Bank transfer: what will soon change


Money transferred in seconds… or days. The bank transfer allows you to move a sum without going through a means of payment such as a bank card, a check or cash. With the democratization of online bank accounts, it is now very easy to make this money transfer, since a few clicks are enough. Many banks also allow you to do this from a mobile application, which makes your life even easier.

However, pay attention to the type of transfer you choose. As the Public Service website explains, there are two types of transfers:

The second option can be used to credit savings or repay a loan, if the account punctured is not the one on which your salary falls.

If you can of course make a transfer online, you can also order it at the counter of your bank or by post, but these two options require more time. For a quick and efficient transfer, opt for your online account, remembering to provide this information, available on your RIB:

In general, the transfer can take 24 hours to 48 hours before being effective, a period which can be extended depending on when you give the order. Indeed, as the Public Service website explains, “if the transfer order is placed at a time close to the end of the working day, it will be considered received the following working day”. Similarly, “if the moment of receipt is not a working day (for example in the case of an order placed by internet), the transfer order is considered to have been received the following working day”.

Are you pressed for time? There is a solution, instant bank transfer. Attention, it is paying in the majority of the cases… But not for a long time. We will explain everything to you.

The instant bank transfer allows you to receive the transferred funds in the second. You can use it for both an internal transfer and an external transfer, but be careful, many banks do not offer it to their customers and you may therefore be charged… 0.94 euro on average in France per payment. It’s expensive to transfer when you can wait…

Fortunately, the European Commission has the solution. As MoneyVox explains, a legislative proposal adopted on Wednesday October 26 intends to lower the price of these instant transfers, or even eliminate them, for all banks. In her text, quoted by the media, she regrets that “only 11% of all transfers in euros made in the EU [are] instant”. 200 billion euros would be blocked daily within the European Union because of the “delays of floating” of the transfers, from one to three days on average.

As a result, the European Commission intends to “remove the obstacles which prevent the generalization of instant payments and the advantages they provide”, in particular their price. So how much are they going to cost you now?

Free instant transfers? It is not so simple. As MoneyVox explains, the European Commission does not impose free transfers, but it explains that the price charged cannot be “higher than that of conventional and non-instant transfers in euros”. However, these are often free so instant transfers will also be free.

Establishments that do not offer this service to their customers will also have to get up to speed and quickly, because they have a period of six months after the entry into force of this text, scheduled for the end of November.