Transfering money in a few seconds? From now on it's possible
4 March 2019 - 4 min Reading time
Who recognizes following situation? When putting some administration in order, a forgotten invoice pops up. The payment due date: today. Panic no longer. Via an instant transfer or Instant Payment, the money is in the beneficiary's account within a few seconds. Goodbye stress, welcome ease of use.
Today, the Belgian banks are gradually introducing the first instant transfers to the general public. Thanks to these instant transfers, customers can transfer money 24/24 and 7/7. Also at night, on weekends and on public holidays.
The transferred money is in the beneficiary's account within seconds. Even if they have an account with another (participating) bank.
When can an instant transfer be useful?
In the case of a forgotten invoice, an instant transfer is called for. But such a quick payment can also be useful in the following situations. And this for both individuals and companies:
- To split a restaurant bill.
- To pay someone at a flea market.
- To pay a student his wages at the end of the day or week. And so much more!
Are all transfers instant from now on?
As of today, the first instant transfers are gradually being launched to the general public. Not every transfer will be instant by default.
Are instant payments offered for free?
Based on its commercial policy, each bank determines within which service package it will offer instant transfers.
Which banks offer instant payments?
The following Belgian banks will process instant transfers: Argenta, Bank de Kremer, Bank J. Van Breda & C°, Bank Nagelmackers, Belfius Bank, BNP Paribas Fortis, CBC Banque, CPH Banque, Crelan, Europabank, Fintro, Hello bank!, ING Belgium, KBC Bank, KBC Brussels, vdk bank.
Customers of these banks will be able to receive and possibly initiate instant transfers.
In addition to the 16 banks listed, other banks, including AXA Bank, will offer instant transfers in the future.
Are instant payments only possible in Belgium?
Belgium is, after a few pioneers within the eurozone, one of the first European countries to introduce instant transfers at the level of the banking community. The Belgian banks have invested heavily to make Instant Payments a success story and thus respond to the growing importance of internet and mobile banking, where the immediate experience is central.
Instant payments will initially only be possible within Belgium. In time, they will also be able to use the entire SEPA zone.
