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Faster Payments explained
Faster Payments is the system behind most online and mobile bank transfers in the UK. It is quick and convenient, which is also why mistakes and fraud need care.
What it is
The Faster Payments Service is run by Pay.UK. It moves money between UK bank and building society accounts, 24 hours a day, every day of the year including bank holidays. Most payments arrive within seconds, though they can sometimes take up to two hours, for example because of fraud checks. Standing orders, mobile banking transfers, online payments and many business payments use it.
What you need to send one
- The recipient's name, six-digit sort code and eight-digit account number (or a mobile number linked through a bank's pay-by-phone service).
- A reference, which is the message the recipient sees.
- Enough money in the account, and enough headroom under your daily limit.
Limits
The scheme sets a ceiling per payment (currently up to £1 million), but each bank sets its own lower limits for customers, often with different limits for app, online and branch payments. Limits can be changed for security reasons. If you need to send more, ask your bank in advance, or consider CHAPS for high-value payments.
Are Faster Payments free?
For most personal current accounts, yes. Business accounts may charge per payment or a monthly fee. Always check your tariff.
Why a payment can be held
Banks use fraud and money-laundering checks and may hold or question a payment for a short time, particularly for large or unusual transfers. Be patient and answer your bank's questions honestly: they are trying to protect you. Never lie to a bank to get a payment through; scammers may tell you to, and that is a red flag.
Can you cancel one?
In practice, no. Once a Faster Payment has gone, it is usually irreversible, unless the recipient agrees to return it or the bank successfully recalls it in limited circumstances. This is why checking details before pressing send matters, and why Confirmation of Payee exists. If you pay the wrong person see what to do. Future-dated payments and standing orders can often be cancelled before the date, and you can cancel a standing order with your bank.
Faster Payments and fraud rules
Faster Payments are covered by the mandatory APP fraud reimbursement rules that began on 7 October 2024. See APP fraud reimbursement.
Compare with other methods
| Method | Speed | Typical use |
|---|---|---|
| Faster Payments | Seconds to hours | Everyday transfers |
| CHAPS | Same day | High-value, time-critical |
| Bacs | 3 working days | Direct debits, payroll |
Good habits
Double-check details against an independent source, send a small test payment for a large sum where practical, and keep your banking app and device secure. Read about scams before making any large payment to someone new.
Paying a business or a new person
For a first payment to someone you do not know well, take extra care. Ask for the details in writing, check the name matches, and consider paying a small amount first. Businesses should show their account name clearly on invoices so that the name check works as intended.
This is general information, not financial or legal advice. Rules, limits and fees differ between banks and change over time, so check with your bank and the official sources listed.
Frequently asked questions
How long does a Faster Payment take?
Normally seconds, and in most cases within two hours.
Is there a limit?
The scheme allows up to £1 million per payment, but your bank sets lower limits.
Can I cancel a Faster Payment?
Usually not once sent, except future-dated payments and standing orders before they run.