Changes to Bank Transfers in Spain Starting 2025
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Loading... - Lotta Koskinen
- 11 Dec 2024
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Beginning January 1, 2025, bank transfers in Spain will undergo a significant transformation, thanks to new European regulations aimed at standardizing financial transactions across the EU. This change will make all bank transfers free and instantaneous, completing within just ten seconds—no exceptions.
Currently, bank transfers in Spain are categorized into two types:
i. Standard Transfers: These are free but can take one to two business days to process.
ii. Instant Transfers: These are quick but come with fees, which vary by bank. For example, Bankinter charges 0.4% of the transfer amount with a minimum fee of €12, while CaixaBank charges €1.99 plus 0.4% of the amount transferred, with a minimum fee of €3.95.
From 2025, this system will be overhauled, eliminating fees for all transfers and ensuring that money is sent to the recipient within ten seconds.
The new regulations, outlined in Regulation (EU) 2024/886 of the European Parliament and Council, mandate that:
i. All bank transfers must be free of charge.
ii. Transfers must be completed within ten seconds, regardless of the day or time.
iii. Senders will receive confirmation within ten seconds that the funds have been successfully received.
Additionally, banks that previously did not charge for transfers will be prohibited from doing so under the new rules.
While the majority of Spanish banks have confirmed that transfers will be free starting January 9, 2025, there is a key stipulation: transfers must be conducted through digital channels, such as online banking or mobile apps. Banks may still impose fees for in-person transfers.
This move aligns with the European goal of creating an integrated market for immediate euro transfers, ensuring that all transactions adhere to a common set of rules.
To enhance security and combat fraud, banks will be required to implement systems such as fingerprint authentication for digital transfers, similar to those used by popular transfer apps like Bizum. Customers will also be encouraged to set maximum transfer limits, which can be easily adjusted for instant transfers.
The introduction of free and instant bank transfers in Spain marks a significant advancement in the financial landscape, driven by a push for unified regulations across Europe. As these changes take effect, users can look forward to a more efficient and cost-effective way to manage their money. Just remember to keep your phone secure—after all, you wouldn’t want your cat accidentally transferring your savings!
