Banks are set to begin offering instant money transfers at the same cost as standard ones starting next month, following the government’s schedule for implementing this European Union (EU) initiative.
From 9 January 2025, credit institutions will be required to provide instant transfers within the single euro payments area (SEPA) zone at the same price as standard transfers. For customers who currently enjoy free transfers, instant transfers will also be free of charge.
The regulation was approved last February by the European Parliament with 599 votes in favour, seven against and 35 abstentions. Its goal is to eliminate delays for retail customers and businesses while improving transfer security. Banks and other payment service providers (PSPs) will be required to ensure that transfers are affordable and promptly processed.
EU member states whose currency is not the euro will also need to implement the rules where accounts already support regular transactions in euros, albeit with a longer transitional period. However, there will be a special exemption from the requirement to process payments within 10 seconds for such accounts outside business hours, due to the risk of insufficient liquidity in the European currency.
To enhance security, payment service providers must implement robust and up-to-date fraud detection and prevention measures to ensure that transferred funds do not end up in the wrong account due to error or fraud. Additionally, they must provide a service to verify the recipient’s identity at no extra cost.
However, non-SEPA transfers – those made in a currency other than the euro or to non-SEPA or TARGET countries – are not covered by this regulation. As a result, their pricing will remain subject to each bank's policy and may differ from that of standard transfers.
A Banco Santander spokesperson stated that, in most cases, its clients do not currently pay for ordinary transfers, and this pricing policy "is not going to change." As a result, immediate transfers will also be free for these clients starting 9 January.
Similarly, BBVA sources confirmed that for individual clients, "immediate transfers made via remote banking (web and app) will be free from 9 January, while in branches, the rates for immediate and standard SEPA transfers will be the same".
This approach is similar to that of Banco Sabadell. According to sources from the Catalan bank, the necessary technological upgrades are being implemented in the month leading up to 9 January to facilitate the transition for customers. Notifications are expected to be included in December account statements and sent via mobile app alerts.
When approached by Europa Press, CaixaBank clarified that clients registered with the "Day to Day" programme, holders of online accounts, and Imagin customers – totalling approximately 17 million – already benefit from discounted ordinary transfers. Consequently, "from January, they will also be able to make immediate transfers free of charge".
CaixaBank added, "As with all banks, customers who do not qualify for subsidised transfers will continue to pay for ordinary transfers, and starting in January, the cost of immediate transfers will be aligned with that of standard ones."
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