Instant transfers without borders: what the new European regulation changes for Luxembourg users
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A new European regulation establishes instant transfers as a standard banking service in the SEPA area. This means that transferring funds between banks now takes just 10 seconds - without weekends and holidays.
Peculiarities of the reform
- Speed: transfers are available around the clock and arrive to the recipient almost instantly.
- Abolition of fees: transactions became mandatory free of charge for all SEPA members, including countries such as the UK and Switzerland.
From 9 October, an additional requirement comes into force: banks are obliged not only to carry out transfers instantly, but also to ensure that the recipient's name matches the specified IBAN. This will help protect users from errors and fraud.
instant transfers open up new possibilities for fast and secure payment processing across Europe, making banking transactions more modern and convenient.
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