ING: Real-time transfers now pre-selected

ING's transfers (formerly ING-Diba) will now be executed in real time by default. Those who do not want this default setting must manually deactivate the option, explains the direct bank. Previously, it worked the other way around, so one had to actively initiate a real-time transfer. The change therefore currently only applies to basic and current accounts. It also requires that the receiving bank also enables real-time transfers.

Fast, but not entirely risk-free

Real-time transfers take a maximum of ten seconds compared to standard transfers. They are available within the Single Euro Payments Area (SEPA), which includes countries like Switzerland and the United Kingdom in addition to the EU. For a year now, banks within the EU have had to offer the reception, and since October, the sending of real-time transfers. The fees may not be higher than for classic standard transfers. For a free ING account, real-time transfers are accordingly free of charge. This was decided by the EU Parliament in 2024.

Because real-time transfers arrive much faster than standard transfers, consumer protection agencies warn that money cannot be recovered if errors occur. The transfer method could therefore become a focus for fraudsters. To avoid errors when entering the IBAN, banks must match this and the name of the recipient. If the data does not match, a warning appears. However, the transfer can still be completed at your own risk.

(mho)