We must have different definitions of Europe because I live in Romania (which has been a member of the European Union since 2007) and yet even national transfers are not instantaneous if you're doing them in the evening, not to mention the weekend. And don't get me started with transfers to other European countries.

I also think you meant cheap, not free. By the way I find it funny that some banks tax the receiver, so in order to get money, you have to lose money :-)