BACS: Secure and quick for trusted sites

Bacs Direct Credit is one of the most traditional and popular transfer methods in the UK, along with VISA and Mastercard.

BACS used to be the short form for Bankers’ Automated Clearing Services, but now the word is an abbreviation for BACS Payment Schemes Limited and is a direct transfer method within the UK.

If you are going to make a medium or large deposit, this can be a great option. In any case, it is safe for all deposits and withdrawals with banks. You dont have to think so much. Just make the BACS, knowing that it’s safe.

6 brokers offer BACS

Bacs is a safe and super fast payment method within the UK. Below are the BACS enabled brokers that we recommend, with the highest rating first.

Short facts

How quickly can a BACS payment be made? For sites with British banks, it goes instantly – the same day. BACS is considered to be the quickest and safest deposit method from the UK while using your own bank and all the security that comes with it.
Which country does it work from? It can only be done from the UK.
How do I contact BACS? Contact your own bank if you have questions about payments.
Available to customers from: Great Britain.

4 simple steps to BACS payments

You get started really easily.
1. First select a currency broker.
2. Decide how much you want to deposit.
Click on BACS as the payment option.
4. Log in to your bank and send the payment.

Costs associated with BACS

For you as a customer, BACS transfers normally costs nothing, assuming you do the transfer in GBP. Therefore, always try to use a currency broker that offers GBP as the account currency, if that is what you want. If you prefer Euro or USD instead, send from your Euro or USD account – if you have one. As soon as you have different currencies, a change is added, which never benefits you as a trader. Some banks have transfer fees on international payments, but the forex brokers normally don’t charge any fees for BACS through the bank or even to other banks in the UK. If you follow these tips, everything that is transferred should go into the trading account.

How do I register a trading account with BACS?

You choose one of the many trading accounts above when doing a BACS transfer. The ones listed at the top left are the ones with the highest ratings and the ones we recommend first.

Can I make a SEPA payment to my trading company?

With SEPA payments, which is not the same as a BACS transfer, you send money to your forex broker at a low cost (2-10 GBP), or completely free with some banks.

If you already have a EURO account, there is often no exchange fee either. You can of course also choose a currency broker with GBP as the base currency if you prefer, which is available in almost all cases – unless it’s an American broker. Everything is up to you as a user what you feel most secure with. SEPA stands for “Single Euro Payments Area” and is intended to accelerate and minimise fees for transfers within Europe, in Euro. Once again, it has nothing to do with BACS but it can be used for Euro transfers if you prefer.

Biggest benefits of BACS?

+Rarely any amount limits.
+Almost all currency brokers support BACS, both as a deposit and withdrawal method.
+A very safe alternative, assuming you select one of our recommended brokers.
+BACS is extremely fast.

Main disadvantages of BACS?

-Sometimes the money you want to trade with is not in the bank.
-BACS only support sterling payments.

Which currency brokers support BACS as a payment method?

We have listed everyone in the top list above..

Is there an amount limit via BACS?

No, in principle no banks we know have any amount limits for how much you can deposit through BACS into a preferred trading company. However, it should be noted that the deposit guarantee applies to up to 85 000 GBP, being protected by the FSCS.

As long as you are just under 85 000 GBP, your money is always in safe custody.