Instant transfers are now cheaper.

Now, you can transfer funds immediately at the same cost as a traditional transfer.

The banks must now "allow their customers to receive immediate transfers" in their accounts, even if they do not yet allow the issuing of immediate transfers.

Immediate bank transfers become cheaper, according to the Banco de Portugal (BdP), as reported by Notícias ao Minuto.

With the entry into force of Regulation (EU) 2024/886, on March 13, 2024, payment service providers are now "prevented from charging higher fees for the execution of an immediate transfer than those charged for a traditional transfer made under the same conditions," as stated.

Thus, individuals, companies, and bodies of the Public Administration can now use immediate transfers at a cost equal to or lower than traditional transfers.

Immediate transfers are available 24 hours a day, 7 days a week, and 365 days a year, guaranteeing that funds are available in a few seconds in the beneficiary's account, whether it is located in Portugal or another country in the European Union.

Banks must now allow their clients to receive immediate transfers into their accounts starting today. This obligation applies even if the bank does not yet allow the issuance of immediate transfers, as reminded by the BdP.

From October 9, 2025, banks will also have to allow their customers to initiate immediate transfers and provide them with a beneficiary confirmation service.  

Starting in 2027, the regulation will apply to payment institutions and electronic money institutions, as explained by BdP.

To facilitate the implementation of this new rule, the BdP provided payment service providers, in 2024, with two functionalities: the SPIN and the beneficiary confirmation service.

Through SPIN, users can initiate immediate transfers more conveniently, using the recipient's mobile phone number (if it is an individual) or the NIPC (if it is a company) instead of the IBAN. The beneficiary confirmation service allows users of immediate transfers to verify the identity of the recipient before the operation is initiated, making the use of this tool even safer.

Also read: Bank transfers will change: Get to know the new measures

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