Bank transfers have undergone a silent transformation in recent years, with the introduction of solutions that promise almost instantaneous speed. Among the available options, immediate transfers appear as an alternative to traditional ones, but the differences between the two go beyond the speed with which the money reaches its destination.
Today, understanding these distinctions has become relevant for consumers and businesses, especially in a context in which new European and national rules have changed the way banks provide these services and how customers use them.
Permanent availability VS banking calendar
According to the Banco de Portugal website, immediate transfers are available continuously, operating 24 hours a day, seven days a week, throughout the year, without depending on business days or banking hours.
On the other hand, in traditional transfers the logic of the financial calendar is maintained, and when they involve different institutions, the amount only remains available in the beneficiary’s account until the end of the following business day.
Note that the immediate transfer is carried out at the originator’s initiative, from their payment account, to a beneficiary who may be at the same bank or another financial entity. These operations are processed in real time and completed within a few seconds, simultaneously guaranteeing credit to the destination account and confirmation to the customer that initiated the operation.
The same source states that immediate transfers work throughout the Single Euro Payments Area, allowing quick payments between countries that are part of the SEPA space. This European coverage contributed to the standardization of rules and the requirement for greater interoperability between different payment service providers.
New rules for banks and institutions
Banco de Portugal also recalls that, since January 9th of last year, all institutions that provide traditional transfers have been obliged to accept immediate transfers received.
According to the same entity, the legislation also determines that the cost of immediate transfers cannot be higher than that of traditional transfers carried out under equivalent conditions.
More guarantees for those who send money
According to the website, one of the additional advantages of immediate transfers is the almost immediate confirmation of the completion of the operation, both for those who send and for those who receive the amount.
The website explains that this solution does not require the use of bank cards and is based solely on the movement of accounts, being quick and efficient, although it requires basic security precautions, such as the protection of credentials and personal data.
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