The future of immediate banking

Sabadell Bank in Spain Credit: Sabadell Bank, X

In February, this year, the European Union proposed a regulation that makes immediate banking free of charge.

On this day, banks of Spain charge individuals and businesses up to 12 euros when making immediate transfers.

Spanish banks vary in their fees, with Sabadell charging €0.95, Sandander €6.00, Caixabank €5.94, BBVA €1.25 and Bankinter €12.00. 

The European Union aims to transform the banking system in 2025, introducing a regulation in which banks will guarantee an immediate transfer, within 10 seconds, completely free of charge.

This will apply to all European countries, including those which use a different currency.

On February, the seventh, the EU Parliament had decided to implement the changes, with 599 votes in favour, and only seven votes against the reform. 

The plan will now have to be further reviewed by the EU Council, European banks, and other PSPs (Payment Service Providers). 

If going through, the changes will be in full force by the end of 2025.

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

Written by

Anna Akopyan

Originally from Moscow, with Russian and Armenian origins, Anna has lived in Costa Blanca for over ten years. She is passionate about singing, acting and traveling.

Comments