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CHAPS – the Clearing House Automated Payment System – is a same-day bank-to-bank transfer system for high-value transactions that are time-sensitive. It only transfers sterling within the UK, and this limitation allows it to transfer large amounts quickly.

CHAPS is used by large financial institutions for foreign and money market transactions. Companies may used CHAPs for large or time-sensitive payments to suppliers or for tax payments. CHAPS is often used to complete property transactions or for high-value transactions, such as buying a car.

CHAPS vs BACS: which is faster? As explained above, CHAPS is significantly faster than BACS as it clears the transactions in a matter of hours, making same-day payments possible. As BACS takes up to two to three business days to clear, it is not the best option for time-sensitive transactions.

The main disadvantage is the cost, as most banks charge £20-30 for the service. CHAPS also isn't instant - if the bank is told of the transfer by a certain cut-off time, which is usually around 2pm, then the payment will be made the same day.

How long does a CHAPS payment take? A CHAPS payment is received same day, provided it is submitted by the bank's cut-off time. If it is submitted after this time, the CHAPS payment will be received the next working day.

The main disadvantage is the cost, as most banks charge £20-30 for the service. CHAPS also isn't instant - if the bank is told of the transfer by a certain cut-off time, which is usually around 2pm, then the payment will be made the same day.

How does CHAPS work? Payment obligations between direct participants are settled individually on a gross basis in RTGS on the same day that they are submitted. The transfer of funds is irrevocable between the direct participants. Operating hours: The CHAPS system opens at 6am each working day.

You can make CHAPS payments using Telephone Banking between 8am-6pm, Monday to Sunday. Visit our contact us page to get in touch. You can also make a CHAPS payment by visiting us in branch. Please use our branch locator tool to find your local branch and check the opening hours.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232