The short answer is: yes!

There are three types of bank transfers in the UK: Bacs, Chaps, and Faster Payments. They simply have different processing times:

Faster Payments

Faster Payments is the UK's payment service for immediate payments. This is available 24 hours a day, 7 days a week. As long as the receiving bank or building society uses Faster Payments too, the payment will arrive almost immediately (though sometimes, it can take up to 2 hours).

Bacs

Bacs stands for Bankers Automated Clearing Services, and is the standard payment type in the commercial world. A Bacs can be a direct debit or direct credit.


A Bacs payment takes three business days to clear. The Bacs process begins with the payment file being submitted to the Bacs system, prior to a cut-off time. On the second day the file is processed by the bank and on the third day, the payment is credited to the recipient’s bank account.

A Bacs transfer, also known as Bacs direct credit, normally arrives very early in the morning on the third day by about 7am. Bacs transfers only send Monday to Friday; even though it is an electronic payment system it takes non-working days off.

Chaps

These are payments to UK accounts that are guaranteed to arrive on the day you make them, as long as you set up the payment before a cut off time, usually 3.30pm. If you set up the payment after the cut-off time, on a weekend or on a public holiday, these are usually sent on the next working day.

Transfers sent from your Coconut are Faster Payments.

Did this answer your question?