Guide to instant transfers
The instant transfer is an innovative banking service that enables money to be transferred in a matter of seconds, 24/7. Since January 9, 2025, its cost is legally the same as that of regular transfers. This tool is especially valuable for anyone needing quick payments, whether for personal or professional reasons.
In this guide, we’ll show you how the instant transfer works and how to benefit from it, particularly if you use currency exchange services like Moneyswapp.com.
What is an instant transfer?
An instant transfer is a service allowing you to move funds from one bank account to another in under ten seconds, at any time of day or night, 365 days a year. This service is available within the SEPA zone (Single Euro Payments Area), which includes EU countries, plus Iceland, Norway, Liechtenstein, and certain non-EU states using the euro.How does the instant transfer work?
To make an instant transfer, you simply need the recipient’s IBAN and to enter the amount to be sent. The transaction can be completed online or at a bank branch. The funds must be immediately available and movable in your account.
Advantages of the instant transfer
SEPA instant transfers offer several key benefits:
- Speed and availability: funds are available within seconds, 24/7, which is crucial for anyone requiring instant liquidity.
- Security and reliability: the service undergoes strict controls to prevent fraud. Real-time transactions eliminate insolvency risk and guarantee safe payments.
- Efficiency and profitability: it helps reduce operational costs and streamline cash flow management. Offering this option is a value-added feature that can strengthen relationships between banks and customers.
- Simplicity: all you need is the beneficiary’s details and IBAN to finalize the transfer.
Differences from a standard transfer
An instant transfer differs from a standard one in the speed of execution. While an ordinary transfer can take up to three business days, the instant version completes within seconds. Consequently, it cannot be revoked unless technical issues or cyberfraud are involved.
Another difference used to be the price, but starting early 2025, EU regulations require that its cost match that of a standard transfer, removing a major barrier to its widespread adoption.
Another milestone will occur on October 9, 2025, when banks must let their customers not only receive these transfers but also initiate them, under the conditions mentioned above.
Costs and limits
The cost of an instant transfer may vary by bank, but as of January 2025, it cannot exceed that of a regular transfer if the institution offers both services.
The maximum transferrable amount is set at €100,000, though you should verify your payment service provider’s specific conditions.
Security and future outlook
The instant transfer is a secure, innovative service reshaping payment methods. From 2025 onward, banks will be required to offer the ability to verify the IBAN and beneficiary’s name before the transaction, without additional charges.Benefits of instant transfers for cross-border workers
If you’re a cross-border worker employed in Switzerland, you likely face the monthly challenge of converting your salary from Swiss francs (CHF) to euros (EUR). In this context, instant transfers can be a valuable ally for handling cross-border payments.
When you use Moneyswapp to exchange your CHF for EUR, you can take advantage of instant transfers to immediately receive the funds into your SEPA account: once we receive the amount you wish to convert, we’ll send a SEPA instant transfer to your chosen destination account (as volumes of exchange requests permit).
By leveraging SEPA instant transfers, we’ll be able to get you the amount you requested faster and more efficiently.
You can check if your bank accepts SEPA instant payments by entering your IBAN into an online validator, such as ibancalculator.com. If your bank does not support SEPA instant, don’t worry: you’ll still receive a normal SEPA transfer.
If you’re not yet a Moneyswapp client, give our exchange service a try and see the quality we offer!