Banks in the euro area are set to undergo significant changes by 2025, as a response to a new European regulation. From 9 October 2024, banks will no longer be allowed to charge fees for immediate bank transfers, ensuring that consumers can make instant payments without incurring additional costs.
Currently, fees for immediate transfers in Spain range from 0.95 to 12 euros, according to an analysis by FACUA-Consumidores en Acción. This regulation mandates financial institutions to provide these services free of charge, benefiting consumers across the eurozone.
Additionally, the regulation stipulates that by 9 February 2025, banks must implement a system that guarantees the receipt of transfers within a maximum of 10 seconds. This will facilitate quicker and more efficient financial transactions for customers.
For countries outside the eurozone, such as Bulgaria, Denmark, Hungary, the Czech Republic, Romania, Sweden, and Poland, the deadlines for implementing these changes are extended. These countries must ensure receipt of immediate transfers by 9 January 2027 and enable sending immediate transfers in local currency by 9 July 2027. For euro transfers, the deadline extends to 9 June 2028.
Currently, all seven Spanish banks surveyed by FACUA charge for ensuring immediate or same-day receipt of online transfers, while no fees are charged if customers opt for standard transfers. For example, Sabadell charges 0.95 euros, while Bankinter charges as much as 12 euros. Santander charges 6 euros, Caixabank has a minimum fee of 5.94 euros, and Openbank charges 4 euros, or 2 euros with a salary direct debit.
This new regulation aims to eliminate these fees, ensuring that all consumers can benefit from immediate bank transfers without additional costs, thereby enhancing the efficiency and affordability of banking services across Europe.
