BACS stands for Bankers Automated Clearing Services and is a form of sending money used by businesses on working days only.
A BACS is a type of bank transfer that takes 3 days to arrive in the recipients’ bank account:
- Day 1: Payments are submitted
- Day 2: Payments are processed by the bank
- Day 3: Payments arrive in the recipients’ account
Although this may seem time-consuming compared to faster payments, a BACS gives greater control over the money leaving a bank account and are a cheaper way to move money between UK bank accounts.