Is there a difference between BT and BACS?? Please?? - HotUKDeals
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Is there a difference between BT and BACS?? Please??

bizzyme Avatar
8y, 1w agoPosted 8 years, 1 week ago
As the title really, whats the difference between BT (bank transfer) and BACS??

I have a business type bill to pay and can pay by BACS on the invoice, is this the same as BT? I have done BT with the bank before?

Can anyone help please, probably a dumb question to those that know!?!
bizzyme Avatar
8y, 1w agoPosted 8 years, 1 week ago
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#1
there both the same
#2
A BACS is an Bankers Automated Credit and is an online payment and you need business manager on your pc set up. A BT is a bank transfer, transferring money from one account to the other.
#3
No they ain't the same.
#4
bt means bank transfer bacs is also a transfer, usually take upto 4 working days, unless the bank is part of the new faster payments scheme in which case it takes a couple of hours
#5
Bizzy have you got a payment slip on the bottom of your bill as this can be used in your bank or use a debit card and phone direct to the company that you owe the money too.
#6
BACS is a three day bank transfer and you can also use CHAPS which is a same day transfer. CHAPS usually cost more.
#7
if you ring your bank up and give them the details they will be able to set it up for you, if its a bill you are paying then that is classed as a bank transfer which is sent by bacs (or possibly a faster payment but you bank would be able to confirm this with you)
#8
CHAPS is now known as AFT's payment which will cost him £30+ and has to be done in the branch.
#9
It's a statement with the BACS details on the bottom, a company (rather than a person) and the bank is HSBC.

I have an HSBC bank so I was going to BT the money across, but wondered if there was a difference why it didnt say BT on their statement (iyswim).

Would probably be better speaking to them tomorrow to make sure they know its me thats paid! And will probably end up sending a cheque lol!

Thanks all xxx
#10
Just go into the bank with the slip and do it over the counter as all the correct details will be on the slip.
#11
i believe BACS is Bankers Automated Clearing Services which means money movements between one bank to another and is normally used (may be solely used) by businesses - whereas BT is Bank Transfer and is used by us (members of the rat race)

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