A Bacs payment is the cheapest way to make a bank payment. It only costs a few pence, mostly depending on the volume and the bank, or Bacs bureau. You can typically expect to pay between 5p and 50p per Bacs transfer, plus any additional transaction fees charged by your bank. When sending 1,000+ payments a month this should be significantly less than 10p.
On top of Bacs costs, banks may also charge for:
- Bacs File charges
- Charges on rejected Bacs files (up to £100 pounds)
- File re-input or amendments (up to £300 pounds)
- File reversal (up to £2,000 pounds)
- Smart Cards
Find out more about Bacs and Faster Payments here.
Alternatives to Bacs payments
Bank to bank payments can also be made through CHAPS and the Faster Payments system. CHAPS are same day payments for high value transfers which cost about £20-30 pounds per transfer. Faster Payments are payments that usually clear in seconds, up to the value of £1,000,000 pounds per transfer, much cheaper than CHAPS.
Business Owners and finance professionals are finding there's a far simpler and cheaper way to make business payments. Telleroo is a cost effective way to send payments via the Faster Payments network, sign up for Telleroo today for a faster and easier way to make supplier and payroll payments.
