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> Most banks charge a hefty fee for an instant payment (mine charges €1.25). Interesting. In my country (Finland) all banks that have joined the TIPS (SEPA Ins

> Most banks charge a hefty fee for an instant payment (mine charges €1.25). Interesting. In my country (Finland) all banks that have joined the TIPS (SEPA Instant Settlement) always use it automatically if the destination bank supports it as well - at no extra charge to the account holder of course. Are you sure you are talking about TIPS / SCT Inst payments? Either way, your bank is not allowed to charge extra fees for cross-border SEPA transfers (as compared to domestic.)

sofixa 5y ago
Yep. Entirely depends on the bank - in France neobanks ( e.g. Boursorama, Aumax, Fortuneo, N26 ) have them for free, while old banks usually charge you a small fee.
- hocuspocus 5y ago
  Boursorama and Fortuneo aren't neobanks ;)
  - sofixa 5y ago
    Kind of. They're newer than the old classical ones, and don't have a physical retail network. Everything is done via a website or app.
- Semaphor 5y ago
  Huh. N26 in Germany charges me for instant payments.
newaccount74 5y ago
It depends on your bank. My Austrian bank charges a ridiculous fee of 8€ for an instant SEPA transfer.
ThrowAwayIRUK 5y ago
Interesting! So, TIPS is just one of the available clearing mechanisms available for the SEPA Inst scheme. (The other one is RT1, which is live a little bit longer) Currently, there is no "regulatory forced" interoperability between RT1 and TIPS, though the 4CB are discussing it. (Esp. since RT1 is a private clearing mechanism, while TIPS is the one operated by the 4CB) And, regarding fee: You are wrong - depending on the local jurisdiction (esp. consumer rights), a bank may for sure charge for processing SEPA SCT Instant messages. Over here, SEPA Instant transactions are around 0,50EUR - 1,00EUR, currently; some are also offering them for free. DISCLAIMER: Lead Payment Engineer at an European Challenger Bank, i'm implementing that stuff in the backend, i'm mainly talking to our central bank.
- AnssiH 5y ago
  > And, regarding fee: You are wrong - depending on the local jurisdiction (esp. consumer rights), a bank may for sure charge for processing SEPA SCT Instant messages. They didn't say that banks cannot charge for SCT Instant. They said that banks can't charge more for international than they do for domestic.
  - ThrowAwayIRUK 5y ago
    Then, your "universal sentence" is not matching, since you didn't mention the transfer way: for sure i can charge you more for a SWIFT or T2 EU-transaction than i do for a SEPA EU-transaction.

sofixa 5y ago

Yep. Entirely depends on the bank - in France neobanks ( e.g. Boursorama, Aumax, Fortuneo, N26 ) have them for free, while old banks usually charge you a small fee.

hocuspocus 5y ago
Boursorama and Fortuneo aren't neobanks ;)
- sofixa 5y ago
  Kind of. They're newer than the old classical ones, and don't have a physical retail network. Everything is done via a website or app.
Semaphor 5y ago
Huh. N26 in Germany charges me for instant payments.

newaccount74 5y ago

It depends on your bank. My Austrian bank charges a ridiculous fee of 8€ for an instant SEPA transfer.

ThrowAwayIRUK 5y ago

Interesting! So, TIPS is just one of the available clearing mechanisms available for the SEPA Inst scheme. (The other one is RT1, which is live a little bit longer) Currently, there is no "regulatory forced" interoperability between RT1 and TIPS, though the 4CB are discussing it. (Esp. since RT1 is a private clearing mechanism, while TIPS is the one operated by the 4CB) And, regarding fee: You are wrong - depending on the local jurisdiction (esp. consumer rights), a bank may for sure charge for processing SEPA SCT Instant messages. Over here, SEPA Instant transactions are around 0,50EUR - 1,00EUR, currently; some are also offering them for free. DISCLAIMER: Lead Payment Engineer at an European Challenger Bank, i'm implementing that stuff in the backend, i'm mainly talking to our central bank.

AnssiH 5y ago
> And, regarding fee: You are wrong - depending on the local jurisdiction (esp. consumer rights), a bank may for sure charge for processing SEPA SCT Instant messages. They didn't say that banks cannot charge for SCT Instant. They said that banks can't charge more for international than they do for domestic.
- ThrowAwayIRUK 5y ago
  Then, your "universal sentence" is not matching, since you didn't mention the transfer way: for sure i can charge you more for a SWIFT or T2 EU-transaction than i do for a SEPA EU-transaction.