Withdraw from Peanut to a UK Bank via Faster Payments

Faster Payments is the UK's real-time interbank rail, operated by Pay.UK. Withdraw to any UK sort code + account number in seconds, 24/7/365 — free, no minimum, no business-day cutoff.

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Faster Payments is the fastest way to move money from your Peanut balance to a UK bank account. Withdrawals are free, there is no minimum amount, and funds typically arrive in under 15 seconds — including on weekends, evenings, and UK public holidays. Your digital dollars are converted to pounds sterling (GBP) and deposited directly into the destination sort code + account number.

Before You Start

• A verified Peanut account. Bank withdrawals require identity verification. You will need a passport or national ID card — no National Insurance Number required. The verification process takes under 2 minutes for most users. See the verification guide for details.
• A UK bank account. Faster Payments withdrawals are available to any 14-digit UK account (6-digit sort code + 8-digit account number) at any participating UK bank or fintech — including Barclays, HSBC, Lloyds, NatWest, Santander UK, Monzo, Starling, Revolut UK, Wise UK, Chase UK, and most building societies and credit unions.
• The full sort code and account number. Sort code is 6 digits (conventionally written XX-XX-XX); account number is 8 digits. Double-check every digit — a wrong sort code or account number is the most common cause of failed transfers. Confirmation of Payee usually catches mismatches before the transfer is authorised.
• Beneficiary name. The name registered on the receiving account. UK banks (about 99% coverage) run Confirmation of Payee (CoP) to verify this — a mismatch triggers a warning. For your own withdrawals, the name must match the name on your Peanut account. Faster Payments to third parties are supported — you can also withdraw to a family member's or anyone else's UK account.

You can save multiple UK accounts in the app. Once you have added a sort code + account number, it will be available for future withdrawals without re-entering the details.

Withdraw via Faster Payments

1. 1

   Open the app

   Open the app and tap Withdraw.

2. 2

   Select Bank Transfer

   Select Bank Transfer and choose Faster Payments.

3. 3

   Enter or select a UK account

   If this is your first Faster Payments withdrawal, enter the recipient's 6-digit sort code, 8-digit account number, and beneficiary name. Verify each digit carefully.

4. 4

   Enter the amount

   Enter the amount you want to withdraw. The app shows your available balance and the equivalent in GBP.

5. 5

   Review the details

   Confirm the destination bank (auto-detected from the sort code), beneficiary name, amount in GBP, and arrival time.

6. 6

   Confirm the withdrawal

   Peanut initiates the Faster Payments transfer through Bridge. Your Peanut balance is debited immediately.

7. 7

   Funds arrive

   Funds arrive in the recipient's UK account in seconds. The scheme target is under 2 hours end-to-end; in practice most transfers clear in under 15 seconds.

Faster Payments runs 24 hours a day, 7 days a week, 365 days a year. There is no business-day restriction and no weekend delay — a withdrawal initiated on a Sunday night settles just as fast as one initiated on a Tuesday morning.

Fees and Limits

Peanut charges no fees for Faster Payments withdrawals. There is no minimum and no maximum amount enforced by Peanut. Transactions above $100,000 USD equivalent may trigger a manual review for additional verification under Bridge's standard policy, but there is no hard cap.

The receiving bank's policies apply on top. UK retail banks like Barclays, HSBC, Lloyds, NatWest, and Santander UK accept incoming Faster Payments for free on personal accounts. Digital banks and fintechs (Monzo, Starling, Revolut UK, Wise UK, Chase UK) are universally free for personal transfers. Business accounts sometimes pay a small per-transaction fee or a monthly bundle. The Faster Payments scheme itself caps any single transaction at GBP 1,000,000 (raised from GBP 250,000 in February 2022); your bank may apply a lower per-day cap that can usually be raised in the bank's app.

For the complete fee schedule, see the pricing page.

Processing Time

• Typical processing time: Under 15 seconds. Faster Payments is a real-time payment system; most transfers clear within seconds end-to-end.
• Scheme target: Under 2 hours. A small minority of transfers — typically flagged for fraud or compliance review — may take longer, but the vast majority arrive in seconds.
• 24/7/365: Faster Payments runs continuously, including weekends and UK public holidays. There is no business-day cut-off and no batch window.
• Funds appear immediately in the recipient's account once the receiving bank credits the transfer — no next-day queue.
• Why it's instant: Faster Payments was launched in 2008 by what is now Pay.UK and was one of the world's first real-time retail payment systems. Unlike BACS (which is batch-based and takes 3 working days) or CHAPS (same-day, designed for high-value settlements), Faster Payments clears each transfer individually in real time.

If you need to send to a US, European, or Mexican bank instead, see ACH withdrawals, SEPA withdrawals, or SPEI withdrawals.

Common Faster Payments Issues and Tips

• Wrong sort code or account number: Sent funds are typically auto-returned within 1–3 business days by the receiving bank. The return credits back to your Peanut balance. Confirmation of Payee catches many of these before the transfer is sent.
• Confirmation of Payee warning: UK banks compare the beneficiary name you entered against the account holder at the receiving bank. A close match, no match, account-not-found, or unsupported result triggers a warning. The warning does not block the transfer — you can still proceed — but if you proceed against a "no match" result and the funds go to the wrong person, recovery is much harder. Always check the warning before authorising.
• Daily limits at your sending side: Your originating bank (the one Peanut/Bridge sends from) does not apply consumer daily limits — limits apply to where you send to. The recipient's bank may default to a per-day cap (commonly GBP 25,000–100,000 for individuals), which can usually be raised in the bank's app. The GBP 1,000,000 scheme cap is the absolute ceiling per transaction.
• Name mismatch but CoP unavailable: A small share of UK accounts (newer fintechs, some credit unions, certain business accounts) do not yet support CoP — the result returns as "unsupported." This is not a problem with your transfer; it just means the name-check overlay is not available at the receiving bank, and the transfer proceeds on sort code + account number alone.
• Reference field: Faster Payments carries a free-text reference up to 18 characters at most banks. For personal transfers, the reference is usually optional. For transfers to virtual accounts (custodians, payment processors, exchanges), an exact reference is sometimes required to credit the right account — but Peanut withdrawals go to real bank accounts, so the reference field can usually be left blank or set to anything meaningful to you (e.g. "Peanut withdrawal").
• Sort code vs. account number: Always use the 6-digit sort code and 8-digit account number — never the long-form IBAN of the UK account (some UK banks show one, but it is for SEPA use). For Faster Payments, sort code + account number is the canonical format.

If a withdrawal fails — for example, due to an incorrect sort code or account number — your Peanut balance is automatically re-credited once the receiving bank returns the funds. You cannot cancel a pending Faster Payments withdrawal once confirmed; settlement is too fast.

Withdraw to the UK via Faster Payments Now

Free, no minimum, settled in seconds.