Monday, July 8, 2024, 7:54 PM
Bank transfers are one of the options that many citizens use to transfer money from their account to another. Although it is true that in recent years Bizum has replaced them for common daily operations, many customers continue to use them. Generally, when making them you have different modalities. The most attractive for customers are the immediate ones so that the transfer is made in a matter of minutes, however, if it is made between different banking entities a commission will be charged.
Until now, this type of transfer was only possible between Spanish banks. If you wanted to make an ordinary international transfer in euros between bank accounts in the European Union (EU), the time until the other person receives it is, at the earliest, the next business day after the receiving bank receives the funds. Even in cases where it is made in a currency other than the euro, the delay is much longer.
This is why last March the European Union approved a new regulation on instant payments that modifies these deadlines and will allow consumers and companies in the European Economic Area (EEA) – the 27 member countries of the EU plus Iceland, Liechtenstein and Norway – to transfer money in 10 seconds at any time of day, even outside business hours.
What commissions will banks charge?
According to the Bank of Spain’s blog, another piece of good news, in addition to the speed with which it will be carried out, is that all banks are obliged to offer this service, and, if they charge a commission for it, this cannot be higher than that applied to ordinary transfers. In addition, to avoid possible fraud, they must check that the IBAN number and the name of the beneficiary of the account to which we want to send money match.
When will they start to be used?
The regulation approved by the European Union indicates that banking entities have a transitional period of application and gives entities in the euro zone until October 9, 2025 to offer the possibility of sending them and until January 9, 2025 to be ready to receive immediate transfers. However, the Bank of Spain also points out that Iberpay, the Spanish Society of Payment Systems, has reported on its website that some Spanish banks will offer this service from October of this year.
On the other hand, the adaptation period will be longer for those EU banks that are located in countries outside the euro area.
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