If you pay the household bills or use a subscription service, you will have made a payment via BACS before.
There are two types of BACS transactions:
BACS stands for Bankers’ Automated Clearing System.
It’s a regulated payment system run by Bacs Payment Schemes Limited (now Pay.UK) and is one of the most common ways that money is sent and received from bank to bank.
If you’re an HSBC customer, here’s how you can make a BACS payment via Direct Debit:
To get paid by Direct Credit, you’ll need to give the payer your sort code and account number.
You should receive the payment automatically once:
If a BACS payment is not received, check with the payer and confirm that the payment details are accurate.
A BACS payment normally takes three working days to go through, as long as it’s sent before the cut-off time. So if a BACS payment is sent Friday before the cut-off time, it should arrive by Tuesday the next week.
BACS payments will usually go into an account between 1am and 7am. This is the standard BACS payment time, so if a payment doesn’t arrive by 7am, it may be processed the next working day.