CHAPS / Clearing House Automated Payments System
CHAPS/ Clearing House Automated Payments System is a system in the UK used for processing same-day Sterling Pound payments. Funds are guaranteed to arrive on the day you make them, as long as you set up the transfer before a designated cut-off time (usually somewhere between 3 and 5pm (15:00 and 17:00). Fees are also often quite high, ranging from around £25 to £35 per transaction.
CHAPS / Clearing House Automated Payments System - Related terms
There are various clearing house networks around the world, including Automated Clearing House (ACH) in the US, Single Euro Payments Area (SEPA) in Europe and Direct Entry / Bulk Electronic Clearing System (BECS) in Australia. Please see ACH for more information.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
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