difference between bacs and chaps ?

[flump1]

Hi all, While I know these are two methods of transfering funds from one bank account to another, what is the difference between them please?

[lou 26]

bacs is an electronic payment system which takes two working days to clear. Chaps is a same day payment

[kempie]

The timescales offered in the above answer are too specific.

BACS transfers incur no fee and usually take between 2 and 4 working days to clear.

CHAPS costs �20+ and can clear the same day if the transaction is made early enough in the day i.e. the instruction to transfer is made in sufficient time ahead of the processing deadline (16:00) to allow the bank to do the requisite checks before completing the transaction. The instruction deadline may vary from bank to bank and is often from 11:30am through to 3pm, depending on the bank.

[flump1]

lou, thanks for your reply

kempie, thank you too for yours, much appreciated.