Last reviewed: · Curated by Ohmyfin Organisation editorial.
UK Faster Payments (FPS) is an instant domestic GBP rail that moves money between UK bank accounts in seconds. SWIFT is the global messaging network for cross-border wires. They serve different needs.
Details
Faster Payments is free for consumers, settles in under 15 seconds, runs 24/7/365, and has a per-payment limit of £1m.
SWIFT international wires take same-day to two days, cost £15-£50 per intermediary, and have no upper limit. SWIFT GPI provides live UETR tracking.
For UK-to-UK GBP, use Faster Payments. For UK-to-anywhere or any non-GBP, use SWIFT.
At-a-glance comparison
SWIFT vs UK Faster Payments — side-by-side comparison
SWIFT
UK Faster Payments
Geography
Global
UK only
Currency
Any
GBP only
Speed
0–2 days
<15 seconds
Limit per payment
No upper limit
£1,000,000
Hours
RTGS business hours
24/7/365
Cost
£15–£50 per hop
Free to consumer
Tracking
UETR
FPS payment ID
Key facts
FPS: UK domestic, GBP, instant, free, £1m cap
SWIFT: international, any currency, 0-2 days, fees per hop
CHAPS is the UK same-day high-value rail (no cap, ~£25 fee)
Both FPS and SWIFT now support payment confirmation
Frequently asked questions
Why was my CHAPS payment slower than expected?
CHAPS settles same-day if sent before the 17:40 cut-off. Cross-border legs that flow over SWIFT can add 1-2 days.
Related — more from payment system comparisons and beyond
Get 100 free credits — track unlimited SWIFT payments
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