1. What is Faster Payment?
Faster Payments Service
helps UK member banks make fast electronic payments between member institutions. Customers can transfer funds by phone or online banking immediately, or make regular same-day standing order payments on bank working days.2. What is BACS?
(Bankers Automated Clearing Services) is a cost effective and secure UK nationwide electronic payment system which involves a three-day process.3. As a sender, how will I know whether a payment can be initiated through Faster Payment or BACS?
Your UK internet banking service will give you the option. If it doesn’t give you an option, contact your bank in the UK.4. Are there any maximum transaction limits on payment amounts that can be sent via Faster Payments Service or BACS?
Yes. The current limit is GBP100,000.00 – however most UK banks set their own limit, with the majority set at GBP10,000.00. You should contact your UK bank to find out what their limit is.5. After I transfer funds using Faster Payment or BACS, when will the recipient account at Bangkok Bank in Thailand be credited?
Provided the details you have quoted on your payment are correct, the funds will be credited to your account in Thailand on the next working day after they are received at our London Branch. (BACS Payment
involves a three-day process.)6. How much more does it cost to receive funds via Faster Payment/BACS?
Please see the fees and conversion options table for the latest fee information.7. Can I choose a conversion option which gives me a better rate?
You can elect to exchange your funds into THB either at our London Branch or have the funds transferred to your account in Thailand in GBP. The GDP funds can then be converted at the TT rate in Thailand (see our exchange rates
for more information).8. Can my pension/state benefit be sent via the Faster Payments Service?
Yes, you can arrange with your pension provider to send your pension via the Faster Payments Service – simply give them the relevant instructions.