Quicker transfers... without losing security
You must have heard of the apps used to carry out instant payments, or you may even already be using one (such as, Bizum). Instant payments are issued by users through their smartphone or online. Funds are deposited in the beneficiary’s account in just a few seconds, and are therefore available at that very moment.
Apart from the immediacy of these transfers – executed in a maximum of 20 seconds – the innovation, with regards to what already was available, is that they can be carried out 24 hours a day, every day of the year, including holidays. You will be able to manage your payments instantly at any time of the day! Instant payments were very restricted just up until a few months ago. Only a reduced group of banks offered them for small amount transactions between accounts opened in Spain.
A new standard is in use since November 21st 2017 for performing these transfers, which more and more banks are adopting. It allows both national and international instant payments of up to 15,000 euros per transaction.
In any case, the system is being introduced progressively, so it's convenient to enquire if your bank offers this service and its conditions. Each bank can freely determine the maximum amount of each transaction and the fees applied.
Of course, this extra quick speed does not diminish the transparency obligations that banks must comply with in these cases: before using an instant payments platform, they must inform you of the price charged for using this service.
If you want to learn more about instant payments, click here