Can a company outside the UK receive Faster Payments?

The wider picture

The key points from the guide this answer comes from:

1. Use Faster Payments for most business payments: it runs at any hour, usually arrives almost immediately, and carries up to £1 million or your bank's lower limit.
2. Use CHAPS for large or time-critical payments that must be final the same working day. It has no maximum, and customer payments must reach the Bank of England by 5:40 p.m.
3. Use Bacs for scheduled batches such as payroll and supplier runs, credited on the third day of its cycle.
4. A company outside the UK needs UK account details, a sort code and account number, to receive these payments. Confirmation of Payee checks the name first.

More questions on this

• What is the cut-off time for CHAPS?
• Is there a limit on Faster Payments and CHAPS?
• Does Confirmation of Payee cover Bacs payments?

The full guide

Use Faster Payments for most payments, at any hour and up to £1 million or your bank's lower limit. Use CHAPS for large or time-critical payments that must be final today, and Bacs for payroll and scheduled batches credited on day three. Before a Faster Payments or CHAPS transfer, Confirmation of Payee checks the payee's name.

Read UK payment rails for businesses: Faster Payments, CHAPS, Bacs and Confirmation of Payee, with its sources.

General information, not legal, tax or financial advice. Rules and providers' terms change; check the sources in the guide and take advice on your own situation.