In just over a month, banks have to implement a new commission policy for immediate transfers, those that become effective in just a few seconds and for which they now usually charge a large part of their clients.
This change in policy is required by Brussels for the so-called SEPA transfers, an acronym for Single Euro Payments Area; and some entities have already indicated to their clients what is going to happen, whether or not they will have to pay for making transfers that become effective in 10 seconds. In other cases, we have to wait to see what they decide.
We analyze the reason for this change and what the banks are saying, whether or not they are going to change their commission policy for this type of transfers.
What is it that changes?
This change in conditions comes from a regulation approved by the European Parliament and two community directives to facilitate payments and transactions within the European Union and accelerate competition. This means that a deadline was set, next January 9, 2025, for eurozone banks to match what they charge for immediate transfers, which take seconds to reach the recipient; and those that take hours or days.
Specifically, what this legislation coming from Brussels said is that “to avoid contradictory requirements and taking into account the fundamental objective of guiding users of payment services towards immediate transfers in euros” financial institutions are required to Commissions charged to originators and beneficiaries for immediate transfers in euros do not exceed the commissions charged for those that are not immediate.
That is to say, the first ones, those that take seconds, cannot be more expensive than the ordinary ones, those that are effective in hours or take 24 or 48 hours. Right now, most banking entities do not charge a large part of their clients for these second transfers, for example, those who have their payrolls, pensions or various receipts direct deposited. It is worth remembering that commissions have become in recent years one of the sources of income for banks and, also, a commercial tool to attract clients from competitors.
And what are the banks going to do?
Most of the large banks consulted by elDiario.es assure that they will not charge for immediate transfers to those clients from whom they no longer require commissions for ordinary transfers. Of course, we will have to wait for clients to receive official communications from their banks and read the fine print. In any case, they will not be able to charge clients a higher commission for an immediate transfer than that charged for an ordinary one.
In the case of Caixabank, controversy has arisen, after several users published on social networks that the bank was going to charge a minimum of 6 euros. The entity owned by the State ensures that “all those clients linked to the ‘Día a Día’ program, clients with an online account and Imagin clients have subsidized ordinary transfers and, therefore, starting in January they will also be able to make transfers “immediate free.” According to Caixabank, these clients make up 17 of the bank’s 18 million users.
Also that “as in all entities, clients who do not have subsidized transfers will continue to pay ordinary transfers and, starting in January, the price of immediate transfers will be equal.” In these cases, it does have a minimum price of 6 euros for all those carried out within the European Union and a maximum that can reach up to 2,000 euros. And, in between, the equivalent of 0.4% of the transfer amount.
It is worth remembering that a few weeks ago, Caixabank changed the conditions of its Día a Día programwhere as of January there will be 14 million clients and in which each of them will have to look at their particular conditions, because it defines the bonus for services based on their connection, in a plan that includes bank account, card, transfers , receipts or cashiers.
Santander, although it has not yet sent a communication to its clients, assures that its immediate SEPA transfers “will have the same cost as ordinary transfers, in compliance with the regulation” and that “in the majority of cases, our clients do not pay for ordinary transfers and that pricing policy is not going to change. Therefore, for those customers, starting January 9, immediate transfers will also be free.”
Meanwhile, Banco Sabadell points out that it is “adapting processes in terms of technology.” A change that “will be completed in January 2025, as established by the norm.” “Those who have free standard transfers will now have free immediate transfers,” adds this entity. Furthermore, it indicates that “as it is a modification that favors the client, there is no obligation to communicate it two months in advance” and that it will be done in the statement for the month of December or when the bank application is accessed.
Of the other five large Spanish entities, BBVA and Bankinter do not tell elDiario.es what they are going to do, although the entity chaired by Carlos Torres indicates that it will adapt to the deadlines set by European regulations.
And what is going to happen to the rest?
Well, it’s time to see what they charge for ordinary transfers because that will be what they will have to charge for immediate ones, but we must bear in mind that the measure required by Brussels does not come into force until January 9, 2025, so the banks still have just over a month to tell their clients what they are going to do.
The Bank of Spain indicates that entities can “charge you a commission for this service”, which is usually a percentage of the transfer amount, with a minimum per operation. That is, the commissions “are free,” says the supervisor, “except in cases in which they are legally limited,” as will happen starting in January, equating the commission for immediate transfers with ordinary transfers.
And he gives an example, with a commission of 0.4% and a minimum charge of 6 euros, in a transfer of 1,200 euros, the amount would be 4.8 euros. However, since in that case it does not reach the minimum, then you have to pay those 6 euros. Meanwhile, if the transfer is 5,000 euros, you would have to pay a 20-euro commission.
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