Instant payments now offered at every bank without extra charges
9 January 2025 - 3 min Reading time
From now on, Belgian banks will offer instant bank transfers at no extra cost, marking an important milestone in the evolution of payment transactions. In this way, instant payments will become even more accessible, offering numerous advantages for consumers while highlighting the innovative strength of the European and Belgian banking sector.
What is an instant bank transfer?
Instant transfers allow customers to transfer money to another account at any time of the day - 24 hours a day, 7 days a week. The key advantage: the money arrives in the beneficiary's account in a matter of seconds, whether or not that customer has an account at the same bank. This makes the system particularly convenient for all kinds of situations, from paying an urgent bill to repaying friends or family. Instant payments offer flexibility, convenience and rapidity for consumers.
The banking sector continues to innovate
The banking sector is continuously expanding its services. Thanks to the introduction of the European Instant Payments Regulation, instant transfers are now available to all consumers, businesses and institutions within the EU. From today, all banks must be able to receive instant transfers, and from October all banks will also have to give their customers the possibility to initiate them in all the channels that allow a customer to perform a standard transfer. In most Belgian banks, this is already possible today. The fact that these payments will now also be implemented by every bank at no extra cost makes them even more attractive and accessible. All customers can now enjoy instant bank transfers without worrying about additional charges. This evolution highlights the importance of customer-centric and efficient payment solutions that meet today's digital requirements.
15% more instant bank transfers
A few years ago, after some pioneers within the eurozone, Belgium was one of the first European countries to introduce instant bank transfers. Belgian banks invested heavily to make this a success story, capitalising on the growing importance of digital payments. And the figures say it all: a total of 197.8 million instant payments were carried out in 2024. This is a 15% increase compared to 2023. The average number of instant bank transfers per day in 2024 stood at 540,442 , which is also a 15% increase from 2023.
On 2 December 2024, the daily record was registered with 921,720 instant transfers. These figures reflect the growing popularity and success of instant transfers in Belgium. Around 22% of all transfers are now done instantly.
