Transfers instant wait for November 2018

False joy. We thought that from the month of November 2017, it would be possible to make credit transfers SEPA in less than 10 seconds, the European Central Bank (ECB) makes us become disillusioned. In a press release issued on June 22, 2017, the ECB announced that it will take until November 2018 for the implementation of the device TARGET instant payment settlement (TIPS).

Transfers SEPADes transfers ultra-fast everywhere in the euro area

This is recognised. From the month of November 2018, individuals and businesses will be able to make transfers to any account of the euro area – in only a few seconds.

Available 24: 24 and 365 days/year, the new service TIPS will of money transfers in real time across the euro area.

In practice, that means that your bank will no longer be able to perpetuate the submission/receipt of your money transfer, service TIPS being – unlike the banks – fully operational on weekends, nights and holidays.

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Comparison of SEPA credit transfers

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What is the cost ?

SEPA credit transfers made on the internet are often free of charge. On the other hand, when they are done in the agency, they get paid. By charging the banks the sum of us $ 0.20 max by bank transfer the first 2 years of the implementation of TIPS ” at least “, the ECB does not really contribute to change that, and no motivation without a doubt not the banks to review their pricing policies for transfers made in the agency.

But hey, all in good time eh… May be that by 2020, not only bank transfers in the euro zone will be instant but they will be more free, regardless of the channel used to perform them. We cross well the fingers.

Neil Bensouda




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