Instant transfer is a banking service that allows you to transfer money in real time, without having to wait for the typical processing times of traditional transfers. But how exactly does it work? What are the costs and which banks offer it? In this article we will clarify all the information necessary to understand if instant transfer is the right banking service for your
needs.
What is instant wire transfer
Instant wire transfer is an innovative banking service that allows you to make money transfers in real time. Thanks to this service, you can transfer money instantly 24 hours a day, every day of the year, including holidays. In addition, the instant transfer does not have any amount limits, which makes it particularly suitable for large transactions. To use this service, you must have a bank account and access your bank’s home banking. Many banks have already joined the instant transfer service, but it is always advisable to check if your bank offers it and what methods of use it are
.
How does instant wire transfer work
The instant transfer works thanks to the payment system called SCT Inst (SEPA Credit Transfer Instant). It involves the use of a transfer system based on IBAN and BIC. Once the transaction has been made, the money is immediately credited to the beneficiary’s account, who receives a notification of the transaction. The speed of processing the instant transfer also depends on the beneficiary’s bank, which may take a few more minutes to credit the sum to the recipient’s account. The instant transfer can also be used to pay bills, suppliers or to make donations. It is important to pay attention to the correct entry of the beneficiary’s IBAN and BIC to avoid any processing errors
.
How much does instant wire transfer cost
The cost of an instant transfer varies depending on the bank where you have the current account. In general, the cost of this service is higher than that of traditional wire transfers, but it allows you to transfer money instantly. The price of an instant transfer can vary from a minimum of 50 cents to a maximum of 2 euros. Some banks, however, offer the instant transfer service free of charge to their customers, as a form of promotion. It is always advisable to check the contractual conditions of your current account to understand if the instant transfer involves additional costs and what are any active promotions
.
What is the list of banks that accept instant transfers
Most Italian banks have joined the instant transfer service, but it is always advisable to check with your bank if this service is available and what methods of use it are. Among the banks that accept instant transfers are the main Italian banks such as Unicredit, Intesa Sanpaolo, Banco BPM, Banca Sella, FinecoBank, Nexi, Poste Italiane, BNL, UBI Banca, CheBanca! and many other smaller banking institutions. In addition, the instant transfer service is also available through some online payment operators, such as PayPal, Satispay and NexiPay. It is important to always check any fees applied by your bank or by the payment operator chosen to use the instant transfer service
.
Advantages and disadvantages of instant wire transfer
Instant wire transfers have several advantages compared to traditional transfers. First, the money is transferred in real time, without having to wait for the processing times typical of traditional transfers. In addition, there is no amount limit, which makes instant transfers particularly suitable for large transactions. However, instant wire transfer also has some drawbacks. The cost of this service is generally higher than traditional wire transfers, and some banks may take a few more minutes to credit the amount to the recipient’s account. In addition, it is important to pay attention to the correct entry of the beneficiary’s IBAN and BIC to avoid any processing errors
.
In conclusion, instant transfer is an innovative banking service that allows you to transfer money instantly. Many Italian banks have already subscribed to this service, but it is always advisable to check if your bank offers it and what methods of use it are. Before using instant wire transfer, it is important to carefully evaluate the costs and advantages of this service compared to traditional transfers
.