Instant bank transfers and costs

Most banks have already adapted to offer instant money transfers, both between domestic branches and within the euro area. It is true that not all banks currently offer them and, moreover, there are some banks that will charge us a fee to make them. Let’s see in more detail which banks offer international transfers and how much they could charge us for them.

Features of instant transfers

Instant money transfers are a service that has entered that has started working since the end of 2018, and that allows you to transfer up to 15,000 euros to another account of our country or another European entity, but immediately, exactly, in less than 10 seconds.

In other words, the recipient will have the money almost instantly after making the operation. However, not all banks show their willingness to provide this service to customers, due to the need to adapt to new technologies that favor this class of monetary shipments.

Which banks allow instant transfers?

Here is the list of banks that allow instant transfers:

  • ABN AMRO Bank
  • AS SEB Pank
  • Banco Bilbao Vizcaya Argentaria
  • Banca Patrimoni Sella
  • Banca Sella S.p.A.
  • Banca Sella Holding SpA
  • Banco de Sabadell
  • Bankia S.A.
  • CaixaBank
  • ERSTE Group Bank AG
  • Intesa Sanpaolo SpA
  • Latvijas Banka – Bank of Latvia
  • Lietuvos Bankas – Bank of Lithuania
  • Raiffeisen Bank International AG
  • Raiffeisenlandesbank Oberösterreich
  • UniCredit Bank AG (HypoVereinsbank)
  • UniCredit S.p.A.
  • Banco Verso

How much do banks charge for instant transfers?

Each bank charges different fees for its instant transfers, so there is no uniform fee for instant transfers, as each bank comes up with its own fee strategy. The fees that banks charge can vary from € 10 to € 10. 

Intesa Sanpaolo, for example, applies a fixed charge of € 1.60 up to the operating limit of € 15,000. The cost will be reduced to 0.004% for transactions up to € 500,000. UniCredit will charge €2.50 (less on the Genius account where the cost is €2.2). Banca Sella applies a fee of € 2.30 while Fineco adjusts to € 0.80 cent

Can transfer fees be eliminated?

However, on most occasions, both for entities that do not charge commissions and for banks that charge us a reduced fee, banks often ask for some kind of requirement, for example, domiciliate payroll, or be customers of a specific product. In other words, if we want a low or no fee to be applied to us, we probably have to meet some requirements.

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