Immediate bank transfers are no longer more expensive

New European regulation comes into force this Thursday. Immediate transfers must be free, or for the same price.

When you make a bank transfer, The options “normal transfer” and “immediate transfer” often appear.

And it is normal for a normal transfer to be free and an immediate transfer to have a cost; You have to pay for sending money immediately.

Starting today, Thursday, there is a change in the banking system, as a European regulation comes into force.

The new rules oblige banks to provide immediate transfers, either free, or at the normal valuewhen this applies.

Correio da Manhã explains that this obligation is valid for transfers of, at most, 100 000 euros.

In instant transfers, the money reaches the recipient’s account within a maximum of 10 seconds. It doesn’t matter what day or time the transfer is made.

This should reduce the number of people or companies waiting for the money until the next day, or even two days later – the usual delay in a normal transfer.

The European regulation also states that banks “must allow their customers to receive immediate transfers to their accounts, even if these banks do not yet allow immediate transfers to be issued”, indicates a source from Banco de Portugal, cited in the same newspaper.