What is "BACS"? Thread poster: SandraV
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SandraV 
Mexico
Local time: 19:02
Member (2004)
English to Spanish
+ ...
Hello,
I have been contacted by a new client who only pays by "BACS". I had never heard about this system before so I have these questions:
-Can anyone explain how BACS works and if it is a safe payment method?
-Is it a system like Paypal or Money bookers?
-Does it charge any rates to receive money?
Thanks in advance for your help.
Regards,
Sandra
| | | | liz askew
United Kingdom
Local time: 02:02
Member (2007)
French to English
+ ...
| This site may help. | Mar 26, 2009 |
Hello
I do not have time to answer your specific queries, but this site is pretty comprehensive:
See more
| | | | EHI (X)
Local time: 03:02
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Hi Sandra,
I`ve no idea, not a clue.
Never heard of it. Be straightforward. Why don`t you ask the client?
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Hi Sandra,
Here is the link to the Web site of this company: http://www.bacs.co.uk/bacs/corporate/
Apparently it is a bank wiring system created by several European (mostly UK)-based banks.
Cheers,
Annelise
| | | | | Disregard it. | Mar 26, 2009 |
Well, according to this information, it doesn`t look like a reliable or efficient system you can trust.
I wouldn`t take it.
| | | | Angela Dickson (X)
United Kingdom
Local time: 02:02
French to English
+ ...
Walter Landesman wrote: Well, according to this information, it doesn`t look like a reliable or efficient system you can trust. I wouldn`t take it.
It's totally standard in the UK. Nothing to fear. The agency is probably just using 'BACS' to mean 'bank transfer'. Charges to send/receive money will depend on their bank and yours (and you should negotiate in advance as to who is responsible for charges).
Edit: on reading the Wikipedia article, no it doesn't sound particularly appealing, but if you deal with UK banks you have little choice. I would emphasis that it is a perfectly legitimate and commonplace way of transferring money.
[Edited at 2009-03-26 17:20 GMT]
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Paula James
Spain
Local time: 03:02
French to English
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| UK bank transfer | Mar 26, 2009 |
BACS is a system used in the UK for bank transfers, it's perfectly safe and reliable I think, the only problem is that it's a bit slow. It's not at all like paypal or moneybookers, more like SWIFT for international transfers, but within the UK - which might be the problem, I'm not sure it applies to other countries - ask the client.
I had my salary paid by Bacs for years in the UK, and have used it for other purposes there.
| | | | Sheila Wilson
Spain
Local time: 02:02
Member (2007)
English
+ ...
| It depends how important speed is | Mar 26, 2009 |
Angela Dickson wrote:
I would emphasis that it is a perfectly legitimate and commonplace way of transferring money.
I second Angela's comment - it's as safe as other reputable methods (are any of them totally safe?), and it's widely-used in the UK.
I suspect it isn't the best in terms of speed of payment, when compared with some on-line transfers that show up in the receiving bank within seconds of being kicked off, but if you're being paid 30 days after the job then it's hardly worth worrying about, is it?
| | | | | International bank transfer | Mar 26, 2009 |
Hi Sandra,
Paying by BACS means paying by international bank transfer. That's the method most of my UK customers use to pay me and it has been reliable so far. To be paid by BACS, you have to ask your Mexican bank their data for international transfers/payment orders. This data is usually the SWIFT code of the bank, a bank number and your account number. For HSBC Mexico, for example, the SWIFT code is BIMEMXMM and the bank number 021. It takes anywhere between 3 days to a week to re... See more Hi Sandra,
Paying by BACS means paying by international bank transfer. That's the method most of my UK customers use to pay me and it has been reliable so far. To be paid by BACS, you have to ask your Mexican bank their data for international transfers/payment orders. This data is usually the SWIFT code of the bank, a bank number and your account number. For HSBC Mexico, for example, the SWIFT code is BIMEMXMM and the bank number 021. It takes anywhere between 3 days to a week to receive the money once they initiate payment. As for the fees, my bank charges around $100 Mexican pesos per transfer, irrespective of the amount.
Hope it helps.
[Edited at 2009-03-26 20:23 GMT] ▲ Collapse
| | | | Sarah Wood
United Kingdom
Local time: 02:02
French to English
| I agree - totally standard in the UK - if a bank transfer is what they mean. | Mar 26, 2009 |
Hey there I can second all the others who have said that electronic transfers between banks in the UK are referred to as a BACS. This is is how wages and bills etc are paid.
Best make sure that this is what the client is referring to though.
xx
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SandraV
Mexico
Local time: 19:02
Member (2004)
English to Spanish
+ ...
TOPIC STARTER | Thank you very much for your help! | Mar 27, 2009 |
Thank you very much to everyone, your comments were really helpful!
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