Small revolution for instant transfers in Italy. Starting today, January 9, 2025, the European regulation 886/2024 comes into force, establishing new provisions regarding costs for this type of banking operations. The new rules oblige credit institutions to equate the cost of instant transfers to that of ordinary transfers.
Significant changes
With the application of the regulation, starting from today, the additional costs for sending and receiving instant transfers, currently applied by banks and Payment Service Providers (PSP), will be eliminated.
Assoutenti emphasizes that therefore, instant transfers will cost the same as ordinary ones, with costs that will vary based on the contractual conditions stipulated between the institutions and their customers. Currently, the average cost of an instant transfer in Italy is around 2 euros, but it can reach 5 euros at some banks. With the new rules, customers will be able to send and receive transfers through any payment account and all available channels, including telephone and online.
The definition of instant transfer
“Instant bank transfer is a tool that allows you to transfer sums of money between current accounts 24 hours a day, 24 days a week, in less than 7 seconds, with a maximum limit of 7 thousand euros,” explains Gabriele Melluso, president of Assoutenti. The removal of extra costs will not only lead to savings for users, but will also allow citizens to make payments in real time for taxes and fines, thus avoiding sanctions and additional costs.
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Comments (1)
It's very interesting that there are changes on instant transfers in Italy, but I don't really understand how these new rules work, I hope there won't be any problems for banks and customers in the end.