From the start of the year, French banks must adapt to new European regulations. Instant transfers, which used to require payment, are now free for everyone. A reform which marks a major evolution in banking services.
A step towards European harmonization
Since January 1, 2025, customers of French banks, whether individuals or professionals, have benefited from free instant bank transfers. This development results from the revision of the European regulation on credit transfers, adopted last year by the Council of the European Union and the European Parliament. From now on, banks can no longer charge more for these operations than traditional transfers.
Concretely, for transfers made online or via a banking application, fees are reduced to zero, thus aligning instant transfers with their traditional counterparts. Only transactions carried out at the counter, where fees often remain, can still be priced.
This measure comes into full force in France no later than January 9, 2025, while other European countries, particularly those outside the euro zone, have longer deadlines. EU member states using a currency other than the euro have until 2027 for transfers in euros and until 2028 for those made in their national currency.
Instant transfers: a fast and accessible service
Even free, instant transfer retains its main advantage: unrivaled speed of execution. According to the European text, these operations must be possible 24 hours a day, 7 days a week, including weekends and public holidays. Once initiated, the transfer is completed in less than ten seconds, providing valuable responsiveness for individuals and businesses alike.
This development is all the more significant as until the end of 2024, these operations were chargeable in most French establishments, often billed around one euro per transaction. Only a few banks, such as the Postal Bank or certain Crédit Mutuel and Caisse d'Epargne branches, offered this service free of charge, sometimes under conditions.
By introducing this free transfer, the European Union is seeking to democratize the use of instant transfers, which are still underused despite their advantages. For French consumers, this reform promises expanded access to a practical, fast and now economical service.
If banks have been forced to adapt, this development could also contribute to greater price transparency and an alignment of banking standards within Europe. A step forward which benefits both users and the economic integration of the Union.
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