Changes in payment transactions
Instant transfers at no extra cost are becoming standard – here’s what you need to know
Instant transfers previously cost money at many banks. This year they will gradually become standard. The EU financial institutions are already late.
Even in the digital age, bank customers still had to be patient: transfers were usually only credited on the next working day. Many banks charged additional costs for instant transfers. However, this is coming to an end this year: transfers in seconds will become the standard.
From now on, all banks and savings banks must be able to receive real-time transfers in euros. The money flows from one financial institution to another within ten seconds. The second step will follow on October 9th: From then on, banks will be obliged to also offer the immediate procedure for outgoing payments. The transfers can be carried out around the clock. For non-euro transfers within the EU, real-time transfers are to be implemented from 2027.
The risk of misuse is higher with immediate transfers
Another advantage for customers in addition to saving time: the transfers must not incur any extra costs. Until now, many banks charged a separate fee for the service. Now this is only allowed if normal transfers cost something. However, the fee for conventional transfers may not be exceeded.
Service providers must also offer their customers free, immediate verification of the recipient’s identity in order to avoid transfers due to error or fraud. In practice, this is done by comparing the recipient name and IBAN. This is intended to prevent misuse – because the risk is significantly greater with immediate transfers. The consumer advice center urges you to be careful, especially in the initial phase.
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Company bike: The company car is out. A company bike is more worthwhile. For five years it has had the same legal status as a company car. The employee can lease a bicycle from the company. Unlike the company car, he can use the company bike 100 percent for private purposes. Another advantage: No complicated contracts have to be concluded. “Thanks to the tax advantages, the actual costs for the employee are very low. There is only a monetary benefit of 0.5 percent of the new price. For a bike worth 1,000 euros, five euros have to be taxed. There are also small leasing fees, so “It’s between 15 and 30 euros net per month,” explains Dennis Meurer. “The bike is also insured in the event of theft.” This means you can also enjoy an affordable e-bike with the option to purchase after the contract ends.
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Further
Paypal and Co. are much further along
The background to the change is a decision by the EU Parliament from February of last year. The Christian Democratic EPP group spoke of a “turning point in payment transactions”. However, this is long overdue: US services such as Paypal, Google Pay and Apple Pay have been offering such a service for a long time. In this respect, it remains to be seen how real-time transfers will be accepted by customers at traditional banks and savings banks.
Sources: , DPA news agency
Source: Stern
