Starting January 9, 2025, banks in Spain will be prohibited from charging fees for instant bank transfers, following a new regulation from the European Parliament. This regulation mandates that the cost of instant transfers must align with that of standard transfers, potentially making them free for consumers.
The European Parliament approved this measure in February 2024, with a significant majority supporting the initiative. The regulation aims to streamline banking operations and enhance the security of transactions, particularly benefiting small and medium enterprises (SMEs).
According to the regulation, any fees associated with instant transfers cannot exceed those charged for regular transfers. This shift is expected to encourage the adoption of instant payments across the European Union and the European Economic Area.
While some major banks in Spain, including BBVA, Sabadell, Caixabank, and Banco Santander, have indicated that they will maintain current pricing structures, the full impact of the regulation will become clear as institutions adapt their policies.
Instant transfers allow for the immediate transfer of funds between accounts, completing transactions in as little as ten seconds. This is a significant improvement over traditional transfers, which can take hours or days to process.
Additionally, the regulation includes provisions to enhance fraud detection, requiring banks to verify that the recipient's name matches the information provided by the sender. This aims to reduce the risk of erroneous or fraudulent transactions.