The instant transfer now proposed by French banks

Instant payment has already been launched in the United Kingdom since 2008, in Denmark, Poland or Sweden in 2012, with the Swish interbank application, used by more than 60% of the inhabitants. It has existed for 45 years in Japan and 30 years in Switzerland ! It represents only 11% of the total transfers in euros made in the European Union.

Make an instant transfer in 10 seconds

You want to transfer money to a friend for a vacation rental ? Send money in an emergency to a loved one or instantly pay a merchant ? Make an instant transfer at any time in less than 10 seconds* from your customer area or the SG app !

You want to transfer money to a friend for a vacation rental ? Send money in an emergency to a loved one or instantly pay a merchant ? Make an instant transfer at any time in less than 10 seconds* from your customer area or the SG app !

You want to transfer money to a friend for a vacation rental ? Send to see the money in an emergency to a loved one or instantly pay a merchant ? Make an instant transfer at any time in less than 10 seconds* from your customer area or the SG app !

You want to transfer money to a friend for a vacation rental ? Send to see the money in an emergency to a loved one or instantly pay a merchant ? Make an instant transfer at any time in less than 10 seconds* from your customer area or the SG app !

Make your instant transfers online and on the app

Your instantaneous transfer is made within a maximum of 10 seconds*
Available 24 hours a day, 7 days a week and 365 days a year

Everything you need to know to make an instant transfer

• Benefits
• I make my instant transfer

• Simplicity and safety
  Instant transfer is a payment transaction in euros.
  You make an instant transfer from your customer area on the website (2) SG or from the App (3) SG within the limit of your usual transfer ceiling.
  You validate your instantaneous transfer safely thanks to the safety pass (4) .
  The costs by instantaneous transfer issued amount to € 0.80 per operation. As a beneficiary of an instant transfer, no fees will be billed to you by SG.
• Instant
  The beneficiary is credited within a maximum of 10 seconds*, 365 days per year, 24:24.
  The instant transfer transmitter is immediately informed of the success or failure of your instant transfer order.
  The funds can be reusable immediately by the beneficiary.

You choose the transmitter account and the beneficiary account.

You click on “Instant transfer”.

You enter the characteristics of your transfer: Amount and reason.

You validate your instantaneous transfer safely with the safety pass. If you have not activated your safety pass, find out how to activate it. Learn more

Your instantaneous transfer is made within 10 seconds*

Instant transfer: and hop, it’s settled !

Legal Notice

*The instant transfer is an occasional transfer in euros, executed within ten (10) seconds, between the account of a principal and the account of a beneficiary open to payment service providers who are in measure to treat it (1) . This service is offered on SG sight accounts held in euros.
(1) Subject to the availability of the service at the Bank colleague.
(2) Instant transfer emission requires:
– Membership of the remote bank contract (free excluding connection costs billed by your Internet access provider),
– and activation of the safety pass.Your customer area is accessible on the private website.SG.Fr
(3) The mobile application is available for free on the iPhone app store, on Google Play ™ for Android ™ phones and on Marketplace for Windows® Phone. iPhone and App Store are marks deposited by Apple Inc. App Store is an Apple Inc service. Android and Google Play are marks deposited by Google Inc. Google Play is a Google Inc service. Windows Phone is a brand deposited by Microsoft Corporation. Marketplace is a Microsoft Corporation service
(4) The safety pass is only possible on the “app”.

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The instant transfer now proposed by French banks

Instant transfer is now offered by certain French banks . Exit the transfers that arrive on the account two days later, there it is only necessary . 10 seconds. We explain everything to you on this new means of payment which is still a little trouble in France.

It is possible, since 2018 in France to transfer money instantly via your mobile in all large banks. Nearly 20 million orders were placed in the first quarter of 2022, according to the Banque de France. An innovation that deserves some explanations.

How to make a quick bank transfer ?

The instant transfer is made via a smartphone. You have to open the app of your bank then go to the Paylib link, enter the IBAN or the phone number of the person to whom we want to send money (you can also scan a QR code to send the money ) and finally validate.

The account is debited /credited in less than 10 seconds and the confirmation of payment is sent by SMS within 20 seconds. Funds are available immediately.

Can we make and receive a transfer on Sunday, a holiday ?

We can use this service 24 hours a day, all year round, on Sundays even on weekends and holidays, between individuals, between companies, to pay a craftsman or a merchant, even a public service, a public service.

This payment system via a laptop already existed via applications like Lydia or Pumpkin. But the sum paid came to the account two days after.

How much does it cost ? What is the maximum amount for an instant transfer ?

The reception of the sum costs nothing, no costs but depending on the banks each transaction can be billed to those who make the transfer 0.70 euros, 1 euros, or even more. In fact each bank chose its price, some have opted for free, such as the postal bank. You should know that the real cost price calculated by the European Central Bank (ECB) is 2 cents per bank transfer.

Another important point the ceiling of transfers. For instant transfers, the ceiling amount is 15.000 euros, threshold decided at European level (the Netherlands have removed it).

What banks make instant transfers ?

The system arrived in France. Some banks have already started there like Crédit Mutuel de Bretagne. A dozen large traditional banks will offer it: Crédit Mutuel, BNP, Société Générale, Caisse d’Épargne, Banque Populaire, Banque Postale, CIC, in some online banks Monabanq, HelloBank, Fortunéo, Boursorama…

For who ?

An instant transfer operation can only be done between people with a recent smartphone and an internet connection.

Why this innovation ?

The instant transfer will make it possible to reimburse a friend who paid your share to the restaurant, send money to his children abroad, pay a craftsman when you don’t have your checkbook on yourself … Immediate payment also makes it possible to fluidify the management of the cash flow of a company operating with a tense flow. In short, we gain speed and simplicity.

For banks, setting up this service can become a real alternative to check or species. It is a source of economy therefore but also a source of new income (a new service for its customers).

And elsewhere ? France in the trainee.

Instant payment has already been launched in the United Kingdom since 2008, in Denmark, Poland or Sweden in 2012, with the Swish interbank application, used by more than 60% of the inhabitants. It has existed for 45 years in Japan and 30 years in Switzerland ! It represents only 11% of the total transfers in euros made in the European Union.

The Banque de France and the National Committee for Scriptural Payments (CNPS) want the banks to promote this type of immediate transfer more they consider as “a strategic development axis capable of supporting the acceleration of the pace of exchanges and of the digitization of the economy “(see press release from the Banque de France of April 19, 2022 on the instant transfer).

The Committee welcomes the increase in payment accounts to issue and receive instant transfers in almost 50 % of banking establishments in France. But France is lagging behind: the CNPS points to the lack of notoriety of this service to individuals and professionals. A promotion campaign will be set up to promote the immediate transfer in France in 2022.

The European Commission wants to impose the instant settlement

On October 26, 2022, a legislation proposal was presented by the European Commission. The European Commission wants to oblige all banks in the European Union and therefore French to offer an instant payment offer at no additional cost compared to the conventional transfer.

The text of the project forces payment service providers offering transfers in euros to also offer an instant version. He also forbids them to submit these instant payments to costs above those of traditional transfers. An obligation to verify the correspondence between the IBAN account number and the name of the beneficiary, to avoid fraud.

What a risk with an instant transfer ?

Be careful, this transfer is irrevocable, not going back. It is of course necessary to take precautions such as changing password regularly to access the application of the bank (in the event of theft). Well check the recipient of the transfer, by making him a phone call for example, in order to check if it is his laptop !

Paylib also explained that “its service is secure, you have to enter your phone -related codes and then to the mobile application. And then, with Paylib, no need to communicate its bank details so that all personal data remain protected within the customer’s banking system “.

The instant transfer represents, according to the Banque de France, only 0.010 % of fraud, six times less than for the bank card, and ten times months than for the checks.

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