What is CHAPS? How big UK payments are made the same day
By SendPay Business · · 2 min read
CHAPS is the UK system for same-day, high-value payments, run by the Bank of England. It's what solicitors typically use to send the money when someone buys a house, and what businesses use for large, time-critical payments.
How it works
Each CHAPS payment is settled on its own, in real time, between the banks' accounts at the Bank of England, rather than in a batch. Once made, it can't normally be reversed, which is why it's trusted for large sums.
When to use it
- Buying a property or paying a deposit on completion day.
- Paying a large invoice that must arrive the same day.
- Moving sums above your bank's Faster Payments limit.
Cost and timing
Banks usually charge a fee for sending a CHAPS payment, and it must be sent before the bank's same-day cut-off time on a working day. Check both with your bank before relying on it.
Where SendPay fits
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.