What is an Instant Payment?
An Instant Payment is a type of faster payment, which allows you to send money to your account in real time, by initiating a payment in the Killik App and authorising this payment in your banking app. Payments that traditionally took a few days to process or multiple hours can now be made in a matter of seconds. There are no restrictions to when an Instant Payment can be made – this service is available 24/7.
How do Instant Payments work?
Instant Payments work by initiating a payment within the Killik App and then securely authorising this payment through your banking app. This is an electronic transfer that is designed to speed up the process of making payments to individuals and third parties. We use our secure partner TrueLayer to facilitate initiating and authorising a payment.
How long will my payment take to show on my Killik account?
If you have made an Instant Payment, this will be visible in your Killik account within a few minutes (pending state) and show as completed within few hours (this will take longer on weekends).
Can I make Instant Payments to more than one Killik account?
No, Instant Payments are only available for individual Killik accounts e.g. you cannot make payments to a Killik account that is not your personal account.
Can I choose which bank account to make a payment from?
No, Instant Payments need to come from the bank account that you have registered with Killik. If you wish to change the bank account details Killik holds for you, please visit the Your Details section in the Killik app.
What is the maximum Instant Payment I can make?
The maximum amount for an Instant Payment is set within the Killik App at £20,000 per day. Your bank may have a smaller maximum or require you to set-up Killik as a payee before making an Instant Payment. Please see FAQ “Does my bank have a limit on payments” for more information.
What is the minimum Instant Payment I can make?
The minimum amount for an Instant Payment is £100.
Does my bank have a daily limit on payments?
Most banks do not have a daily limit below £20,000 for Instant Payments, however there are a few banks that have a daily limit in place for new payees, or who have a daily limit in place lower than £20,000.
Barclays:
- Daily limit of £2,000 for new payees, however this can be raised to a daily limit of £10,000 by adding them as a new payee. To learn more, see FAQ “How can I add a new payee if I have a Barclays bank account?”
Monzo:
- Daily limit of £10,000, however this can be increased through the app via customer services, using the following instructions.
- Log into your Monzo account
- In your current account select 'manage', and then 'Limits'
- Next select 'request a limit increase'
- Click 'Get started' and follow the process to increase your limits
Nationwide:
- Daily limit of £10,000 for new and existing external payees. This cannot be raised to a higher amount.
To check if your bank account has any limitations or conditions for Instant Payments, please click here.
How can I add a new payee if I have a Barclays account?
Barclays include a Confirmation of Payee, defined as "an account name checking service that helps to make sure payments aren’t sent to the wrong bank or building society account". This means that you will not be able to make a payment higher than £2,000 to a new payee from your Personal Account (or £5,000 for Premier Accounts).
In order to overcome Barclays’ daily limit for new payees, you can easily add the payee on the Barclays app following the steps below.
- Log in to your Barclays app and tap ‘Pay & Transfer’
- Tap ‘Pay a recent or new payee’
- Select the account you want your payment to come from and then tap ‘To’
- Now you’ll see an option to ‘Add new payee’ at the top of your screen.
- Select ‘Enter bank details’
- Select 'Business' and enter name, sort code, and account number. In case of doubt, we recommend you initiate a payment directly from the app, where these will be made visible
- Barclays will then carry out its name-checking and suggest the registered name, which you will need to confirm or amend
- If details match, the registered name will appear, accept suggestion (or amend) and continue to save the payee
Daily limits to known payees depend on the type of account, in summary, they increase to:
- Personal: £10,000
- Premier: £30,000
For further help on adding a new payee with a Barclays account click here.
Can my current and savings accounts be used to make an Instant Payment?
No, at the moment only current accounts for personal bank accounts are supported.
Can I send an Instant Payment from myKillik web?
No, this service is only available to use through the Killik App.
Are Instant Payments safe?
Instant Payments utilise Open Banking (regulated by the FCA), which provides more safety in terms of risk management and fraud protection as the technical standards required under its guidelines mean that stricter authentication and verification is needed. It is a regulatory requirement from the FCA for banks to have open banking available for clients as a secure payment’s method.
For further information on security measures click here.
Do you share my data with your secure partner TrueLayer?
The simple answer is No. When you make a payment using TrueLayer, you do not have to share all of your account data with us.
It is important to note that TrueLayer only receives information for what you have consented to. So, if you have not consented to share your data with TrueLayer, they will not have access to your information. If you are only providing consent to create a payment TrueLayer will only receive data in relation to this payment.