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 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.