UK same-day payment system. Fast but has fees.
Transfer speed: Same day
Available in: UK
CHAPS is mainly used for high-value, same-day GBP transfers and is not offered by every exchange deposit flow. Gemini supports CHAPS transfers for GBP funding in its bank transfer options, while other exchanges more commonly default to Faster Payments for retail users.
CHAPS is designed for same-day settlement on business days, so trading can be available the day funds land. Cut-off times matter, and transfers sent late can credit the next business day.
CHAPS is often used when you need higher limits than standard rails, but the exchange can still cap inbound funding. Gemini documents bank transfer limits by tier, so the practical limit is your Gemini limit, not just CHAPS capacity.
The usual issues are sending from a mismatched account name, missing references, and getting stopped by bank anti-fraud checks because it is a high-value transfer to a financial platform. If the exchange cannot auto-match your payment, you are in manual support territory.
Faster Payments wins for speed and simplicity for most users, while CHAPS is for planned, higher-value deposits where same-day settlement matters. If your exchange deposit screen offers both, use Faster Payments for small regular funding and CHAPS for larger one-offs.