What does reference mean when paying?

What does reference mean when paying?

A payee reference is a message you can include alongside a payment to help the payee identify it. The reference may include details to help the receiver recognise: You as the sender; and /or. The reason for the transfer.

What is the difference between my reference and their reference?

Hello @Beverly101, Their reference is the reference provided by the service/company you making payment to identify your payment and your reference is what you would like to see as payment reference on your bank statement or proof of payment.

What should a payment reference include?

Eight-digit account number of the account you’re paying. A payment reference (often your name or customer number) to let them know the money came from you. Sometimes you’ll need the name and address of the bank you are sending the money to. This helps them to check that the sort code is right.

Can you change a payment reference?

Note: The payment reference will be used each time you pay that payee. You can change an existing payment reference in the Internet Bank, or by speaking to us. If you don’t make a payment to a saved recipient for more than 13 months, their details will be removed from your list of payment references.

What is a payment reference number?

What Is a Reference Number? A reference number is a unique identifier assigned to any financial transaction including those made using a credit or debit card. A reference number helps an institution identify transactions in records and electronic databases used to monitor transactions associated with a card.

How long does a bank transfer take to clear?

As a result, most bank transfers are instantaneous, although in some cases, payment can take up to two hours. It’s important to remember that while Faster Payments aims to provide you with these types of bank transfer times, there’s no guarantee that your payment will be cleared on the same day.