Instant transfer: All about this new means of payment

There are 3 major differences between the classic transfer and the instant transfer:

Instant transfer: what you need to know

Since 2018, the instant transfer (or “instant payment”) deletes the interbank period. It allows everyone to send and receive funds 24 hours a day and 7 days a week.

➡️ What are the banks that offer the instant transfer and at what price ?

Let us take stock of the operating mode of this new type of payment and the disparities between the banks.

What is an instant transfer ?

Issue, but above all receive funds instantly !

In the era of remote banking, you are already able to issue a transfer anytime, without having to go to your banking agency.

❌ But on the beneficiary side, this is another story.

So far, the recipient had to take into account a period of 24 to 48 hours worked before receiving his funds (sometimes 72 hours for a transfer abroad). A significant criterion if you wish to access a service immediately or attest to receipt of funds without delay.

Instant transfer and classic transfer: what differences ?

There are 3 major differences between the classic transfer and the instant transfer:

1. The reception period funds, as we saw above ��
2. The transfer price : If for most banks, the classic online transfer is free, this is not the case with the instant transfer. We will come back in more detail on the rates a little lower.
3. Irrevocability : the reverse of the medal is also its irrevocable appearance. In other words, when the transfer is validated, The cancellation becomes impossible. This is where the interbank period can sometimes save you the implementation in the event of an error or fraud. Indeed, in practice, a classic transfer is also said to be irrevocable. But when the error or fraud is detected quickly, the banking establishment sometimes manages to cancel the transfer and recover funds on time.

Advantages and disadvantages

– sending and receiving immediate funds
– no working day stress

– sometimes paying
– irrevocable
– No regular possible transfers

The characteristics of an instant transfer are variable from one bank to another !

How does the instant transfer work ?

As for a conventional transfer, the instant transfer is accessible on your online space (on mobile or computer application). You must therefore enter the beneficiary’s bank details before validating the transaction.

The instant aspect of the transfer was made possible thanks to the migration of the Core SCT system, an interbank compensation platform created by 6 major French players (Crédit Mutuel, BNP Paribas, Caisse d’Epargne, Banque Populaire, Crédit Agricole and Société Générale )).

For an instant transfer to be effective, the bank which receives the funds must imperatively offer this type of service !

✅ The instant transfer is a new form of separate transfer. If the recipient’s bank offers this service, it is possible to issue (and receive) instant transfers to other countries in the SEPA zone.

What banks offer the instant transfer ?

Contrary to what one might think, not all banks offer this service. In addition, it is sometimes paid, even if the practice is rare with online banks.

Instant transfer of online banks

Here is a summary table of the main online banks that practice instant transfer, as well as transfer rates and limits:

Transfer price	Ceiling	Offer
Purse	Free	€ 2,000 / day	Boursorama Bank: € 100 offered
Fortuneo	Free	€ 6,000 per operation and € 10,000 per week	Fortuneo: 230 € max offered
Hello Bank!	€ 1 for the basic offer, free for the premium offer	€ 15,000	Hello Bank! : 180 € offered
Monabanq	1 € (1 to 5 free transfers/ month depending on the offers)	€ 5,000 / operation and € 10,000 / day	Monabanq: 120 € offered
Revolut	Free	£ 2.5 million / day or £ 10 million / week	Revolut: € 10 offered

Prices and ceilings of instant transfers of online banks

Instant transfer in traditional banks

Traditional banks offer two forms of instant transfers:

�� The instant transfer by Rib

�� Mobile payment (Paylib, Apple Pay, etc.)

Here are the traditional banks that offer this service and their prices:

Transfer price	Type of transfer	Ceiling by transfer
Societe Generale	0.80 €	Instant transfer via the application	€ 15,000
Caisse d’Epargne	1 €	Instant transfer via the application	€ 15,000
Popular bank	1 €	Instant transfer via the application	€ 15,000
BNP Paribas	1 €	Instant transfer via the application	€ 15,000
Mutual credit	Free	Paylib	€ 15,000
Cic	1 €	Instant transfer via the application	€ 1,000 (€ 500 for new beneficiaries)
Agricultural credit	Free	Paylib	500 €
Postal bank	€ 0.70	Paylib	€ 15,000

Instant transfers and ceilings in traditional banks

✅ Note that receiving an instant transfer is always free regardless of the bank.

Online pro banks: far from being the kingdom of instant transfer !

Although more modern on many aspects, pro neobancs have not favored instant transfer at this stage.

The subscription Hello business by Hello Bank! Pro clearly stands out for competition, since instant separate sepa transfers are free and unlimited �� ! To find out more about Hello Business, you can consult our opinion on Hello Bank! Pro.

On the other hand, among other actors, instant transfers are generally confined to account transfers within the same bank. Thus at the Pro Qonto Bank or the Pro Anytime account you can make instant transfers if the two entities concerned are in the same bank. Otherwise this will not be possible to date.

Want to know more about the features of Pro online accounts ? Find our selection of the best pro banks !

Conclusion: which bank to choose for an instant transfer ?

If you are looking for a bank to transfer funds without delay, you will have to take into account several criteria:

• The price applied by the bank
• Transfer limits
• Transfer mode (RIB or mobile payment) . In this case, instantaneous transfer via a RIB will allow you to target more recipients.

➡️ and to find the best bank, you have our comparison of the best banks and the best neobanques !

Former agency director, Marc knows the banking market at your fingertips and he helps you find out !

Instant transfer: All about this new means of payment

Repay a loved one, buy between individuals, paying an craftsman … The instant transfer allows you to transfer money from account to account in a few seconds and 7 days a week. This new payment service remains, however, still too little used by individuals and businesses, according to the Banque de France.

Posted on Apr 20. 2022 by Sarah Corbeel

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• What is an instant bank transfer ?
• Do all banks offer this payment service ?
• What are the advantages of the instant transfer ?
• What are the limits of the instant transfer ?
• Can we cancel an instant transfer ?

Authorized in France since the end of 2018, the instant transfer is struggling to take off. According to data published Tuesday, April 19 by the National Scriptural Payment Committee (CNPS), a concertation enclosure chaired by the Banque de France, it now represents only 3 % of the total transfers in France, against 10 % in Europe.

In the first quarter of 2022, 20 million instant transfers were made, a figure that jumped 52 % compared to the same period last year. But this is still insufficient for the financial authorities. “France has not yet exploited the full potential of innovative payment services based on the instant transfer”, regret the Banque de France and the CNPS, in a joint press release. This is why the committee decided to launch a communication campaign intended to make this payment service better known to individuals and professionals.

What is an instant bank transfer ?

The instant separate transfer, also called “Instant Payment”, is a means of payment in euros which allows money to be transferred to another bank account at any time (24 hours a day, 7 days a week) in less than 10 seconds, or even 20 seconds in the event of execution difficulties. By way of comparison, a conventional bank transfer is generally made between 24 and 48 hours after its registration at the bank.

It is proposed in the European SEPA area (European Union plus Iceland, Norway, Liechtenstein and Switzerland) and completes conventional separate transfers.

In practice, simply go to your bank’s mobile application from your smartphone or your customer area from your computer and select the “Instant transfer” option.

Do all banks offer this payment service ?

No, the instant transfer is an optional service. But more and more approved establishments to provide payment means in France offer it (almost 50 %), so that more than 90 % of French bank accounts can today issue and receive instant transfers.

What are the advantages of the instant transfer ?

This type of transfer is “Particularly suited to payments between individuals, since it allows immediate settlement and offers a guarantee of receipt of funds”, indicate the Banque de France and the CNPS. You can, for example, use it to reimburse a loved one, buy an object from an individual or pay more quickly a craftsman.

This payment method also allows “Traders of any size to accept payments alternative to the bank card or to the check”, continue the financial authorities. Finally, it allows “Fluidifying the cash management of companies operating with stretched flows for the payment of wages or the regulations of suppliers”.

Furthermore, fraud is lower than for the bank card or the check.