Hello bunqers! 👋
It’s Sunday, which means we are about to share another bunq Tip with you to make your experience with us even better 🙌 Let’s talk about instant payments!
A little background
We've been offering instant payments between bunq users since 2015. In 2017 the European Payment Council (EPC) announced that 600 banks across Europe will offer Instant Payment support.
This means that sending a SEPA transfer will arrive within seconds at the other party, if they participate in the EPC Instant Payment system too. Even if it is in the evening, weekend, or holidays! Naturally, we jumped at the opportunity to be a part of this already a few years ago.
We chose to participate in the EU Instant Payment System because...well, we are an international bank based in the Netherlands. Next to that, there are instant payments with way more other banks than solely the Dutch banks. Other Dutch banks are slowly joining us on the same path of user-oriented innovation and ensuring cross-border availability, but most of them are not there yet. Instead, they integrated the Dutch Instant Payment System in spring 2019. Are you ready for the Dutch banks to join us? Yes? Us too! Because it allows you to do easy banking with family, friends, and colleagues residing in other countries!
Let’s discuss some of the details of instant payments. It’s good to know that the Instant Payments system supports payments up to €15.000. Everything above that amount will be sent as a normal SEPA transfer, meaning this payment will arrive within 1-2 working days. Be sure to check this topic to see when your payment will arrive. Don’t forget you can also top up your account by using iDeal (in the Netherlands) or Bancontact (in Belgium).
As you can see, bunq is ready for every bank in Europe to participate in the EU Instant Payment system, so that all your payments will arrive instantly. Until that happens, here’s a little tip to make sure you have a carefree banking experience: turn on your notification settings in the app, this way you can get real-time notifications of all your sent and received payments so you'll always stay up to date.
Last but not least: find an updated list of all participating banks here.
Each day more users are joining us on this great adventure, making banking more and more convenient to make your life easier!
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