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The tech for instant tranfers is already there, they just charge ridiculous amounts for it. Eg. my bank charges 7€ for an instant transfer, slow transfers are
by newaccount74 4y ago
The tech for instant tranfers is already there, they just charge ridiculous amounts for it.
Eg. my bank charges 7€ for an instant transfer, slow transfers are free. This proposal would make all transfers free and instant.
- drooopy 4y agoOne of my banks in Portugal charges €1,7 flat for any instant transfer also. It's infuriating to know that the tech is there but banks are just being banks.
- MichaelZuo 4y agoIt's impossible to make anything free. The likely outcome is the costs will be moved around so that its paid indirectly.
- deleted 4y ago[deleted]
- yladiz 4y agoBanks already make enough money from interest on loans, they can afford the minor cost of an instant SEPA transfer. The €7 cost that the parent is charged is way too high, I only have to pay €0.5 for the same with my bank, with a cap of €2,000 on the amount of the transfer (above it can only be the slow transfer).
- MichaelZuo 4y agoYes, hopefully that will be the case when everyone uses it due to economies of scale. A few extra euro cents per transaction should only represent a small burden per account holder.
- yladiz 4y agoI hope so. I hope it won't be the case where it's enforced that people have the ability to send money instantly but the cost isn't capped.
- newaccount74 4y agoI already pay a monthly fee for my bank account, and other banks manage to offer instant transfers for free. I really can't imagine that instant transfers cost my bank 7€ per transaction. They are just trying to make a quick profit. Just like card payment processing fees, this is a case where banks are overcharging for a service, and the EU will fix the situation.
- radicalbyte 4y agoFree transfers within some countries are usually instant. That needs to change into always instant and then cross border. The situation is comparable to mobiles in a decade - it's a profit center for banks, the systems are there but they make more money by getting in the way. So the EU need to step in and regulate this market failure.
- louhike 4y agoMy bank (Boursorama) does free instant transfers, so it’s definitely viable for banks.
- AnssiH 4y agoDepends on the bank. My bank processes regular free bank transfers as instant if supported by the destination bank.