There's a £25 fee for each CHAPS payment. You don't have to use CHAPS payments – you can transfer money for free using Faster Payments. As long as the receiving bank or building society uses Faster Payments too, the payment will arrive almost immediately (though sometimes, it can take up to 2 hours).

Do banks charge for CHAPS payments?

CHAPS is typically used for high-value, urgent payments, such as those transferred by a solicitor between banks and current accounts during a house purchase. Banks will usually charge for CHAPS payments.

What is a CHAPS fee?

CHAPS stands for Clearing House Automated Payment System. ... It's typically reserved for once-off, high-value payments that need to be sent and received on the same day.