The new rules for transfers - What you need to know
Starting from October 9, the Eurozone will witness significant changes in the way bank transfers operate. Instant transfers will become the new standard, and banks will be required to verify that the International Bank Account Number (IBAN) matches the recipient's name before completing the transaction. The aim of this step is to better protect customers from fraud.
So far, transfers have primarily relied on verifying only the international account number, which has made it easy for fraudsters to transfer money to incorrect destinations. Consumer advocates see the new rules as a positive step, especially with the noticeable increase in fraud in the financial sector. Transfers that are made incorrectly have been difficult to recover and are often costly, as investigations can cost up to 50 euros.
The new system introduces a mechanism of "traffic lights". If the account number and the recipient's name match, the transfer is approved directly. However, if there are minor discrepancies such as spelling errors, the system will suggest corrections. In case of significant differences, a warning signal will be raised, and the decision is left to the customer whether to proceed with the transaction at their own risk, as banks will not bear any responsibility in that case.
Another major change is that instant transfers will replace traditional transfers (SEPA). Starting from October 9, all banks must provide instant transfer services across the Eurozone without additional fees. This change is based on the EU's instant payment regulation. While this step increases speed and efficiency, it also places more responsibility on customers to ensure the accuracy of their data.
Experts warn that speeding up transfers may also accelerate fraud, making it much harder to trace stolen money. At the same time, many people feel confused by the increasing shift towards digital banking, especially with branch closures and reduced access to personal advisors. The European Union is currently working on a new banking regulation to address liability issues and combat fraud, but the implementation date remains uncertain.