It was expected.
Following a text voted on in the European Parliament at the beginning of the month, the Council of the European Union approved this Monday that instant bank transfers must be offered across the continent, at a price no more expensive than traditional transfers.
In France, where it is rare to have to pay to make a transfer, they should therefore be free for most customers.
“The Instant Payments Regulation will allow people to transfer money in ten seconds at any time of the day, including outside office hours, not only within the same country but also to another state member of the European Union", indicates the Council of the European Union in a press release.
According to the text voted in the European Parliament, the measure must come into force within 18 months.
In countries that have not adopted the single currency, banks will benefit from additional time until 2027, and even 2028 for payments from an account denominated in their national currency.
An instant transfer that is becoming more popular
In France, instant transfer is available at most major banks.
But it is rarely free.
Among those who have implemented free service, adoption is already massive.
Transfers in ten seconds represent 76% of transfers issued at Fortuneo, and more than 80% at the Postal Bank.
For those who have not opted for free, this transfer can cost up to 1 euro with certain banks.
To avoid errors or fraud, as part of the generalization of instant transfer, establishments will be required to verify the correspondence between the account number and the name of the beneficiary before the payment is made, which “requires technological developments important”, according to several players in the sector.