This is stated in the new EU rule, which will force banking entities not to charge extra fees for transferring money immediately. The intention is for the obligation to be fully in force by the end of 2025.
Facua-Consumidores en Acción has reported that a new European regulation will force financial entities to ensure that transfers reach recipients within a maximum of 10 seconds, and that they will therefore not be able to apply additional commissions to conventional transfers as they did so far, which means a saving of up to 12 euros for users. Everything indicates that the obligation will be in full force end of 2025.
The European Parliament has therefore approved an update to European payment regulations that requires all transfers to be equivalent to what banks offer. online or Bizum: free and almost instant money transfer.
Bank transfers must be made regardless of the day and time and must reach their destination within 10 seconds. During this time, the payer must also be notified that the funds have been received correctly or that an incident has occurred.
In addition to time, regulations stipulate that the costs of these transfers cannot be higher than those of traditional transfers, which are free.
As additional measures, the regulations will also require the implementation of anti-fraud measures to ensure the money arrives safely. Banks will be required to provide a identity verification systema tool that many already offer and which will be mandatory.
Once the amendment to the regulation has been approved by the European Parliament, you will have to wait twenty days after its publication in the Official Journal of the European Union and from then on countries will have twelve months to apply the regulation and force banks to fulfil.
The regulations come from the European Parliament and will apply even to countries that do not use the euro, although they will have a longer adjustment period.
If European banks do not comply with this new rule, sanctions will follow.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
