Is it something that takes more labor or tech and therefore they charge? How is transferring from a bank in one to three days different from transferring right away, if they’re similar by method?
In: Technology
What the differences are depends on what system is used in the background.
In the Eurozone (with SEPA), instant Transfers are basically just another mode of normal money transfers. Sure the banks need to support that and you need to solve some regulatory questions, but that is nothing impossible. There are standardized protocols that describe how banks can exchange the required information, and basically banks just has to implement these into their system.
Starting next year every bank inside the EU (or more precise the EEA) must be able to receive and send instant payments, and banks are not allowed to charge more for instant payments than for “normal” (slow) bank transfers. So basically these will become equivalent, and there will probably be no reason anymore to use the slow transfer method…
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