Paying Fast In Belfast - Six Quickest Payment Options For 2025

The rise in fintech and, in particular, cryptocurrency, has seen remittance times slashed. And, even if you aren't a cryptocurrency user yourself, the competition it has brought, and the increased uptake of the blockchain technology that powers it, means you are still likely to reap its benefits. Belfast and Northern Ireland, as part of the developed world, have jumped on the bandwagon of quick payments. Both local residents and locals can freely use them, for both individual and business purposes alike.

Whether you're sending money to friends and family, buying goods from Etsy, or depositing and withdrawing funds from online casinos like Lucky Block Casino, transfer times matter. Sites like online casinos can also benefit from the use of blockchain because it offers transparency, and immutable record keeping, and its low costs enable the sites to offer bigger bonuses.

Cryptocurrency is still an emerging technology, but it is disruptive. Specifically, it is disrupting the financial world by making payments quicker and less expensive, and by removing the need for centralised bodies like banks and other financial institutions. The time it takes for a cryptocurrency payment to complete depends on the coin used but is usually no longer than 10 minutes. And that's using Bitcoin, which is the most popular crypto in Northern Ireland as well as the rest of the world. No matter if you're in Belfast, Lisburn, or in Paris, such payments are cleared equally fast.

The faster payment system is used by all banks and building societies in the UK and Northern Ireland. It enables fast payments between cooperating banks. Although the system claims it takes up to two hours for money to be sent and received, faster payments are usually instant. This type of payment is useful when both parties are prepared to use bank transfers, but buyers should remember they don't have the same protection as they would with credit card purchases.

The Clearing House Automated Payment System is a same-day sterling payment system that is used to transfer money between banks in the UK. Payments are batch-processed, typically once a day, but this system is usually reserved for high-value deposits. Whereas faster payments have a £20,000 limit, CHAPS does not have this same limit in place, hence it is used for payments like house purchases.

Card payments can feel instant to the sender because the money leaves their account straight away and a record of the payment is received by the recipient's account at the same time. However, payments go through various checks and processes and can take up to three days to formally finalize. Credit card payments, especially, however, offer greater protection for buyers, including against fraud.

A direct debit is an instruction that permits the recipient's bank to take money directly from the sender's bank. It is different from a standing order, which is for a regular fixed amount because the value taken can vary every payment cycle. Payments take at least three working days to clear and can take a lot longer than this to set up.

Cheques are very rarely used anymore, but they are still available, despite attempts to phase them out. The time it takes for cheques to clear varies but is typically around two working days. This is faster than it used to be, thanks to the fact modern banks use the Image Clearing Scheme to process the cheques.