From today banks should be offering instant transfers – but you may have to pay for the privilege.
Normally, when sending money to someone one, the bank processes the payment overnight and the money is credited the next day.
Instant Payment is now active. Rules set by the Swiss National Bank says any bank that processes at least half a million payments a year have to offer instant payment transfers from today – smaller banks will have to have the system by 2026.
Instant payments are just that – you request to send money to someone else on your e-banking system – and the money is in their account within seconds, including at weekends.
Switzerland is a laggard – instant payments are already common in many parts of the world.
But check the fees, some banks are offering it for free, others offer a limited number of free payments a year, while UBS says it’ll cost you 5 francs each time.
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