Did you know that you can now make a transfer in less than 10 seconds to anywhere in Europe?
Maybe you have to order a transfer to a family member who is in quarantine in another European country. You can now send money anywhere in Europe instantaneously, 24 hours a day, 365 days a year.
Before these instant payments became operational on 21 November 2017, you could transfer money to an account and, in many cases, it would not arrive until the next day.
This has changed with this new service developed by the European Central Bank, which is called TARGET Instant Payment Settlement (TIPS) and is available at banks.
TIPS processes payment transactions in a few seconds to anywhere in Europe:
- From individual to individual,
- From individuals to companies,
- Between companies.
Both the issuer and the recipient will receive immediate confirmation, and the money will be available for use instantly.
You should bear in mind that:
- The maximum amount is €15,000.
- You may be charged a commission, but your bank must inform you of the amount in advance.