How Much Do Major Banks Charge for CHAPS?
It can be difficult to know which bank offers you the best deal when it comes to CHAPS fees and charges. Even then, you dont necessarily want to go trawling through each major banks terms and conditions looking for the best option. Thats why we decided to put together this guide to CHAPS fees from some of the UKs most popular banks, including HSBC CHAPS fees, NatWest CHAPS fees, Barclays CHAPS fees, and more. Find out everything you need to know, right here. CHAPS (Clearing House Automated Payment System) is a secure bank-to-bank payment system intended for high-value payments (usually around 10,000+). CHAPS guarantees same-day payments, assuming you send the payment before the daily cut-off point, making them a great choice for anyone who needs to make large and time-critical bank transfers. Most UK banks, as well as a couple of international and custody banks, offer CHAPS payments. Well, its important to remember that banks charge fees for processing CHAPS payments. Typically, these fees amount to around 25-30, but CHAPS charges vary from bank to bank. Furthermore, members of certain banks may not need to pay a CHAPS fee at all. Weve put together a rundown of the different CHAPS fees that you can expect to pay at major UK banks, so you can decide where to make your CHAPS bank transfer:  HSBC CHAPS fee  There are several different HSBC CHAPS fees listed in their Business Banking Pricelist. For Sterling transfers within the UK via Business Internet Banking, HSBC charges 17 (or 12 from a Clients Deposit Account). For Sterling transfers within the UK via Business Telephone Banking or in branch, HSBC charges 20 to a HSBC UK branch or 30 to another bank. Finally, the HSBC CHAPS fee for transfers made via post is 40. Santander CHAPS fee  Santander doesnt list any specific Santander CHAPS fees online. However, you can find out more about making a CHAPS payment at their customer support centre. NatWest CHAPS fee  NatWest doesnt list any specific figures for CHAPS charges online. However, in the Help section of the Bankline app, they state that you can see your Natwest CHAPS fee under the View Notification option. The Co-Operative Bank CHAPS fee  At the Co-Operative Bank, theres a standard charge of 25 for each CHAPS payment. Barclays CHAPS fee  There are two levels associated with CHAPS payment fees at Barclays. If youre a Business Banking customer, youll need to pay a 15 fee. However, theres no Barclays CHAPS fee for Personal, Premier or Platinum customers. Lloyds CHAPS fee  Lloyds Bank customers can expect to pay a single fee of 30 to make a CHAPS payment. First Direct CHAPS fee  If you make a CHAPS payment within the UK via phone banking or post, First Direct charges 17. There arent any First Direct CHAPS fees for making a CHAPS payment with mobile banking or online banking. Royal Bank of Scotland (RBS) CHAPS fee  There is a charge of 20 to make a CHAPS payment with RBS. TSB CHAPS fee  If you want to make a CHAPS payment with TSB, youll need to pay a standard charge of 30. Virgin Money CHAPS fee  You can also make a CHAPS payment with Virgin Money. Theres a 30 fee and the money will be taken directly from your account, although you can also pay by cheque if youd prefer. As you can see, there are some fairly significant differences between the major UK banks when it comes to CHAPS fees. According to our research, Barclays CHAPS fees appear to be the most affordable, particularly since there arent any fees for their Personal, Premier, or Platinum customers. We can help  GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.