La Banque Postale democratises the instant bank transfer with widespread free access to this service

In keeping with its corporate values of accessibility and responsibility, La Banque Postale has waived its fees for online instant bank transfers since 1 January and as of May 2022 will extend its use to all 20 million of its customers. This new initiative is part of the La Banque Postale’s strategy to make useful innovation accessible to the widest possible audience, simplify the digital customer experience, and step up the introduction of new means of payment.

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La Banque Postale has decided to democratise its Instant Payment solution for individual and corporate customers, by making this online service free of charge1. An instant bank transfer was previously charged at a rate of €0.70 for individuals and €0.80 for professionals and companies.

To step up the introduction of this new service, La Banque Postale will make the use of Instant Payments2 standard practice as of May 2022: these will gradually replace regular transfers for all one-off bank transfers within the European SEPA3 area for amounts of up to €1,000 for individuals and €7,700 for legal entities.

Instant bank transfers will allow customers to make a payment in less than 10 seconds, 24/7. This irrevocable service will allow customers to transfer money in real time, via their mobile banking app or La Banque Postale online account, and make funds instantly available and reusable by the beneficiary.

1. Since 1 January 2022 for individuals and 1 April 2022 for legal entities.

2. Within the authorised limits and excluding scheduled standing orders.

3. As at 01/01/2022, the SEPA area (Single Euro Payments Area) included European Union member states plus Andorra, Iceland, Liechtenstein, Monaco, Norway, the United Kingdom, San Marino, Switzerland and Vatican City.

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