Regulation says the SCT inst transfer must be available at the receiver’s account within 20 seconds.
Thanks. I am already satisfied that it only took a few hours. That’s like totally new for me. I’m used to like two days.
I’m used to a few seconds for domestic transfers in Denmark so it has been hard for me . I hope that will support both SEPA Instant and SWIFT Instant for non-Euro transfers.
Yeah with Lunar Way I can transfer money and since my other bank’s online bank updates immediately, I can see that it takes less than 2 seconds from the “tick” from Lunar Way to the money arriving in my other account. I’d just wish Revolut did the same.
Also used to instant transfers in the UK
Not that I use euro enough to make it matter
Looks interesting, but also has no Apple Pay.
French banks are now adopting instant transfers (online banks for free, oldies charge 1 euro for no reason expect pure profit). It’s a must have for Revolut in 2019.
Strange that sepa instant payments not implemented in Revolut yet. Its cool feature not many “real” banks offer. Is it really so expensive to use or other reason?
That might be the reason. If no other bank offers it, for what do you want to use it?
But I would assume, that it will come sooner or later.
I have a bunq premium account and instant payments work perfect without any issues for me. There are no additional fees charged.
@AndreasK any updates?
Take a look here every once in a while. They publish lists with ETAs.
To send it. Most real banks DO offer it, but what he/she meant, I think, is that most banks do not offer it for free. In Germany for example I think the only traditional bank that offers SEPA instant transactions for free is the german branch of Santander, all other traditional banks charge money for sending a transaction as a “fast” or instant transaction. Only normal SEPA transactions are usually free (and even there not always with some banks).
More and more fintech banks on the other hand, like bunq, offer all transactions (when the other bank allows it - but most do) as instant transactions without additional cost.
Sparkasse Karlsruhe does not charge for SEPA Instant Transfers. So much to your theory
Okay, so apparently some Sparkassen do it as well.
Good to know.
Doesn’t change the fact that most of them (Sparkasse Nürnberg for example charges 12,50 EUR for Instant SEPA/ SEPA Eilige Überweisung), and even most traditional ‘direct banks’ do Not offer them for free. -_-
Seriously, 12.5 EUR is a bit steep isn’t it?
I’d much rather pull out a creditcard then and get benefits, buyers safety etc AND to no special cost to me…
If SEPA inst. transfers is going to fly they have to make fees on par with ordinary SEPA or it will die due to low interest and that would be a shame.
12.5eur for single sepa inst transfer ?? That’s insane price.
But sadly it is the case.
See for yourself. It is page 13 here:
And sure, that is a single extreme case, most other traditional banks charge less.
But most DO charge. And even paying 0,50 - 1 € per instant transaction, while a “regular” SEPA transaction is all inclusive in the same model, doesn’t incentivise people to use it.
I think the reason for this is that there is German legalisation on normal SEPA transactions, which limits what banks can charge, but not on the Instant ones yet, enabeling them to do this stuff. IDK for sure though.
Be carefull. Dont mix this with “Telegrafische Überweisung” This is from the past and some “Sparkassen in Deutschland” still offer this. But, 50 Mio Customers of the german Sparkasse can use SEPA Instant payment already. And, of course, my Sparkasse offer this for free. Commerzbank soon for 1.50 EUR or for free if you do use tha App.
And, the 12.50 at Sparkasse Nürnberg belongs to the Bank Account. It is “up to 12.50” Ok, the price is **** but with the Bank Account Premium SEPA Instant Payment is for free.
Doesnt matter now. Both need to support SEPA Instant payment (Sender and Rec) and Revolut doesnt offer SEPA Instant. My last information about this “it is not planed right now” from the Revolut SUpport
Many times with wrong data. For example Commerzbank Germany.
Still not possible to send, but it is possible to receive. ETA for SEPA Instant Payment is now October 2019 the PDF on the website says “possible since Nov 2018” lol