As of January 9, immediate transfers are equivalent to ordinary transfers. They do so due to the entry into force of new regulations approved by the European Union and to which banks must adapt.
In practice, it means that An immediate money transfer will have the same cost as an ordinary one. In this way, given that ordinary online transfers in most large Spanish banks are free, immediate online transfers will also become free from this Thursday.
But this scenario in the operations of money transfers also puts on the table the role of Bizum. This platform with 28 million active users in Spain is usually used precisely to make small payments immediately, especially between individuals, although it is also possible to do so with a business. Furthermore, these money transfers they do not carry commissionas was the case with immediate transfers.
But with instant transfers being free in most cases, some payments could be moved between channels. However, there are differences between operating with one or the other.
The differences between Bizum and immediate transfers
The first thing to keep in mind is that in Bizum is operated through a mobile application integrated into your bankingwhich is designed to make payments between users who have the functionality activated. Today, the options include having one bank account associated with one phone number, one bank account associated with two phone numbers or two bank accounts associated with two phone numbers.
In the case of the transfersa person with several bank accounts can make transfers between them through the entity’s different channels without the need to have associated telephone numbers. Of course, you can also make a transfer to your own account in another entity.
Money limits, the big difference
But the big difference between one and the other is the limits of money that can be sentas well as maximum operations.
In Bizum, the maximum amount to send or receive in a single operation is 1,000 euros, the maximum amount that can be sent per day is 2,000 euros and the maximum amount that can be sent per month is 5,000 euros. Likewise, the number of total operations received per month is 60.
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Maximum amount to send or receive in a single operation: 1,000 euros
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Maximum amount that can be sent per day: 2,000 euros
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Maximum amount that can be sent per month: 5,000 euros
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Number of total operations received per month: 60
Online bank transfers They have broader limits and each bank sets the maximum amount of money according to security or operational issues.. For example, at BBVA the pre-established maximum amount of each digital transfer is 15,000 euros and the maximum total daily transfer amount is 30,000. In the case of Santander, the maximum limit of each transfer will be that stipulated in the Digital Banking Contract. By default it is 6,000 euros, although you can raise the limit to 30,000.
What Bizum and immediate transfers will coincide with – in addition to being free in the cases that apply – will be in time. In 10 seconds You can send and receive money on this platform, at the same time as stipulated by the new European regulations “regardless of the day or time.”
As reported by ABC, most banks plan to adapt their policies and the majority of instant transfers will be free in online channels, while telephone or in-person transfers will continue to have a cost.
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