From the January 8, 2025instant transfers will become free for everyone in the euro zone. Thanks to the European Union, a real revolution is brewing in the field of financial transactions. The idea is to make this fast and secure means of payment accessible to everyone, while giving more financial independence to Europe in the face of giants like Visa and MasterCard. This initiative will not only boost the speed of monetary exchanges, it will also modernize European banking infrastructures.
Why is this a game-changer for everyone?
Free instant transfers will benefit both individuals and businesses in the euro zone. It was a European regulation, adopted in April 2024, which put this in place. No more fees that ranged from 0.50 to 1 euro per transaction! From now on, these transfers will be billed like traditional transfers, which makes this option much more accessible.
The move is part of a broader European Union strategy to make payments more modern and secure. By reducing our dependence on checks (and other methods that we find less secure), we also gain autonomy compared to large international networks.
What consequences for banks?
All banks in the euro zone are affected by this new rule, whether traditional or online banks. Some like the Postal Bank or BoursoBank already offered this service free of charge. But other private banks will have to adapt if they want to remain competitive.
Going free represents a real challenge for certain financial institutions who will have to rethink their economic model. That said, it's also a chance to innovate and improve their customer services.
Fast transfers but be careful with security!
Even though instant transfers are super fast and efficient, they still pose some digital security concerns. Once the money is gone, it is impossible to get it back in the event of an error or scam. To avoid this, a mandatory verification of the beneficiary's contact details will be put in place as soon as October 2025.
In addition, even if the transactions are fast, you will always have to wait between 24 and 48 hours to add a new beneficiary in order to guarantee maximum security when recording new banking information.
Skyrocketing adoption… What ambitions for tomorrow?
In 2023, the use of instant transfers will increase by 84 %even if they still only represent 6,4 % of total transfers in Europe. With them expected to be free from January 2025, we can expect them to become much more popular with the public and businesses.
The European Union wants to make instant transfers an essential standard in the modern world of financial transactions. Maxime Chipoy, president of MoneyVox explains: “This not only reduces the use of less secure means of payment such as checks but also it is a tool of sovereignty for the European Union in the field of transactions.”
This transformation could really make instant transfers a central pillar of commercial transactions as soon as possible. 2026thus strengthening Europe's strategic position on the world stage.
With all these imminent changes in the European financial sector, everyone must prepare to adopt these promising new practices that will improve our daily lives while increasing security and economic efficiency.
A reaction? Leave a comment
Did you like this article? Subscribe to our free Newsletter for engaging articles, exclusive content and the latest news.
