EU Set to Revolutionise Money Transfers with Real-Time Rules from July 2027
The European Union is set to transform money transfers with new regulations. From 9 July 2027, real-time transfers will be faster, safer, and more uniform across the EU.
Real-time transfers, also known as instant payments, will be available around the clock, even on weekends and holidays. The EU has mandated that banks must verify the recipient's name with the IBAN for all transfers, including real-time ones, to combat fraud. This rule will also apply to payment service providers outside the euro area offering SEPA payments in euros.
The EU aims to cap fees for real-time transfers, ensuring they are no more expensive than classic transfers. These transfers must be executed within ten seconds, providing recipients with funds swiftly. The EU's goal is to make euro transfers faster, safer, and more uniform with these regulations.
From 9 July 2027, banks in the Eurozone must enable real-time transfers. The biggest advantage of these transfers is their speed, with money reaching recipients within seconds. The EU's new rules aim to enhance the efficiency and security of euro transfers.
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