Electronic Transfer Between Banks. Some smaller banks may not be covered by faster payments. If your bank sends the transfer by bacs the electronic system commonly used in the uk to send payments between bank accounts it will take around 2 working days to clear¹ but if your bank uses the faster payments system your payment could arrive in the recipients bank account almost instantly.
Key takeaways ach transfers are electronic bank to bank money transfers processed through the automated clearing house network. Internet banking services are crucial for long term survival of banks in the world of electronic commerce. 1 when you need to send or receive money quickly a wire transfer might be the right tool for the job.
A wire transfer is the electronic transfer of money from one bank account to another and covers a wide range of transfers completed online.
Some smaller banks may not be covered by faster payments. If making an overpayment please check your latest mortgage offer first for details on any early repayment charges. Some smaller banks may not be covered by faster payments. Bacs payment is a type of payment transfer that enables you to move money from one bank account to another bank account.