What is an instant transfer?
An instant transfer is a transfer that is processed immediately, 24/7, including nights, holidays and weekends.
With an instant transfer, your money is in your beneficiary's account within seconds. If a friend or customer owes you money, you receive it in seconds, even if the person has an account with a different bank.
The instant transfer was introduced by the European Central Bank with the aim of modernising and speeding up payment systems.
How often is the instant transfer used?
More and more. It was launched in 2018 and has only grown since then as a percentage of all transfers. In addition, many banks are now offering this type of transfer free of charge which will further accelerate its development and use.
Some banks have even decided to use only instant transfers instead of standard transfers. We hope that this new method of bank transfer will develop widely all over Europe as it has only advantages !
What are the advantages of an instant transfer?
There are many! In many situations, an instant transfer is extremely practical:
- It allows you to *pay a bill quickly *share a bill with friends *pay for a good or service immediately
- the instant transfer is secured by your bank (like a traditional transfer)
- as a beneficiary, you have the money immediately on your account (in 10s!)
- no outstanding payments. As with a credit card transaction, the transfer is irrevocable
- the instant transfer allows you to pay sums up to a maximum of €100,000 (but each bank applies its own payment limit, generally around €15,000)
- the instant transfer is available everywhere, all the time, 24/7, i.e. also at night, on public holidays and at weekends
-The instant transfer does not require the tedious and costly opening of a VAD (distance selling) contract with your bank.
Whether you are a private individual or a professional, it is in your interest to use the instant transfer solution with YowPay more and more.
How long does it take for an instant transfer to reach the beneficiary's account?
The standard processing time for instant payments is less than 10 seconds. This processing time may vary slightly between banks but it is extremely fast and secure. This is defined by the EPC, the European Payments Council, the European body that defined the SEPA instant transfer standard.
If one of the banks in the chain (debtor or creditor) is not compatible with instant transfers, this is not a problem, the transfer is credited like a classic transfer, either on the same day or the following day.
How much can I pay with a SEPA Instant Transfer?
Technically, the system allows transfers of up to €100,000, but each bank applies different limits, in terms of amount (e.g. transfers may be limited to €5,000 or €15,000) and in terms of number (e.g. limited to 5 instant transfers per day)
Is the instant transfer free?
This varies from bank to bank. Each bank decides for itself in which service package and at what price it wants to offer instant payment. However, with the democratisation of the instant transfer, many banks allow this type of transfer free of charge (sometimes with a limit on the number of transfers per day).
We invite you to contact your bank to find out about the services and procedures related to instant transfers.
Once initiated, can an instant transfer still be cancelled?
No, as with a standard transfer, the payment transaction is irrevocable. In the event of fraud or error, your bank will do everything in its power to recover your money, but it cannot guarantee that it will succeed. This is exactly the same as for a conventional transfer.
For a merchant, it is very reassuring to know that the customer cannot oppose a transfer that he has made.
How do I make an instant transfer?
An instant transfer can be made from your computer, tablet or smartphone, from your banking interface (web or mobile application).
Each bank offers its own management interface. As the transfer is made from your bank interface, it is totally secure.
YowPay does not intervene in the transfer of the money which is carried out from bank to bank.
Does my bank allow instant transfers?
Probably, yes. In recent years, there is an increasing number of payment accounts that can send and receive instant transfers (nearly 50% of institutions in France, representing more than 90% of payment accounts), in France and in Europe.
We invite you to ask your bank if it is compatible with SEPA instant transfers and if it offers free transfers!