Good news for anyone sending money within Europe: instant money transfers are about to get cheaper. Starting in January 2025, banks will be required to charge the same fees for instant transfers as they do for regular transfers.
This means that sending money instantly, with the recipient receiving it within seconds, will no longer come with a hefty price tag.
Currently, instant transfers can cost up to €5, significantly more than the €1 to €3 typically charged for standard transfers that take a day or more to process.
Under the new rules, banks cannot charge extra for the convenience of instant transfers, making these services more accessible to everyone.
This change addresses long-standing concerns about the high cost of instant payment services and ensures that these systems operate 24/7, even on weekends and holidays.
By making this technology more affordable, it is expected to encourage wider adoption of instant payments and facilitate smoother financial transactions across the European Union.
Banks and payment providers have until January 9, 2025 to comply with these new rules. This means that governments will need to act quickly to implement the necessary legislation.
For consumers and businesses, this is a welcome change that will make sending and receiving money quicker and more affordable.