does this mean instant SEPA transfers must now be free ? Because currently my french bank charges 1€ or something for instant SEPA transfers but doesn't charge anything for non-instant SEPA transfers.
- Guaranteed by the European central bank, that is advancing the money for free
- Done instantaneously, by the ECB
- Cost around 0.01 euro per transfer
So the entire delay between sending and receiving the money, that banks pretend is used to guarantee that the transfer is legitimate, and that the money exists etc, etc is actually purely artificial. The ECB is shouldering the risk, and advancing the money, free of cost.
All the rest (extra charges, delays, etc.) are banks handsomely lining their pockets.
It seems that is the point. With my current bank it‘s free, but I need to enable it for every transaction. Annoying.
They're just trying to milk every possible avenue while they can. Poor banks. /s
No. It just means that your transactions will fail because of poor internet. /s