How do I make a CHAPS payment?
CHAPS stands for Clearing House Automated Payments System and is used for high value Sterling payments that need to arrive with a UK beneficiary on the same day.
For payments under £1,000,000, our app and online banking use the Faster Payments Service by default.
You can change this to a CHAPS payment as follows:
- Open the ‘Payments’ tab
- Click on ‘UK Payments’
- On the same screen where you enter the payment instructions click on ‘Change payment type’, then select ‘CHAPS’
If you need any help contact Coutts 24 on 020 7957 2424 or speak to your private banker.
The CHAPS system is usually open from 6am to 6pm, Monday to Friday. In the Coutts app or Online Banking (my.coutts.com) the payment cut-off time is 5:30pm. Payments made via Coutts 24 may have an earlier cut-off time.
Not all banks accept CHAPS payments. If your payee cannot accept these payments, we will tell you by displaying an inline error message that reads, “The sort code does not support CHAPS. You can only make a Faster Payment of up to £1,000,000.00”.
Why doesn’t my bank support CHAPS?
The reasons why some banks do not support CHAPS vary, but the main reason is that implementing CHAPS can involve significant infrastructure and compliance costs. If the bank does not have clients who want to make payments of amounts greater than £1,000,000.00 then this might not be prioritised.
You can see more information about CHAPS from www.bankofengland.co.uk/payment-and-settlement/chaps.
