Instant transfers are now cheaper.
Instant transfers are now cheaper, with the entry into force of a new Regulation.
Now, you can transfer funds instantly at the same cost as a traditional transfer.
Banks must now "allow their customers to receive immediate transfers" into their accounts, even if they do not yet allow the issuance of immediate transfers.
Instant bank transfers become cheaper, as recalled by the Bank of Portugal (BdP), cited by Notícias ao Minuto.
"With the entry into force of Regulation (EU) 2024/886, on March 13, 2024, payment service providers are now 'prevented from charging, for the execution of an immediate transfer, charges higher than those charged for a traditional transfer made under the same conditions'," it can be read.
Thus, individuals, companies, and entities of the Public Administration can now use immediate transfers at a cost equal to or lower than traditional transfers.
Immediate transfers are available 24 hours a day, 7 days a week, and 365 days a year, ensuring that funds are available in just a few seconds in the beneficiary's account, whether it is located in Portugal or in another country in the European Union.
As of today, banks must allow their customers to receive instant transfers into their accounts. This obligation applies even if the bank does not yet enable the issuance of instant transfers, as reminded by the BdP.
From October 9, 2025, banks will also have to allow their customers to initiate immediate transfers and provide them with a beneficiary confirmation service.
Starting in 2027, the BdP explains, the regulation will apply to payment institutions and electronic money institutions.
To facilitate the implementation of this new rule, the BdP provided payment service providers in 2024 with two functionalities: the SPIN and the beneficiary confirmation service.
Through SPIN, users can initiate immediate transfers more conveniently, using the mobile phone number (if it is an individual) or the NIPC (if it is a company) of the beneficiary, instead of the IBAN. The beneficiary confirmation service allows immediate transfer initiators to verify the identity of the beneficiary before the operation is started, making the use of this instrument even more secure.
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