Transfer money across borders in seconds? This should soon be possible, at least within the European Union – without additional costs.
According to the will of the EU countries, consumers should be able to transfer money in euros within seconds across the Union – without additional costs. According to the rules they are aiming for, banks that offer standard transfers in euros must also offer instant transfers in euros, as the countries announced. If fees are due for this, they should not be higher than the fees charged for standard transfers.
Sofortüberweisung enabled people to transfer money within ten seconds – “even outside of business hours, not only within the same country but also to another EU member state,” the statement said. In addition, the new rules improved the strategic autonomy of the European economic and financial sector. They contribute to reducing over-dependence on third country financial institutions and infrastructure.
The new rules should apply to the 27 EU countries as well as Norway, Iceland and Liechtenstein. The new rules would be implemented more quickly in the countries that use the euro. For banks or other payment service providers outside the euro area, there will therefore be a staggered implementation period. Before the new regulations can come into force, the EU states still have to negotiate a compromise with the European Parliament.
Notice from EU countries
Source: Stern
