Time is reduced during transfers between bank accounts

In 2025, Europeans will be able to carry out interbank transfers for money for 10 seconds Using a conventional translation. To date, the average term for transferring money between banks of Greece is up to 3 days, and there is a similar service up to 1.5 euros (up to 2025 to 7 euros).

This means that the traditional way of transferring money will cease to exist in the usual form, and the commissions that will be charged should be cheaper Those that are used for non -instant payments.

According to the regulations of the European Parliament, sending money in a matter of seconds will free 220 billion euros Every day, which currently remain blocked throughout Europe, until they are credited to the recipient’s account.

We remind you that on February 14, 2024 in the official magazine EU The regulations of the European Parliament and the Council regarding the change in the functioning of instant translations in euros were published.

The new provisions that entered into force on March 5, 2024 oblige the suppliers of payment services of the Eurozone to comply with the requirements so that they accept instant payments for nine months (until December 5, 2024), and within 18 months (until September 5, 2025) – Sended instant payments.

According to the new legislation, instant transfers of money (transfers) will be:

• Mandatory For all suppliers of payments in the EU until the fall of 2025, for both commercial and central banks.
• WITH low commissionan equal commission for the cheapest translation that banks offer to their customers. In Greece, this means instant translations with a commission of less than 1 euro, instead of 4 or 5 euros that are standing today. In addition, the cost of transactions abroad will be equal to the cost of internal translations.
• Safesince banks are required to introduce an additional audit through the comparison of IBAN and the name of the recipient so that the sender can prevent possible errors in the recipient of payment.
• Uninterruptedsince the regulation of inspections that banks impose to prevent fraud or impose sanctions is introduced, which leads to an unnecessary deviation of a significant percentage of translations. The deviation time is reduced from 20 to 10 seconds so that the translations are carried out uninterruptedly and safely.

From January 20, 2025 The cost of money transfers (from an account to the account) between different banks Greece decreased from 0.5 to 1.2 euros.

Until the end of 2024, the cost of transfer between banks was with a conventional priority (term of 72 hours) about 5 euros, (3.5 recipient, +1.5 sender) and accelerated, within 24 hours, up to 7 euros (3.5 Recipient, +3.5 sender).

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