Pay with Faster Payments Using Peanut — Coming Soon
Peanut is adding Faster Payments support. Soon you'll send GBP to any UK bank account from your digital dollar balance — instantly.
Peanut is adding Faster Payments support. Soon you'll be able to send money to any UK bank account directly from your Peanut balance — converting digital dollars to pounds and delivering them in seconds, 24/7. Faster Payments is the backbone of UK domestic transfers, processing over 5 billion transactions per year across all major banks, building societies, and digital banks. Once the integration goes live, Peanut will let you move money into the UK banking system without needing a UK bank account of your own.
Whether you're sending money to family in the UK, paying a contractor, or settling a bill, Faster Payments through Peanut will give you instant delivery to any UK bank account at a competitive exchange rate — no NIN (National Insurance Number) or UK banking relationship required.
What Is Faster Payments?
Faster Payments is the United Kingdom's real-time payment system, operated by Pay.UK. Launched in 2008, it was one of the world's first real-time payment systems — predating most modern instant payment networks by a decade. It enables near-instant transfers between UK bank accounts 24 hours a day, 7 days a week, 365 days a year.
Most UK bank transfers that settle in seconds are using Faster Payments under the hood. The system supports single immediate payments, forward-dated payments, and standing orders. Transaction limits go up to GBP 1,000,000, though the default cap varies by bank (typically GBP 250,000 for individuals). Faster Payments is infrastructure — UK consumers interact with it through their bank's "send money" feature rather than by the Faster Payments name directly.
All major UK banks are connected: Barclays, HSBC, Lloyds, NatWest, Santander, as well as digital banks like Monzo, Starling, and Revolut. Building societies and credit unions also participate.
Where It Works
Faster Payments covers the entire UK banking system:
- All major high-street banks — Barclays, HSBC, Lloyds, NatWest, Santander
- Digital banks — Monzo, Starling, Revolut (UK), Chase UK
- Building societies and credit unions
- Business accounts — corporate and SME bank accounts
- Standing orders and scheduled payments
Unlike QR-based payment systems, Faster Payments is an account-to-account transfer system. You send money using a sort code and account number. This means it works for paying anyone with a UK bank account — landlords, utility companies, freelancers, friends, or family members.
The UK has a large expatriate and tourist population connected to Latin America, Australia, Africa, and Asia. Whether you need to pay rent to a UK landlord while living abroad, settle an invoice with a British contractor, or send money to family in London, Peanut's Faster Payments integration will make it instant and fee-free from your digital dollar balance.
How It Will Work
- 1
Open Peanut and select Send
You'll open the Peanut app and choose to send money via Faster Payments to a UK bank account.
- 2
Enter the recipient's bank details
Provide the recipient's sort code and account number, or use a saved payee.
- 3
Review the payment
You'll see the GBP amount, the digital dollar equivalent, and the exchange rate. The rate will lock when you confirm.
- 4
Confirm and send
Tap to confirm. The recipient will receive pounds in their UK bank account within seconds — 24/7, including weekends and holidays.
The exact payment flow will be confirmed closer to launch. The steps above reflect the general Faster Payments experience combined with Peanut's existing payment model.
What You'll Need
When Faster Payments support goes live, you'll need:
- A Peanut account with identity verification. Verify with your passport or national ID card from any country — under 2 minutes for most users. Your documents are handled securely and Peanut never sees or stores them.
- A funded digital dollar balance. Deposit from any exchange or wallet, or via SEPA bank transfer from Europe. All deposits are free.
- The recipient's UK bank details. Sort code and account number for the receiving bank account.
- No UK bank account or NIN required on your end. You won't need a National Insurance Number or UK banking relationship to send money into the UK banking system through Peanut.
Specific requirements and transaction limits will be confirmed at launch.
Fees & Exchange Rate
Peanut charges no fees on payments. When Faster Payments support goes live, you'll convert your digital dollars to GBP at a competitive market exchange rate with no transaction fee and no hidden charges.
The rate will lock at the moment you confirm the payment. No slippage, no post-transaction adjustments. Peanut's model eliminates the fees that traditional remittance services charge on the UK corridor — where cross-border transfers typically cost 1-3% and take 1-3 days.
Detailed rate comparisons and savings estimates for the GBP corridor will be published closer to launch.
