society is not listed, you should contact them directly to check your limit.
 

How can I be sure the account I am sending to accepts Faster Payments?

A very small number of UK accounts (less than 0.1%), such as some savings accounts, do not accept Faster Payments. 

You can check if the Sort Code you want to send a payment to accepts Faster Payments, by using the sort code checker.

How long do Faster Payments take?

Provided the sending and receiving bank/building society are Direct Participants of Faster Payments, payments are usually available almost immediately, although they can sometimes take up to two hours. 

These timescales can still apply if either the sending or receiving bank is not a Direct Participant of Faster Payments. 

Some payments will take longer, especially outside normal working hours. 

You should talk to your bank/building society if the speed of the payment is particularly important. 

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) -  this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest. 

You should contact your bank or building society directly for more information on the exact process they follow when you request a payment to be made from your account.
 

Can a Faster Payment be reversed?

Faster Payments are processed in matter of seconds and once your payment is sent, it cannot be stopped or reversed. 

For this reason it’s vital that you are certain that you are sending a Faster Payment to the right account. Before you make a payment to someone for the first time, double-check with them that you have the correct account number and sort code. 

If you have been advised that the beneficiary’s account details have changed, check directly with them.  Unfortunately fraudsters have been known to intercept mail/email and amend the account details.

If you do make a mistake (such as paying the wrong beneficiary, or sending the wrong amount), there is no guarantee that money can be recovered. There are processes in place for your bank or building society to follow to try to get your money back. 

More information on payments in error can be found here.
 

 

Why does Faster Payments/ FPS appear on my bank statement? Have you taken my money?  

Most internet, mobile or telephone banking payments are now processed using Faster Payments.

Any reference to Faster Payments/ FPS on your bank statement is to differentiate the payment from other types of payment, such as cash, cheque, Direct Debit etc. 

The central Faster Payments Service doesn't 'take' any money, but rather is the system used by banks and other financial institutions to move money from one account to another. 

If you have a query regarding a specific payment you have sent or received, you should contact your bank or building society directly.
 

I am expecting to receive a Faster Payment and have been waiting for longer than 24 hours. Is this allowed? 

As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest. 

The law also says the beneficiary bank must make funds available to their customer as soon as they receive the instruction (noting that some institutions do not operate on weekends or public holidays).
 

I want to send more than my bank’s transaction limit. What should I do?

It’s a good idea to contact your bank or building society in advance if you are planning to send any large value amount(s) in a single day as most types of account have a daily limit on the total amount you can send. 
If you are unable to send the amount you want through Faster Payments, your bank or building society will be able to advise you on the alternatives that are available.
 

I want to make a complaint to Faster Payments about my bank. What should I do?

Faster Payments is unable to take complaints regarding individual payments or banks/building societies that use the service. If you are experiencing difficulty with your provider, you should follow their formal complaints procedure, and if the issue remains unresolved contact the Financial Ombudsman Service
 

How do I make sure that I do not become the victim of fraud?

Faster Payments are processed in matter of seconds and once your payment is sent, it cannot be stopped or reversed. 

For this reason it’s vital that you are certain that you are sending a Faster Payment to the right account. Before you make a payment to someone for the first time, double-check with them that you have the correct account number and sort code. 

If you have been advised that the beneficiary’s account details have changed, check directly with them.  Unfortunately fraudsters have been known to intercept mail/email and amend the account details.

“The Take Five” campaign launched by FFA UK in September 2016 explains the different types of frauds and give straight-forward to protect you from preventable financial fraud. For more information, please click here.
 
Faster Payments manages the technology that is responsible for sending your money from one UK bank account to another. We don’t offer any other services such as “holding your money until your goods are delivered or “offering buyer protection”. If you are offered these services, beware. 

For further information, click here.

Action Fraud is the UK’s national police body for fraud and internet crime reporting: www.actionfraud.police.uk.
 

What should I do if I’ve been a victim of a fraud?

Contact your bank immediately if you suspect that you have been the victim of a fraud. 

Once notified, your bank will commence action on your behalf 

Action Fraud is the UK’s national police body for fraud and internet crime reporting: www.actionfraud.police.uk.