If you already live in Portugal, then the banking system and its peculiarities may have surprised you. Having to wait for a long time for the distributor to pay his bills or hurry up before 3 pm to hope that his transfer starts on time, is a common thing in Portugal. But things will change. Indeed, it is now possible to make immediate bank transfers, that is to say in a few seconds. The Bank of Portugal announced on Wednesday 19 September that its payment system already allows immediate transfers, even between different banks. Immediate shipments can be made 24 hours a day, 7 days a week, 365 days a year. Funds are available in ten seconds. The bank supervisor pointed out that adherence to this system is optional on the part of financial institutions. How does this immediate transfer system work? What are the conditions? Bob, the expatriate's assistant in Portugal, tells you everything about immediate transfers.
A revolution in bank transfers in Portugal
"The interbank clearing system (SICOI) - a payment system managed and regulated by the Bank of Portugal, which processes all payment transactions ordered daily by individuals and companies in Portugal - has begun to allow the processing of immediate transfers "the statement said on Wednesday."
This means that service providers such as banks, payment institutions and electronic money institutions have a new system for the continuous processing of transfers 24 hours a day, seven days a week. 365 days a year, with funds available in the accounts of the beneficiaries in a few seconds.
But, as the bank supervisor explains, "membership of this system is optional on the part of the financial institutions", so that initially all institutions active in the Portuguese retail payment services market will not have this solution available to their customers. "
Implementation and progressive deployment
However, the banking supervisor anticipates "a gradual increase in coverage and scope in the coming months, both at the level of the participating institutions and the segments and channels in which the service is available in Portugal".
According to the information provided by the banking supervisor of Portugal, this system has been developed in accordance with the pan-European requirements established for the processing of these transactions.
The defined model for processing these immediate transfers determines that transactions must be available within a maximum of 10 seconds, that transactions must be able to be performed 24 hours a day, seven days a week, and 365 days a year, regardless of the amount the maximum number of transactions will be 15 thousand euros and transfers can be made in any SEPA country.