How much do instant transfers cost in the euro area?

28/01/2025

You will have heard in recent days that there have been major changes to the regulations affecting instant transfers, those that take just seconds for money to be sent from one account to another.

The most important change is that, since 9 January, the cost of an instant transfer cannot be higher than that of an ordinary transfer. This does not mean that they have to be free, a common misconception. As we have said, they cannot cost more than ordinary transfers, and will therefore only be free if ordinary transfers are.

Last year, the European Union (EU) approved the new regulationAbre en ventana nueva on bank transfers aimed at extending the use of instant transfers. This regulation establishes, among other things, that entities that offer a service of sending and/or receiving ordinary transfers are also obliged to offer a service of instant transfers. Although this service is already widespread, the regulation requires all euro area payment service providers to offer the possibility of receiving instant transfers by 9 January 2025 and of sending them by 9 October.

Therefore, since 9 January, you can transfer money between banks in the euro area in less than 10 seconds, at any time and on any day, without extra cost if your bank offers the service, as all entities must be ready to receive these payments.

In addition, your bank must inform you of the cost of transfers before you open an account, including any fees for this service in the contract.

Although instant transfers have many advantages, remember that they are irrevocable payment orders. Generally, once you issue the order, you cannot cancel it and the money cannot be recovered without the beneficiary's consent or a court order. That is why, before making a transfer, it is advisable to carefully check the beneficiary account number that we have indicated and make sure that it corresponds to the person to whom we want to send the money.