Lorraine Williamson
For years, moving money between European bank accounts was a strangely sluggish affair. You could buy a plane ticket in seconds, but a transfer between two banks might drift through cyberspace for days. Where did it go in the meantime? And more to the point, who was earning on that idle money while customers waited?
That delay — an accepted inconvenience of modern banking — is finally being consigned to history. A new EU regulation now requires every euro transfer to reach its destination within 10 seconds, 24 hours a day, seven days a week.
The end of the banking black hole
Anyone who’s ever waited nervously for a rent payment, invoice, or deposit to clear will understand the significance. Until now, money seemed to vanish the moment it left your account. It could reappear hours later, sometimes days later, depending on the bank or even the day of the week.
Weekends and public holidays made matters worse. Transfers would stall until the next working day, as if the digital age had taken a weekend off. That will no longer be acceptable.
From 9 October 2025, Spanish banks must be fully compliant with the system that makes these real-time transactions possible — a reform that many argue is long overdue.
Spain’s slight delay in adopting EU reform
The EU’s instant payments regulation officially came into force on 9 January 2025, but each country was allowed to set its own timetable for full implementation. Spain opted for a later start, giving banks until October to upgrade systems and infrastructure.
From that point, however, there will be no exceptions. Whether you transfer money on a Sunday evening or during a national holiday, the funds must appear in the recipient’s account almost immediately.
How it works and why it matters
This reform applies to payments made in euros — not other currencies — and covers transactions within the Single Euro Payments Area (SEPA). It’s designed to make Europe’s financial system faster, fairer, and more transparent.
Crucially, banks cannot charge extra fees for instant transfers. The regulation also demands stricter verification: names and IBANs must match, reducing fraud and payment errors. If there’s a mismatch, you’ll receive a warning before confirming the transaction.
Consumers and businesses stand to gain
The benefits are clear. For consumers, there’s the convenience and security of knowing money moves in real time. For businesses, especially small ones that depend on cash flow, faster payments could be transformative. Getting paid instantly means fewer liquidity problems and smoother day-to-day operations.
And for society as a whole, it’s a long-overdue levelling of the playing field between consumers and banks. The system that once worked on banking hours will now work on human time.
A step towards financial transparency
This shift raises an uncomfortable question: why did it take until 2025 to make this happen? Banking technology has long been capable of near-instant transactions. Yet, delays persisted — benefiting institutions that could hold and invest the money during those “processing” days.
By enforcing instant transfers, the EU is not only modernising payments but closing a loophole that quietly profited banks at the expense of their customers.
Spain’s banking system finally catches up
From October 2025, every Spanish bank must deliver transfers within 10 seconds. It’s a long-awaited step that aligns the financial system with the realities of a digital economy — and one that many consumers will see as justice delayed.
After all, in a world where we can send messages, photos, and even entire businesses across continents in an instant, waiting days for our own money to move always seemed absurd.
Source: Infobae