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Thursday, May 23, 2024
HomeTechnology NewsBanks should stop charging fees on transfers immediately

Banks should stop charging fees on transfers immediately

On Monday, February 26, 2024, the European Union took a decisive step in the field of financial transactions by adopting regulations that will change the way individuals can transfer money.

From 2025, banks will be required to offer instant transfers at the same cost as traditional transfers., and this happens in all countries of the eurozone. The bill aims to speed up currency exchange and make life easier for European citizens. In France, most facilities do not charge fees for traditional transfers, but this is the equivalent of charging a free instant transfer.

What is an immediate transfer?

that much Instant transfer You can transfer funds from one bank account to another in seconds, eliminating the need to wait a day or two for traditional transfers. This feature, envisioned by the ECB and available from 2018, has quickly become a new source of revenue for traditional banks.

At Crédit Mutuel, BNP Paribas or SG you will have to pay an average of 1 euro per instant transfer via the online interface. If the customer does this with an agent over the phone, Crédit Mutuel will also incur a cost of 4.90 euros. Online banks, known to have lower costs than traditional banks, stand out. For example, BoursoBank charges no fees for instant transfers to any of its 6 million customers.

Current Credit Mutuel Interest Rates
Rates applied by Crédit Mutuel for instant transfers © Crédit Mutuel
BoursoBank Instant Transfer Fees
Boursobank Prices © Boursobank

On the enforcement side, banks will have 18 months to comply from the regulations coming into effect (expected in April). This means that immediate transfer will become a reality for all Europeans by the fall of 2025.. While transiting in France

Outside the Eurozone – but banks within the European Union can benefit from an additional period until 2027. If you pay from an account denominated in your home currency, this period is extended until 2028.

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