Sparkassen offers an immediate transfer

If you want to get rid of money, you can repair it from today. Assuming you have an account with the online banking function at a savings bank. Because from today real time transfers are possible in almost all savings banks in Germany. This means: From now on the money can change in a few seconds by bank transfer the owner. "It will work immediately between all savings banks," says Michaela Roth, of the German Association of Savings Banks and Giro. "And it will work with all the other banks involved in this process."

In the 34 countries of the Sepa Pay Zone in Europe and around Europe, there are currently about 1,100 institutions. In Germany, with the exception of a savings bank that has technical problems, the 384 savings banks and the bank HVB. With the association of savings banks, transfers between the approximately 50 million customers can be performed in real time at one time.

However, many savings banks pay for the service. What is the amount of fees, determine the institutions themselves, between 20 cents and two euros may be due. For example, at Sparkasse Köln-Bonn, new instant transfers for certain accounts are free; for others, such as business accounts, up to 60 cents. Customers must first check with their financial institution for any fees before choosing prompt payment.

"You also need to know if you need a quick transfer or if the normal transfer is not enough," explains David Riechmann. NRW Consumer Center. "If in doubt, it is associated with additional costs."

It may be wise to pay quickly in certain situations – for example, when buying a used car. Because the customer or the seller sees after a few seconds, if the money has really been transferred and has arrived. Viewed in this way, real-time transfers are close enough to cash payment. With the difference that you do not have to walk around the area and be afraid of thieves. However, the European system of this instant payment has set an upper limit of 15,000 euros per quick transfer in the background.

The system has been operational since November 2017. However, banks and savings banks have been slow to create the technical conditions for this. For this reason too, many other banks will only jump on the train in the near future. The industry leader Deutsche Bank wants to provide the service from November, Commerzbank and ING Diba have not yet a specific launch date.

The fact that money transfers fast, but now a general boost, which most experts are convinced. Because not only for certain purchases in real life, it can be useful if the transfer arrives immediately to the recipient. Even with online shopping, this could reduce the speed of payment in many stores to virtually zero. Until now, payment processors like Paypal are ahead of the game here. Real time remittances can also be the opportunity for traditional banks to gain a foothold in the world of instant Internet payment.

On the other hand, for customers and consumers: be vigilant and cautious, as always with online banking. Because this applies fundamentally: the transmitted money ends up once in the recipient's possession; By the way, it does not matter if you transfer normally or in real time. However, internet scammers are likely to use the new payment method to advertise in questionable emails for the fastest possible payment of windy claims. Regensburg economist Ernst Stahl warns: "In case of involuntary or accidental transfer, as happens for example in a hacking or a phishing attack the transaction can not be reversed." Money returns to the institutions. Banks ensure that with instant payments, it is possible, as in the case of a conventional transfer, to recover an amount transferred by mistake – with a normal remittance call, with the emphasis on value-added invoicing.