Faster Payments

Faster Payments Service (FPS) is a payment method available in Bisq for buying and selling BTC with British Pounds (GBP). Faster Payments is the most common way people in the UK send and receive payments from each other via their banks. Faster Payments are usually instant, but they can take up to 24 hours to complete depending on the sender's or receiver's bank.

Where can I find out more about Faster Payments?

Here is a list of Faster Payments resources:

• Faster Payments Wikipedia Page
• Pay.UK Faster Payments operator
• Sort Code Checker

Which countries are available for Faster Payments?

Faster Payments is available to users with a UK Bank or payment provider account.

What currencies are available for Faster Payments?

Faster Payments enables peer-to-peer payments of:

British Pounds (GBP)

What is the maximum duration for a Faster Payment trade?

The maximum trade time is 1 day. Generally, Faster Payments will be completed within 5 minutes.

What is the maximum limit for BTC in a Faster Payments trade?

0.0624 BTC.

Is Faster Payments a payment method that can be signed?

No, Faster Payments accounts do not require signing to lift limits.

How do I set up a Faster Payments account?

Faster Payments are supported by all UK banks and some payment providers (e.g., Wise).

How do I add a Faster Payments account as a payment method in Bisq?

It is easy to add your Faster Payments account to Bisq.

1. Go to the top menu in Bisq and select Account.
2. Then select National Currency Accounts.
3. Click Add New Account.
4. Select Faster Payments.
5. Complete the details, ensuring all information is accurate.
6. Choose to use a Custom Account Name. This helps make it easier for you to manage multiple payment methods in Bisq. It will be visible only to you, for example: Faster Payments - GBP - John Smith.
7. Click Save New Account.

Make sure to include both your Name as shown by the bank when you send payment (e.g., John Smith, or J Smith), your Sort Code, and your Account Number.

No changes needed if all the information is correct when you add the account.

Faster Payments on Bisq do not require your bank to match the Faster Payment 'name check' service. Most UK banks are opted into the name check service, but not all are. It is fine to send payment to the account shown in the Bisq contract, even if their name does not show on the name check. However, this does not mean BTC sellers can make up any name. BTC sellers must ensure the details they enter match the name of their account shown in their bank.

How do I purchase BTC using my Faster Payments account?

You can buy BTC with Faster Payments on Bisq in two ways:

1. Make an offer to buy BTC on the GBP market.
2. Take an offer to buy BTC on the GBP market.

When the offer is confirmed, Bisq will provide you with the BTC seller's Faster Payments details for you to complete the payment. Please send the payment immediately and confirm you have done so in Bisq by clicking 'payment started'.

If you have the option to include a payment reference, please leave it blank. If your bank requires one, just use your name that matches your bank account.

Once the BTC seller receives your payment, they will confirm in Bisq. At that point, your security deposit and the amount you purchased will be available in your wallet.

Please, send your payment only to the details provided by the BTC Seller in their Bisq account. Please leave the payment description blank.

How do I sell BTC using my Faster Payments account?

You can sell BTC with Faster Payments on Bisq in two ways:

1. Make an offer to sell BTC on the GBP market.
2. Take an offer to sell BTC on the GBP market.

When the offer is confirmed, Bisq will provide the BTC Buyer with your Faster Payments details so you can complete the payment. The buyer should send payment at their earliest convenience and confirm they have done so in Bisq by clicking 'payment started'.

Once you receive payment from the BTC Buyer, you should confirm payment has been received in Bisq. Upon doing this, the BTC Buyer will receive their funds and you will receive your security deposit back.

BTC Sellers should expect to receive payment from the name shown in the BTC Buyer's Bisq account. Not all banks will show the sort code and account number the payment came from, but the name must match.

Are there any limits for me to be aware of when using my Faster Payments account?

Limits are set by your bank. Check with your bank what the limits allowed are. Most limits will be at least £20,000 per day. There is no minimum limit.

Are there any fees I should be aware of when using my Faster Payments account?

It is free to send and receive payments.

How does dispute resolution work with Faster Payments?

If a dispute arises, the mediator may ask the buyer to provide information proving they made a payment of the correct amount to the BTC Seller within the correct time frame.

Similarly, the mediator may request the seller to furnish evidence verifying their account details are accurate, or in the case of the BTC Buyer making a payment late, or of the incorrect amount.

For further details, please refer to dispute resolution.