Digital bank transfers will undergo a significant adjustment on January 1st of next year.
All bank transfers will be free and effective immediately as a result of new EU regulations.
There are two kinds of transactions nowadays. There are some that happen instantly but charge the sender, and those that are free but take two to three working days. As a result, money transfers will be quicker and less expensive starting next year. The transfers that occur simultaneously will then be totally free.
These days, using direct transfers to send money might be very costly. Bankinter requires a minimum of 12 euros and charges 0.4 percent. CaixaBank requires a minimum transfer of 1.95 euros and charges 1.99 euros + 0.4 percent. However, you won’t have to worry about this in less than a month.
To align the services of transfer apps like Swedish Swish or Spanish Bizzum, changes are done in compliance with recently implemented EU directives. Additionally, “the directness of the transfer must be guaranteed” is stated in the instructions.
This implies that the sender should be informed when the payment is complete and that the funds should be transferred within ten seconds.
Every Spanish bank has affirmed that they are prepared to implement the new regulations starting in the upcoming year. It’s crucial to keep in mind that they only apply to electronic payments. It may still take two to three business days for a transfer to be executed if the customer wishes to make it in person at a bank branch.
The EU wants to standardise payments within the Union, which is why the new rules were created. “In order to create an integrated market for immediate transfers in euros, it is of the utmost importance that transactions take place in accordance with common rules and requirements”.
Both EU nations that still use their own currency and the EMU nations are subject to the rules. The new regulations require banks to provide fingerprint identification in their apps in order to ensure security. Additionally, customers must be asked to pick a maximum amount that is simple to raise or lower as needed.
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