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Faster Payments

Faster Payments is a payment method added used in Haveno for buying and selling XMR for British Pounds (GBP).

Faster Payments is the most common way people in the UK send and receive payment to each other via their banks.

Faster Payments usually instant, but can take up to 24 hours depending on the senders or receivers your bank.

Where can I find out more about Faster Payments?

Here is a list of Faster Payments resources:

What 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 allows peer to peer payments of:

  • British Pounds (GBP)

What is the maximum trading duration for Faster Payments?

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

What is the maximum XMR limit for an Faster Payments trade?

12 XMR

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 eg TransferWise.

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

It is easy to add your Faster Payments account to Haveno:

  • Go to the top menu in Haveno and select Account.
  • Then select National Currency Accounts.
  • Click add new account
  • Select Faster Payments
  • Complete the details
  • Choose to use a custom account name this helps makes it easier for you to manage multiple payment methods in Haveno (this will be visible only to you, for example: Faster Payments - GBP - John Smith)
  • Click save new account

Make sure all the details are correct when you add.

Make sure to include both your Name as shown by the bank when you send payment (eg John Smith, or J Smith), your sort code and account number.

Warning

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

How do I buy XMR with my Faster Payments account?

You can buy XMR with Faster Payments on Haveno in 2 waysː

  • Make an offer to buy XMR on the GBP market.
  • Take an offer to buy XMR on the GBP market.

When the offer is confirmed Haveno will provide you with the XMR Sellers Faster Payments details for you to complete the payment. You should send payment immediately and confirm you have done so in Haveno by clicking 'payment started'.

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

Once the XMR Seller receives your payment they will confirm in Haveno and your security deposit and your purchased trade amount will be available in your wallet.

Warning

Please send payment only to the details provided by the XMR Seller in their Haveno account. Please leave the payment description blank.

How do I sell XMR with my Faster Payments account?

You can sell XMR with Faster Payments on Haveno in 2 waysː

  • Make an offer to sell XMR on the GBP market.
  • Take an offer to sell XMR on the GBP market.

When the offer is confirmed Haveno will provide with the XMR Buyer with your Faster Payments details for you to complete the payment. They should send payment at their first opportunity and confirm they have done so in Haveno by clicking 'payment started'.

Once you receive payment from the XMR Buyer you should confirm payment has been received in Haveno. One you have done this the XMR Buyer will receive their funds and you will receive your security deposit back.

Warning

XMR Sellers should expect to receive payment from the name shown in the XMR Buyer's Haveno 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 for me to be aware of when using my Faster Payments account?

It is free to send and receive payments.

How does dispute resolution when trading with Faster Payments?

If a dispute occurs the arbitrator may ask the buyer to send them information showing that they made the payment of the correct amount to the XMR Seller within the correct time frame.

The arbitrator may ask the seller to send them information to prove their account details are correct, or in the case of the XMR Buyer making a payment late, or of the wrong amount.

For more information see Conflict Resolution.