The European Parliament has voted in favor of introducing instant bank transfers within the EU.
Under the new rules, all transfers to the euro within the entire EU will have to be performed within 10 seconds regardless of the day and time of day. This rule will also affect those EU Member States where the euro is not national currency (for example, Poland).
They will provide a longer transition period and an exception for transfers that are not done during working hours.
The new rule will come into force 20 days after the official publication. In general, financial institutions within the EU will have 9 months to prepare for the regime of instant transfers, and 18 months - for their departure.
However, for instant transfers, the commission will not be charged more than usual.
