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What’s a Faster Payment?

A Faster Payment is an electronic transfer, which was introduced to speed up sending money within  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 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 in the top right hand corner of your thinkmoney statement, on the app and on your online banking.

Sending money within the UK

You can transfer money to new people, existing payees and companies on online banking or the app.

What you'll need:

  • The account number and sort code of the person/company you want to pay
  • A reference so the recipient knows what the payment is for (if you're paying a company, they will usually provide the reference)

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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