Changes in transfers across the European Union have been announced. We know what will change

A fresh regulation on bank transfers in the European Union will bring crucial changes to consumers. According to a bill approved by the European Commission, EU citizens will be able to send euro to recipients throughout the Community in just a fewer seconds. This is simply a revolutionary change that will importantly transform the way global money transactions are made.

The fresh policy aims to simplify and accelerate the transfer process, which will benefit both companies and individual customers. This will make global payments more efficient, eliminating delays and facilitating the fast exchange of funds between different EU countries. This is simply a step towards improving the financial system, which will surely benefit a wide scope of banking users in Europe.

Changes in bank transfers across the EU

According to the “Lega Artis” report, negotiators from the European Union and the European Parliament reached an agreement last Tuesday evening. This agreement requires banks and another payment service providers in EU and EEA countries to guarantee that they are able to make immediate euro transfers between all countries belonging to the Community in the future.

Immediate transactions let users to send funds in little than 10 seconds, even outside the standard working hours of banks. The proposed bill, approved by the European Commission, envisages the widespread introduction of an immediate transfer strategy in the 27 EU countries, as well as Norway, Iceland and Liechtenstein.

When will immediate payments be available across the EU?

The fresh rules will be introduced gradually, first in countries utilizing the euro and then in another countries. The Communities must now scope an agreement on immediate transfers, which is crucial in accordance with the proposed bill.

One of the crucial points of the task is the warrant that the cost of instant transfers will not exceed standard costs, even in the case of global transactions. There is an example from Germany, where instant transfers are now more costly than these standard ones. The decision of the national Court of Justice in 2021 allows banks to charge additional fees for immediate transactions. another payment service providers specified as PayPal have akin rights.

Ignacy Michałowski

OSINT investigator with experience in global journalism projects. It has been publishing materials for over 20 years for the largest releases. In social activities he engaged in various projects and initiatives aimed at improving the quality of life of people, especially those of mediocre communities. He was besides active in the fight for human rights. Contact: [email protected]