Glossary

Bankers Automated Clearing Services (BACS)

Is Automated Clearing System which facilitates Settlement of Transfers between Financial Institutions in the United Kingdom. 

How does BACS work?

It allows to execute Direct Debit and Direct Credit, normally Transfers are Settled within 3 working days after the submission of Order. It is slower than Faster Payments but allows to Transfer higher value amounts. Differently from Faster Payments, it does not have any limit on the amount which can be sent. Noteworthy, it is the cheapest way in the UK to execute Transfers.

It works in the same manner as all other Clearing Systems.

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