Have you just remembered you have that outstanding utility bill still to pay, and it needs to be paid by tomorrow? Or you need to quickly transfer money to a family member or friend, and don’t have days on end to wait for a transfer to go through? Well, have you thought about using the Faster Payments Service (FPS)?
What is the Faster Payments Service?
In pretty much every way, the Faster Payments Service does exactly what you would think such a service would do. Making an electronic payment through this service means that the recipient will receive the money on the very same day. In many cases, this can take only a couple of hours, and standing order set up within a day. Even better, banks that use FPS can process payments any day of the week, 24 hours a day. This includes public holidays too.
How can I use the Faster Payments Service?
It is possible to make Faster Payment Service payments through telephone banking, online banking and mobile banking. You can also go to the local branch of your bank or go to a self-service kiosk in order to make a payment.
Things to check for before making a faster payment
- It is important to note that both you and the recipient’s bank must be participating in FPS in order for the payment to be received on the same day. Otherwise, the transfer will be processed normally.
- If the speed of transfers is your main concern and you and your recipient’s bank does not participate in FPS, it may be worth looking at getting quick loans. Once approved, funds are provided speedily and it could be the temporary financial aid you are looking for.
- One of the ways in which you check if a payment can receive a Faster Payments is by using this sort code checker, which enables you to type in their sort code and see if their bank accepts Faster Payments. After completing an application, a decision can be made within 90 seconds, and money can be transferred into your bank account within the hour.
- In addition, double check that your current account is taking part in the Faster Payments Service. Don’t assume it is the case, as not all banks are. You can check here if your bank or building society is taking part in the FPS scheme.
- You should also check the company you are sending the money to (if paying a bill) accepts faster payments. You can usually find this out by calling them, or by checking on your utility bills.
- It is also important to find out if any daily value or transaction limits are applicable on how much money you can transfer through FPS. Otherwise, if the amount exceeds the value limit, the transfer may be declined.
- When sending money, make sure you definitely have the correct sort code and account number before clicking send. If you make a mistake, this money may be sent to the wrong person, and there is no guarantee the money can be recovered.