Instant SEPA: lightning-fast transfers

In these cases, the funds are generally received in the recipient’s account less than 10 seconds after being sent and within 20 seconds in some difficult cases. This makes the payment just as fast as a bank card payment.

In comparison, a standard transfer is generally credited to the recipient’s account within 2 to 3 days of being sent.

Since July 1, 2020, European regulators have raised the threshold for these kinds of transfers in the SEPA zone; the maximum allowed for this type of operation went up from €15,000 to €100,000.

However, banks are free to apply their own maximum limits for transfers in Euros. Therefore, any customer with a business account with Qonto can make an instant transfer of up to a maximum of €100,000 directly from their desktop or smartphone.

Here are the maximum limits of other banks that cater to businesses (traditional and online banks):

1. Banque Populaire applies the European regulator’s maximum limit (on condition of the bank’s approval for amounts over €50,000);
2. Banque Postale, BNP Paribas, Hello Bank and Société Générale have a maximum limit of €15,000 per instant transfer;
3. Boursorama limits the amount to €2.000 per day;
4. Caisse d’Épargne allows instant payments up to €100,000;
5. Crédit Mutuel has a limit of €10,000 per day by this payment method;
6. N26 puts its threshold for instant transfers at €2.000 per transfer, with a limit of up to €10,000 per day (or 5 of these transfers per day).

Just as they do for individuals, instant transfers provide businesses and entrepreneurs with numerous advantages:

They save time

With a standard transfer, you must keep a proof of payment sent by your bank to prove to your suppliers that their invoices are in the process of being paid. Also, you must check that the bank has actually executed your transfer request.

Transferring instantly frees you from these constraints, as the recipient has the money in their account within 10 seconds of it being sent.

They strengthen your business relationships with suppliers

A supplier who is paid quickly is a business contact who will likely want to work with you again in future and who might even agree to offer you better conditions and price reductions.

In the same way, you will tend to favour doing business with a customer who pays quickly with an immediate transfer over working with one who needs several reminders before paying your invoice.

They let you focus on your business

Paying your suppliers quickly and being paid fast by your customers allows you to move on to new tasks and get on with your work. This means you can put all your focus into growing your business.

Instant transfers work in the same way as standard bank transfers. The rapidity of the operation is possible thanks to an interbank platform developed in France for treating payment flows.

The six banks to develop the system originally were BNP Paribas, Société Générale, Banque Populaire, Caisse d’Épargne, Crédit Agricole and Crédit Mutuel.

To make an instant transfer with Qonto, go to your account profile from your desktop or smartphone. The information you’ll need to enter is identical to that required for a standard transfer:

1. the identity and bank details of the beneficiary;
2. the name of the bank;
3. the amount to be transferred.

If you are eligible, the instant transfer option is pre-selected by default, meaning you have nothing to do if you want to send your transfers instantly.

This type of transfer is available both for transactions between businesses and those between individuals. For non-business transfers, individuals can turn to specialized apps such as Paylib or Lydia.

The majority of traditional banks and online banks have introduced this type of payment.

Each bank is free to set its own fees for these operations.

With Qonto, instant transfers cost the same as regular transfers; transferring money instantly from your online account does not carry any added fees.

Here are the prices offered by the main business banks:

1. Banque Populaire and Caisse d’Épargne bill users between €1 and €10 per transfer, depending on the amount sent.
2. Banque Postale does not apply any fees for sending transfers instantly online or via its app;
3. BNP Paribas charges €1 per instant transfer, but the operation is free of charge if the recipient’s account is also with BNP Paribas ;
4. Boursorama provides this service for free;
5. Crédit Mutuel has a €1 fee per instant transfer sent;
6. Hello Bank provides these transfers for free to customers with a Hello Business account;
7. Société Générale charges €0.80 for every instant transfer sent online.
   
   

Unlike Qonto, some institutions dedicated to business banking do not allow for customers to send these immediate transfers, including Anytime, Manager.one and Shine.

As a result, take the time to compare business bank rates to find the solution that best meets your needs and the rates that respect your budget.

Unlike a standard bank transfer or a payment by check, it is not possible to cancel an instant transfer once you’ve approved it.

This is why we strongly recommend you double check the main information concerning the transfer before fully confirming it with your bank. That main information is:

1. the bank details of the beneficiary (the bank account IBAN as well as the bank’s SWIFT/BIC code);
2. the amount of the transfer.

Transfers can be cancelled if your bank has not executed the operation. For example:

1. recurrent transfers, as long as they are cancelled before the next payment date;
2. scheduled transfers as long as they are cancelled before the scheduled payment date.

You can recall a transfer after the funds have arrived in the beneficiary’s account.

If you think you’ve fallen victim to fraud, you can contact us by chat from your app and indicate the transfer concerned.

If you’ve sent a payment erroneously, you are advised to contact the beneficiary quickly so that they can return the funds to you. If this fails, we can then contact the beneficiary's bank to ask for their agreement, although this procedure can take time and is no guarantee of the beneficiary bank’s agreement.