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In Europe sending money from one bank account to another is generally free and often almost instant

ArtTimeInvestor 3y ago
Thats news to me. Can you link to a page of a bank in Europe where they state that they offer free instant money transfers?
- dgellow 3y ago
  It’s pretty simple to see. First result I found: https://moneytransfers.com/bank-transfers/sepa-transfers https://moneytransfers.com/bank-transfers/sepa-transfers For example from Germany to Austria, sending 1200€, I see multiple providers with no fees for quick transfers.
  - ArtTimeInvestor 3y ago
    I dont't see instant transfers on that page. It says "within 24 hours" and sometimes even "within a week".
    - dgellow 3y ago
      You can change filters… You can also check https://www.europeanpaymentscouncil.eu/news-insights/videos/sepa-instant-credit-transfer-scheme https://www.europeanpaymentscouncil.eu/news-insights/videos/...
- IanCal 3y ago
  The UK has "faster payments" which is usually instant (sometimes held up for fraud checks). I'm not aware of any bank that charges for this.
  - hot_gril 3y ago
    There's Zelle in the US, but it has limits, and it's pretty easy for your money to get stuck being "verified."
- troupo 3y ago
  Besides SEPA which mandated the upper ceiling and an upcoming regulation which forbids banks from de-prioritising payments to/from other banks (can't remember what it's called now) many European countries have had instant bank transfers locally. For example, Swish in Sweden: https://www.swish.nu/about-swish https://www.swish.nu/about-swish
IncreasePosts 3y ago
Are you talking about SCT Inst? It seems like there are no fees built into the protocol itself, but your bank can still charge you to use the service, and it seems many banks charge between 1 and 7 euros: (pdf reference) https://www.beuc.eu/sites/default/files/publications/beuc-x-2021-027_consumers_and_instant_payments.pdf https://www.beuc.eu/sites/default/files/publications/beuc-x-...
- dgellow 3y ago
  I didn’t mean a specific protocol, just based on my experience. But where do you see 7€ in this document? I see lot of banks offering zero or below 1€ fees. The highest I see is Novo Banco at 5.20€ (page 18).
deleted 3y ago
[deleted]

Thats news to me. Can you link to a page of a bank in Europe where they state that they offer free instant money transfers?

dgellow 3y ago
It’s pretty simple to see. First result I found: https://moneytransfers.com/bank-transfers/sepa-transfers https://moneytransfers.com/bank-transfers/sepa-transfers For example from Germany to Austria, sending 1200€, I see multiple providers with no fees for quick transfers.
- ArtTimeInvestor 3y ago
  I dont't see instant transfers on that page. It says "within 24 hours" and sometimes even "within a week".
  - dgellow 3y ago
    You can change filters… You can also check https://www.europeanpaymentscouncil.eu/news-insights/videos/sepa-instant-credit-transfer-scheme https://www.europeanpaymentscouncil.eu/news-insights/videos/...
IanCal 3y ago
The UK has "faster payments" which is usually instant (sometimes held up for fraud checks). I'm not aware of any bank that charges for this.
- hot_gril 3y ago
  There's Zelle in the US, but it has limits, and it's pretty easy for your money to get stuck being "verified."
troupo 3y ago
Besides SEPA which mandated the upper ceiling and an upcoming regulation which forbids banks from de-prioritising payments to/from other banks (can't remember what it's called now) many European countries have had instant bank transfers locally. For example, Swish in Sweden: https://www.swish.nu/about-swish https://www.swish.nu/about-swish

IncreasePosts 3y ago

Are you talking about SCT Inst? It seems like there are no fees built into the protocol itself, but your bank can still charge you to use the service, and it seems many banks charge between 1 and 7 euros: (pdf reference) https://www.beuc.eu/sites/default/files/publications/beuc-x-2021-027_consumers_and_instant_payments.pdf https://www.beuc.eu/sites/default/files/publications/beuc-x-...

dgellow 3y ago
I didn’t mean a specific protocol, just based on my experience. But where do you see 7€ in this document? I see lot of banks offering zero or below 1€ fees. The highest I see is Novo Banco at 5.20€ (page 18).

deleted 3y ago

[deleted]