These are new bank transfers approved by the European Parliament.
During this year The European Parliament approved new rules regarding bank transfers. These standards ensure that instantly and in euros. Until now, bank transfers depended on the calendar or fees charged by banks. The transfer usually takes effect within 24-48 hours on business days, but if there are holidays or weekends in between, it may take a few days. This is why the European Parliament decided to make changes in this area.
New rules
This new regulation is characterized by safety and efficiency. allows money to arrive in the recipient’s account within a maximum of 10 seconds. The measure could benefit both individuals and large companies, but Parliament says it will primarily benefit companies. SMEby reducing the wait for funds to arrive by several business days. It was approved by 599 votes for7 against and 35 abstaining.
“The efficiency of transfers must be guaranteed regardless of the day and time; The money should arrive in the recipient’s account within 10 seconds.“noted in the statement of the European Parliament distributed to inform you about the new rules.
To ensure security, payment providers will need to apply Reliable and modern fraud detection and prevention measuresto prevent transferred money from ending up in the wrong account due to mistake or fraud. This is why these suppliers operating in the European Union must offer at no extra cost recipient identity verification service. As an additional protection against fraud, institutions should allow customers to set a maximum amount for instant euro transfers, which can be easily changed before making a new transfer.
As for the cost, as indicated in the same statement of the European Parliament”“The fees applicable to immediate transfers in euros cannot be higher than those applicable to regular transfers in euros.”.
When will it come into force in Spain?
The new European instant transfer rules came into force 20 days after their publication in the Official Journal of the European Union. However, the European transposition into Spanish legislation, previously published in the Official Gazette of the State (BOE), provides banking institutions period for the implementation and launch of these measuresto “adapt its systems and offer this service free of charge to all its customers.” From the date of publication in the Official Journal of the European Union, banks have a period 18 months to implement changesjudging by what they say until October 9, 2025.
Thus, Spanish banks must comply with European rules on immediate transfers until 2025. Otherwise, a non-compliant banking institution in Regulation 2024/886 of the European Parliamentavailable in the Official Gazette may be subject to sanctions.
The application of this regulation is based on two fundamental principles: service offering and cost. The document explains the obligation of banks to create the cost is equal to or lower than the amount established for bank transfers. Starting next year, that is, from 2025, it will be known whether banks will decide to change their rates on regular transactions to minimize losses, or whether they will decide to maintain their current prices, since today there are some banks that offer standard transfers free of charge.