Instant transfers. Things are changing in Europe. From 2025 banks will be obliged to receive and allow this means of money transfer and it will be prohibited to apply the surcharge, which today in Italy is on average 1.74 euros. This was established by European regulation 886 of March 2024 which comes into force and will therefore bring savings for both private individuals and businesses and more speed in the financial system.
With an instant transfer, funds are transmitted from one bank account to another in less than ten seconds, seven days a week and 24 hours a day. But until now, not all banks allowed it and those who offered the service applied a surcharge; therefore, an additional cost for those who used it. The change will begin in 2025, in two phases.
From 9 January, banks in the euro area will have to allow the reception of instant bank transfers on all the channels that they already make available for ordinary ones. Furthermore, the commission cannot exceed that of an ordinary online transfer. A saving of around one and a half euros is estimated for a transfer of 200 euros.
The second phase begins on October 9th. Banks will have the obligation to also allow the sending, as well as the reception, of instant transfers. The beneficiary verification service will also come into force, to reduce the risk of errors and scams. In those ten seconds in which the transfer leaves and arrives, the correspondence between the Iban and the name of the beneficiary must be checked. And the maximum limit for instant operations is set at 100 thousand euros.
This will happen in the countries of the euro area, while from 2027 the rule will also come into force in the countries of the Union that do not use the single currency. Therefore the entire SEPA area will be involved.
The impact on costs? Today for an ordinary online bank transfer you spend an average of 0.76 euros, for an instant one you can even reach 2.19 euros in traditional banks. The obligation to keep prices the same will mean savings for individuals and companies, but there is a risk that some institutions may increase commissions on ordinary transfers to compensate for the loss of revenue they will suffer due to the new regulation.
The revolution also affects ordinary bank transfers. If done by 5pm they must be credited by the following day, including weekends. This change is also decided in the name of the speed and greater competitiveness of the European financial system.
