From next year, banks in the Eurozone will no longer be allowed to charge fees for instant transfers. This change comes in response to a new European regulation that mandates financial institutions in Eurozone member countries to eliminate these charges by October 9th, 2024.
According to a study by the FACUA consumers association, current fees for instant transfers in Spain range from €0.95 to €12. This regulation aims to improve financial efficiency and accessibility across Europe.
Additionally, the regulation stipulates that by February 9th, 2025, banks must implement a system ensuring that transfers are received within a maximum of 10 seconds. The deadline for enabling the issuance of instant transfers is also set for October 9th.
For EU member states whose currency is not the euro, such as Bulgaria, Denmark, Hungary, Czech Republic, Romania, Sweden, and Poland, the deadlines extend to January 9th, 2027, for the reception of instant transfers and July 9th, 2027, for sending transfers in the local currency. For euro-denominated transfers in these countries, the deadline extends to June 9th, 2028.
FACUA's analysis reveals that seven Spanish banks currently charge for immediate or same-day receipt of online transfers. These fees are not applied if the customer chooses to wait for the standard processing time.
Sabadell: €0.95
Bankinter: €12.00
Santander: €6.00
Caixabank: Minimum of €5.94
Openbank: €4.00 (or €2.00 with a domiciled payroll)
Abanca: €1.50
BBVA: €1.25
These upcoming changes are a significant shift towards more cost-effective and efficient banking practices within the Eurozone, aligning with broader goals of financial integration and customer convenience.
