Faster Payments Value Limits
All UK banks and building societies now send and receive faster payments.
There are, however, varying limits in place depending on who you bank with and how you choose to send the money. These value limits for members of the Faster Payments Scheme, apply to each individual transaction. In addition to these ‘per transaction’ value limits, most types of account have a daily limit on the total amount you can send from your bank, whatever payment system is used. You should contact them in advance to check what this may be, if you are planning to send large-value amounts which may exceed any daily limits your bank has set.
Please click here and you will be redirected to the Faster Payments website, where you can learn what the transaction limits are for online, phone and standing order payments using Faster Payments. The information is updated as and when a limit changes.
If your bank or building society is not a full member of the Faster Payments Scheme you will need to check your Faster Payments value limit with them. Some commercial, private banking or offshore (Guernsey, Jersey, Isle of Man) establishments also offer Faster Payments. The online Sort Code Checker can tell you whether the sort code you are sending a payment to is able to receive Faster Payments, Bacs Credits or CHAPS payments.
- Cash overtaken by ‘non-cash’ payments in 2014 (21 May 2015)
- Latest Current Account Switch Service figures published (23 Apr 2015)