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by the_mitsuhiko 2439 days ago
Unless something changed pretty much all payments in the UK are “Faster”.
1 comments

Salary payments are typically still BACS and I think Faster does have a transaction limit in the 10’s of thousands of pounds range.
IIRC the limit according to the standard is £100,000/day but most banks impose their own arbitrary limit. Assuming things haven't changed in 5 years, this[1] lists the limits for a lot of banks. I can also add to the list that Monzo's is £10,000/day.

1. https://www.moneysavingexpert.com/news/2014/11/customers-bei...

BACS is generally cheaper at volume. In addition, BACS Bureau allows a payroll company to transfer money directly from your employer's account to yours without the money ever reaching their account.

All fixable, but payroll companies are generally chosen on price, not innovation.