What’s a Faster Payment?

A Faster Payment is an electronic transfer, which was introduced to speed up the transfer of funds between accounts in the UK.

With thinkmoney, you can receive Faster Payments into your account, as well as sending them.

Receiving a Faster Payment

To receive a Faster Payment, you’ll just need to give the person sending you the payment your account number (which is on the front of your thinkmoney card) and your sort code.

Our two sort codes are 16-20-15 or 16-31-30.

To find which one is yours, look at your thinkmoney debit card. If you can’t see it on there, you’ll find it on your thinkmoney statement in the top right hand corner, on the App and on your Online Account Management.

Sending a Faster Payment

You can send a faster payment through Online Account Management and the App.

For Online Account Management, you’ll just need the account number and sort code of the person you want to pay. You will also need to provide a reference so the person receiving the money can identify it. If you are paying it to a building society or a company they will provide you with a reference.

For the App, you’ll need to make sure the person you want to pay’s details are set via Online Account Management (or on the phone) first.

Timescales

Faster Payments in and out of your account are normally completed within two hours (and in many cases within minutes).

However, in some circumstances they can take longer than this. A Faster Payment will always be credited by the end of the following business day. This applies to Faster Payments made both in and out of your account to other providers that are members of the Faster Payments scheme.

 

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