Instant transfer: which banks offer it for free? | TechBuzz

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Receiving money instantly from anywhere is becoming more and more popular. However, not all banks offer it for free yet. Let’s see which banks offer this possibility.

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At the end of 2018, French legislation finally authorized banks to make instant transfers in 34 countries in the SEPA zone. However, this method of monetary exchange has not yet met with the expected success. Platforms like Lydia or Paylib have made it their specialty, but banks, whether traditional, online or even neobanks, have not yet taken the plunge. Despite their gradual implementation in most banking establishments, they now represent only 3% of total transfers between individuals in France despite a significant increase in recent months and while this figure has reached 10% in Europe.

It must be said that the communication of the banks around this use is still too thin even if it is used more and more by some online banks as a marketing argument. Instant transfers also have a stubborn reputation for being expensive, with some banks having often applied excessive pricing in recent years. So let’s see which banks practice them for free and which offers allow them.

Instant transfer, what is it and how does it work?

If one could wonder why the banks did not practice this type of transfer earlier, it is not a simple question of profitability for this one. There is indeed a significant technical cost to allowing a customer to send money instantly (in seconds) from anywhere and around the world. A real revolution in our banking practices, therefore to facilitate our transactions, where classic transfers can take up to 2 or 3 days before being credited to a target account. The principle speaks for itself and several ways of proceeding have been developed by the banks.

By SMS/Email

It was the use that developed first. Some applications like Lydia, PayPal or Paylib have made it their business. Simply enter the mobile phone number or the email address of the person to whom you wish to make the transfer into the application and the operation only takes a few seconds. However, in the majority of cases, the recipient will have to create an account from the same application to receive their money, a good way for platforms to create engagement.

Instant Transfer SMS Apps
Lydia, PayPal and Paylib allow you to instantly send money by SMS

From banking apps

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Seeing the number of dedicated platforms multiply, banks had to react and also offer this functionality from their own platforms. Most often, everything is done from the transfer menu of the application by adding the IBAN of the target account. Other applications do not bother with that and allow you to dip into the contact directory. Once the manipulation is done, the money is credited to the account in a few seconds.

Socit Generale vir instant
The different types of transfers authorized by the Societe Generale application

Which banks offer free instant transfers?

Not all banks offer this type of service yet and among those that do, they are still a minority to offer it free of charge. This is especially the case with traditional banks which apply fees for each transaction where some online banks or neobanks offer them free of charge in certain offers.

Boursorama Bank

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We know Boursorama Banque for its offer of inexpensive cards with a variety of services that have nothing to envy to those offered by traditional banks. Whatever the card chosen at Boursorama Banque (Welcome, Ultim, Metal), the instantaneous transfer is free in sending and receiving. It is possible to perform for free up to 2,000 euros in instant transfers per day (in cumulative amount). Everything happens from the application in the menu “My transfers & direct debits” then on “Immediate transfer”.

If you want to know more, do not hesitate to read our full opinion on Boursorama Banque

Hello Bank

The other popular online bank on the French market is Hello Bank. The latter also offers free instant transfers. Well almost, it’s with an account Hello Prime possible, a Hello One account charges 1 euro for each instant transfer made. Hello Bank authorizes up to 15,000 euros per day. Again, everything happens via the application, in the “Transfer” section.

If you want to know more, do not hesitate to read our complete opinion on Hello Bank

Fortuneo

Fortuneo was one of the first online banks in France to have authorized transfers instantly from its application, but only with bank customers. Today, it is possible to enter any IBAN and thus send up to 2,000 euros per transaction completely free of charge and from any account offered by the bank.

If you want to know more, do not hesitate to read our complete opinion on Fortuneo

N26

All N26 customers can make instant transfers, however they are only free only from the Smart account at €4.90/month. A Standard account will charge 0.99 euro per transaction. However, some conditions should be known, such as the fact that the ceiling is limited to 2,000 euros per transfer at the rate of 5 transfers per day.

If you want to know more, do not hesitate to read our complete review of N26

Revolut

Embracing all new banking uses as much as possible, Revolut necessarily involves free instant transfers from its application and to all accounts. In addition, the neobank does not indicate a ceiling on the amount to be transferred. Everything happens from the application in the “payment” tab.

If you want to know more, do not hesitate to read our full review on Revolut


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I am admin of techbuzz.asia blog & I provide tech-related news. As a part of my hobby, I make content related to technology and gadgets reviews too. I love to be a content creator apart from it, I am a full-time employee in an MNC company and manage blogs systematically. You can mail me at [email protected]

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