As of January 9th, 2025, banks operating in eurozone countries are no longer permitted to charge additional fees for instant transfers. This change comes with the implementation of a new European Union regulation that mandates the cost of instant transfers to be equal to or less than that of standard transfers within the Single Euro Payments Area (SEPA).
The European Parliament introduced this legislation to standardise bank transfer costs across member states. By October 2025, all banks in the eurozone will be required to provide instant transfer services to their customers.
For EU countries outside the eurozone, such as Bulgaria, Denmark, Hungary, the Czech Republic, Romania, Sweden, and Poland, the timeline is more gradual. Instant transfers in their local currencies must be operational by January 9th, 2027, and those in euros by June 9th, 2028.
To enhance the security of these transactions, payment service providers are now required to implement robust fraud detection and prevention systems and offer identity verification services at no additional cost to customers.
Historical Costs of Instant Transfers
Prior to the regulation, instant transfer fees varied significantly among banks. A report by consumer rights organisation FACUA in May 2024 found that Spanish banks charged fees ranging from €0.95 to €12.00.
For example, Sabadell charged €0.95, Santander €6.00, and Bankinter €12.00 for instant transfers, while standard transfers were free or incurred minimal costs.
Banks such as Santander, BBVA, Openbank, and Cajasur have already started offering free instant transfers, albeit with restrictions on maximum transfer amounts.
FACUA has urged banks to eliminate any limitations on instant transfers, advocating for truly free and unrestricted access to these services for all users. This regulation marks a significant step toward making banking services more equitable, efficient, and secure for consumers across Europe.
