The instant transfer is a novelty that is revolutionizing the way money transfers between current accounts. Thanks to this innovative payment method, it is possible to make transfers in real time, without having to wait for the typical crediting times of traditional transfers. Let’s find out together how instant transfer works and what are its advantages and disadvantages compared to traditional forms of payment
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Table of Contents:
What is instant wire transfer
Instant transfer is an electronic payment method that allows you to transfer money in real time between the current accounts of different banks. Thanks to its speed, instant transfer represents an interesting alternative to traditional bank transfer, which requires longer crediting times. In addition, the instant transfer allows you to make payments of amounts of up to 15,000 euros and does not require the use of credit or debit cards. However, to make an instant transfer, it is necessary that the recipient’s bank be a member of the service and that the sender has a current account with IBAN. Each bank then has the right to apply additional costs for the use of the service.
How does instant wire transfer work
The operation of the instant transfer is relatively simple: once the sender has entered the recipient’s details and the amount to be transferred, the bank immediately carries out the transaction, transferring the money to the recipient’s account. To make an instant transfer, the sender must access their bank’s home banking or app and select the item ‘Instant Transfer’. It is also possible to make instant transfers through digital payment services such as PayPal or Apple Pay. The recipient of the instant transfer receives the money in a few seconds in their bank account and can use it immediately to make purchases
or withdrawals.
Who can make the instant transfer
The instant transfer can be made by anyone with a bank account with IBAN. However, not all banks offer this service yet. At the moment, many Italian banks allow instant transfers to be made, but some financial institutions may not yet join the system. In addition, the instant transfer can only be made between the current accounts of different banks and it is not possible to use it to make payments abroad. It is also important to check if the bank receiving the instant transfer is a member of the service, since otherwise the transfer cannot
be made.
Instant wire transfer costs and limits
The cost of the instant transfer may vary depending on the bank of the sender and the receiver and may be increased by any fees applied for the use of the service. In general, the cost of instant wire transfers is higher than traditional wire transfers, but it varies from bank to bank. In addition, the instant transfer has some limitations in terms of the maximum amount, which varies from bank to bank and can be between 5,000 and 15,000 euros. Finally, it is important to consider that the instant transfer cannot be canceled or modified after sending, so it is essential to carefully verify the recipient’s details before making the transaction
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Advantages and disadvantages of instant transfer compared to traditional bank transfer
Instant transfer has several advantages compared to traditional bank transfers, such as the speed of execution, which allows you to transfer money in real time, without having to wait for the typical crediting times of traditional bank transfers. In addition, the instant transfer allows you to make payments without the use of credit or debit cards and without having to provide your bank details to third parties. However, the instant transfer also has some limitations, such as the maximum amount that can be transferred and the high cost compared to the traditional transfer. In addition, not all banks still offer this service, making it unavailable to all account holders
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In conclusion, instant transfer represents an innovative electronic payment method that offers numerous advantages, but also some limitations. Before making an instant transfer, it is important to check if the recipient’s bank is a member of the service and carefully evaluate the costs and limits applied
by your bank.
