Bizum has become the king of instant payments in USA. “Make me a Bizum” is already as common an expression as “What time are we meeting?” » The truth is that there are few bank accounts in which Bizum is not already integrated, but there is always someone who has configured it incorrectly, does not have access to it… Excuse me or not, From today it will be a little harder to avoid paying this gift or the afternoon drinks. Since January 2025, there has been an alternative that is just as fast and does not require the other person to be registered for any service: free instant transfers.
European instant transfers are now free
Until now, if you wanted to send money instantly, you had two options: use Bizum (with its limits) or pay between 90 cents and two dollars for instant transfer. The European Union has reversed this situation with new regulations that require banks to offer these transfers at the same price as normal transfers. In other words: If your bank offers you free transferssnapshots should be too.
In most banks, if you have an online account or if you direct your payroll, transfers are generally free. For years, That meant waiting a day or two. so that the money reaches its destination. And let's not even talk if it fell on a weekend. Even if from now on the cost will be the same, in theory zero dollars.
Be careful, because instant transfers will not be performed by default: You will need to specifically select this option in your banking application. If you don't do this, you will continue to make regular transfers (yes, the ones that take two days to arrive). The good news is that when you need money to arrive quickly, you can select the “instant” option without having to break the bank.
The advantages of instant transfers compared to Bizum
Although Bizum is convenient, instant transfers have several advantages:
- There is no limit of 60 monthly transactions
- You do not need the recipient to be registered in a service
- They work with any Spanish or European bank account
- You can send larger amounts (depending on your bank)
Which banks already offer free instant transfers?
The main Spanish banks adapted quickly:
- Santander: Free instant transfers for most of their customers.
- BBVA: without fees on its application and website, keeping the price in offices the same as normal transfers.
- CaixaBank: free for around 17 million customers (“Día a Día” program, “online” account and Imagin users).
- Sabadell: deploy the free service to all of its customers.
In the rest of the banks or rural savings banks this should also be applied. This is a European standard which came into force on January 9, 2025.
How to Instantly Transfer from Your iPhone
The process is very similar to making a Bizum. The only thing you will need to know is the recipient's account number, in which Bizum always has the advantage by working only with the mobile number. You can, however, save these recipients (and account numbers) in the bank's own application or in the Contacts application on the iPhone. We will give an example of how an instant transfer is made from the iPhone with CaixaBank.
- Open your banking application and go to the transfers section
- Start a new transfer to an account
- Add the recipient's account number and name
- Choose the immediate transfer option
Ready! Within seconds, the money will have arrived in the other person's account. and it is really useful if someone has multiple accounts but only a telephone number, since Bizum only allows it to be assigned to a specific bank and account. Without forgetting if you have friends or family abroad (France, Germany, Italy…). As this is a European regulation, it also applies to them.
The service is available 24/7, including public holidays. Of course, it only works with transfers in dollars and must be made in the SEPA zone (European Union and certain associated countries). Next time you need to send money instantly, remember that You are no longer limited to Bizum and you no longer have to pay additional commissions. Your banking application on iPhone is now just as fast and completely free. It's time to decide which option is best for you in each moment.
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