Since last January 9, all immediate transfers are free due to the new European regulations, which forces banks to equate their commissions with those of ordinary transfers (generally free). The regulation establishes that the money must reach the destination account within a maximum period of ten seconds, at any time and every day of the year.
Although it was initially expected that this measure would represent a true revolution, the banking products comparator HelpMyCash warns that the result has been left halfway. The reason is that most entities greatly limit the maximum amount that can be sent through these operations, which considerably reduces its real usefulness.
The official maximum: 100,000 euros
“Although officially the maximum that a client can transfer is 100,000 euros, the reality is that many entities have set a much lower limit that, in the worst case, not even exceeds the amount of money that can be sent through Bizum”, explain sources from the financial products comparator, who have analyzed which banks allow sending free immediate transfers and what limits they set.
The European Payments Council decided to increase the maximum amount of immediate transfers to 100,000 euros per operation in 2019. This modification came into force in July 2020 (previously, the limit was 15,000 euros). However, despite Europe’s efforts to popularize this means of payment—first by increasing its limit and now by limiting its cost—Spanish banks continue to impose obstacles.
The limit set by the banks: up to 15,000 euros
The comparator has carried out a study to observe what limits Spanish banks are establishing. According to the analysis, several banks have set a maximum of 15,000 euros per operation. This is the case of Abanca, Sabadell Bank, Santander Bank and B100which allow you to send a maximum of this amount for each transfer.
For its part, Cetelem has set a maximum of 10,000 euros per operationalthough its daily limit is 30,000 euros. Openbank allows you to send up to 6,000 euros, both per transaction and per day. Deutsche Bank has also set a limit of 6,000 euros per operationbut its daily limit is 25,000 euros. EVO Banco, on the other hand, has established a daily limit of 3,000 euros, although, according to its customer service, this amount could be reduced for security reasons.
Finally, the banks with the most restrictions are Bankinter, BBVA and Ibercaja. Bankinter limits the amount of Immediate transfers at 1,000 euroswhile BBVA only allows sending up to 900 euros per transaction. In both cases, the daily maximum is 5,000 euros, allowing several transfers to be made to send larger amounts. For their part, Ibercaja customers can only send up to 500 euros per day.
Avoid fraud
As the comparator explains, security is probably behind these limits. “These types of transfers cannot be canceledso, in the event of fraud, the client has no margin to reverse the operation,” they indicate. However, they add: “Some entities have established such a low limit that it makes this service very little useful.”
Savings of up to 12 euros
Despite the restrictions, Spanish banks have agreed offer immediate transfers for free. Since most banks already allow ordinary transfers to be made at no cost, they have chosen to offer this service at zero cost. “The alternative was to increase the cost of ordinary transfers to be able to charge for immediate ones, something that, apparently, the banks have ruled out,” explain sources from the comparator.
Since January 9, clients of Abanca, Banco Sabadell, Banco Santander, Bankinter, BBVA, B100, CaixaBank, Cajamar, Cetelem, Deutsche Bank, EVO Banco, Ibercaja, Kutxabank, N26, Openbank, Pibank, Revolut or Unicaja, among Other entities can make free immediate transfers. However, in some cases this benefit may be restricted to customers who have specific accounts or who meet certain requirements.
The measure represents a saving considerable, since, previously, a transfer of this type could cost up to 12 euros.