As of: February 15, 2024, 9:41 a.m
By: Sophia Lother
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Transfers in a matter of seconds will soon be possible for millions of bank customers in Germany and other EU countries.
But there are also exceptions.
Kassel – Millions of bank customers can look forward to an innovation.
A new EU regulation stipulates that transfers will be processed much faster in the future.
The transferred money should then land in the account within a very short time.
The EU Parliament has already adopted the regulation.
Everything consumers need to know at a glance here.
Innovation for millions of bank customers: 10-second rule for transfers is coming
“The Instant Payments Regulation represents the long-awaited modernization of payments in the European single market,” reports MEP Michiel Hoogeveen in a statement.
But what can bank customers look forward to now?
The MP explains: “Customers can say goodbye to the inconvenience of having to wait two or three working days for their money.
We’re delivering on something that people and businesses really care about: money transfers in 10 seconds, any time of the day.”
According to the EU Parliament, the new regulation will update the currently applicable SEPA rules for uniform euro payment transactions.
In its communication, the EU also clarifies what exactly the 10-second rule is all about.
The 10-second rule affects millions of bank customers.
© Westend61/Imago
10-second rule for transfers in the EU: What exceptions bank customers should be aware of
The new transfer rule not only means that the money arrives in the recipient's account within ten seconds.
At the same time, the transferor is also informed within ten seconds whether the money has actually been made available to the recipient.
But there are also exceptions.
The 10-second rule also applies to banks in the EU that are not in the Eurozone.
But only if “accounts already offer regular transactions in euros.
They will be given a transition period to implement the regulation,” it continues.
An exception to the new rule outside business hours will also apply to such accounts.
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New transfer rule affects millions of bank customers: This is how the EU wants to ensure security
Transferring money should not only be faster for bank customers, but also safer.
In order to prevent money from ending up in the wrong account due to fraud or error, banks and payment service providers are held responsible.
These are intended to “offer immediate verification of the recipient’s identity” – at no additional cost to the customer.
In addition, banks and other payment service providers should allow customers to set a maximum amount for immediate transfers in euros.
And there is something else that is pleasing about the new EU regulation for transfers for bank customers.
The fees for instant transfers in euros must not be higher than the costs incurred for non-immediate transfers.
Negotiators from Parliament and the EU states had already agreed on the new transfer regulation in November 2023.
The EU Parliament has now formally confirmed the agreement.
The EU countries also still have to formally agree.
After the new rules come into force, EU member states have a total of 12 months to implement the regulation.