When you receive GBP into your Grey account, the payment travels through one of three UK payment schemes: BACS, CHAPS, or FPS. Each has a different speed, cost, and use case. This guide explains all three and tells you which one to ask for.
Quick Comparison
Scheme | Full name | Speed | Best for | Grey deposit fee |
FPS | Faster Payments Service | Seconds to minutes | Salary, freelance payments, everyday transfers | 0.8% (min £2, max £10) |
BACS | Bankers' Automated Clearing Services | 1-2 business days | Regular payroll, direct debits, supplier payments | Flat £15 |
CHAPS | Clearing House Automated Payment System | Same business day | Large or time-critical payments | Flat £25 |
For most salary, freelance, and client payments: ask for FPS. It is the fastest and cheapest option on Grey. BACS and CHAPS are rarely necessary unless the sender's bank or payroll system specifically uses them.
FPS (Faster Payments Service)
FPS is the standard electronic payment system for UK bank transfers. Used by most online banking apps, mobile banking, and UK payroll systems. Payments sent via FPS arrive in your Grey account within seconds to minutes, any time of day, including weekends.
The Grey deposit fee for FPS is 0.8% with a minimum of £2 and a maximum of £10. Receiving £100 costs £2 (the minimum). Receiving £500 costs £4. Receiving £5,000 or more costs the maximum of £10.
BACS (Bankers' Automated Clearing Services)
BACS processes payments in batches overnight. It is commonly used for recurring payroll, direct debits, and regular supplier payments. BACS payment files are submitted 2 working days before the intended credit date. This means if your employer says your salary arrives on the 25th, the BACS instruction was submitted around the 22nd. BACS cannot be accelerated once submitted.
The Grey deposit fee for BACS is a flat £15 regardless of the amount received. For smaller amounts, this makes BACS significantly more expensive than FPS. Where possible, ask your sender to use FPS instead.
CHAPS (Clearing House Automated Payment System)
CHAPS is used for high-value, time-critical payments where same-day settlement is required. It is commonly used for property purchases, large business settlements, and institutional payments. CHAPS payments submitted before the cut-off time (typically 3-4 PM on business days) arrive the same day.
The Grey deposit fee for CHAPS is a flat £25. CHAPS is rarely used for regular salary or freelance payments.
What to Tell Your Sender
Share the following with anyone paying you in GBP:
Your Grey account number (from your GBP wallet in the Grey app)
Your Grey sort code (from your GBP wallet)
Your full legal name as registered on Grey
Request payment via FPS
Grey GBP accounts can only receive payments from the UK and countries within the European Economic Area (EEA).
What to Do If a GBP Payment Is Delayed
FPS payments should arrive within minutes. If the deposit has not been received, you can contact Grey support through the app or at [email protected] with the amount, the sender's name or bank, and any reference number they provided.
BACS salaries occasionally arrive one business day late due to overnight processing. If your BACS salary has not arrived by the end of your expected payday, wait until the next business day. If it has still not arrived after 3 working days total, contact Grey support with the expected amount, your employer's name, and your payroll reference if available.
Frequently Asked Questions
Which payment scheme should I ask my UK employer to use?
Ask for FPS (Faster Payments Service). It is the fastest, arrives within seconds or minutes, and carries Grey's standard 0.8% deposit fee (minimum £2, maximum £10). Most UK employers and payroll systems support FPS.
What is the deposit fee for each UK payment scheme on Grey?
FPS: 0.8% (minimum £2, maximum £10). BACS: flat £15. CHAPS: flat £25. Choose FPS whenever possible for the lowest cost.
How long does a BACS payment take to arrive?
BACS processes overnight in batches and typically takes 1-2 business days. Note: BACS payment files are submitted 3 working days before the intended credit date. If your employer says your salary arrives on the 25th, the BACS instruction was submitted around the 23rd. BACS cannot be accelerated once submitted.
When would I receive a CHAPS payment?
CHAPS is used for high-value, time-critical payments such as property purchases and large business settlements. If your sender submits before the cut-off time on a business day (typically 3-4 PM), it arrives the same day. CHAPS carries a flat £25 deposit fee on Grey.
My BACS salary has not arrived on payday. What should I do?
BACS salaries occasionally arrive one business day late due to overnight processing. If your salary has not arrived by the end of your expected payday, wait until the next business day. If it has still not arrived after 2 working days total, contact Grey support with the expected amount, your employer's name, and your payroll reference, if available.
Can I receive GBP from outside the UK?
Grey GBP accounts can receive payments from the UK and countries within the European Economic Area (EEA). Payments from outside the EEA may not be supported. Contact Grey support if you expect a GBP payment from outside the EEA. Receiving payments depends on the sending bank/platform and payment scheme used.
The standard timeline for receiving GBP transfers is 1-2 working days.
Payments to your UK account can only be received from the UK and countries within the EEA.