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Effective tips to make fast payments in Europe

Financial Foundation

Effective tips to make fast payments in Europe


Mar 20, 2024

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Fast payment systems are revolutionizing how money moves across Europe. This lets people send money to each other instantly or streamlines European import export transactions. It also helps achieve the EU’s goal of a united digital market.

Over 60% of respondents in Europe prefer using fast payment systems due to their convenience and ease of use, especially for everyday transactions. (source: European Central Bank)

The number of mobile wallet users in Europe will reach over 500 million by 2025. (source: Mobile Wallets)

Cash is becoming less common, so fast, safe, and easy payment systems are very important. The EU is working hard to make their speedy payment systems even better and reach more people.

Knowing this, companies that handle payments are always building new “fast payment” options to fit the needs of businesses and individuals.

Factors contributing to fast payment

Making sure money transfers happen quickly and efficiently is really important for businesses and individuals. Several basic factors contribute to the seamless execution of this process as follows.

The power of modern payment systems

Fast money transfer relies on a modern payment system. Think of it like a high-tech platform that automatically processes transactions, making them quick and accurate.

For example, SEPA has standardized and streamlined payments across Europe, enabling faster processing times (typically within 1 business day) for euro-denominated transfers between participating countries. (source: the European Payments Council)

Fast money transfer relies on a modern payment system.
Fast money transfer relies on a modern payment system.

Faster Payments Service (FPS), which enables near-instantaneous transfers (typically within seconds) between participating banks in the UK. (souce: Faster Payments Service)

This platform also facilitates efficient connectivity and interaction between banks and financial institutions.

Streamlining the process

Complexity is the enemy of speed. Simplifying the transfer process is vital for fast processing. This translates to streamlined procedures with minimal data entry and verification steps.

Also, using automated solutions like QR code payments and e-wallets makes everything even easier. 62% of respondents preferred using e-wallets for their speed and convenience (source: PeakSpan Capital.)

The global market for real-time payments is experiencing rapid growth. It was valued at USD 12 billion in 2021 (source: Factmr)

Europe, in particular, stands out as a significant contributor to this market. The European real-time payments market is estimated to be USD 6.49 billion in 2024 (source: Mordorintelligence) and is expected to soar to USD 11.21 billion by 2029.

The backbone: payment network system

Think of a busy highway that slows down traffic – that’s what a slow internet connection can do to money transfers.

The Single Euro Payments Area (SEPA) has standardized payments across Europe, facilitating faster processing and easier integration between banks.

Payment networks like SWIFT or Visa offer global reach and facilitate international money transfers.

It’s crucial to have a strong network system, which includes fast and stable internet. But it’s not just about that; the system also needs to handle a lot of transactions without any problems.

A clear legal framework

Rules might seem like obstacles, but clear laws and simple regulations are essential for making international money transfers easy. These rules make it easier to send money across borders by reducing obstacles and paperwork.

Simple regulations are essential for making international money transfers easy.
Simple regulations are essential for making international money transfers easy.

For example, the EU’s regulations ensure that fast payment services are safe, dependable, and available to everyone in the EU. They also encourage innovation and competition in finance through the Payment Services Directive (PSD2).

Embracing technological advancements

The future of money transfer is brimming with innovation. Artificial intelligence can further automate processes, reducing human error and accelerating transactions.

Blockchain technology, with its secure and transparent nature, holds exciting possibilities for faster and more secure international transfers.

The global blockchain technology market is expected to reach USD 67.4 billion by 2026, showcasing its growing adoption across various industries, including money transfers. (Source: MarketsandMarkets)

A human touch: quick support

While technology plays a critical role, human expertise is still invaluable. A team of quick support provides an additional layer of support, readily available to answer customer inquiries and address any issues promptly. This ensures a smooth and worry-free experience for everyone involved.

Tips to make fast payments to partners or relatives abroad

Whether it’s for business transactions, family support, or simply sharing gifts, the speed and efficiency of your payment method can make a significant difference.

Choosing the right payment service

Choose reputable and regulated international money transfer services that offer competitive exchange rates and low fees. Money transfers can range in speed from a few hours to several days.

While traditional bank transfers might not be the fastest option, they can be cost-effective for larger transfers. However, processing times can range from a few days to a week, depending on the banks involved.

If both you and the recipient use the same mobile wallet app or money transfer payment provider, sending money internationally can be quick and convenient, often settling within minutes. This is the ultimate choice for speedy transfers within the SEPA zone (most European countries) for transactions in euros. It utilizes the standardized SEPA system for lightning-fast processing.

Prioritize speed or cost

Consider the urgency of the transfer. If speed is the main concern, a Money Transfer Service Provider might be the best option. However, for larger transfers or if time isn’t a pressing factor, a bank transfer could be more cost-effective.

Compare fees and exchange rates

Fees and exchange rates can significantly impact the amount your recipient receives. Research and compare different providers before choosing one. Some services might have hidden fees or less favorable exchange rates.

Prepare required information

Gather all necessary information before initiating the transfer. You’ll likely need the recipient’s full name, address, bank account details (if sending via bank transfer), or mobile wallet ID (if using a mobile wallet app).

Gather all necessary information before initiating the transfer.
Gather all necessary information before initiating the transfer.

Consider weekend and holiday delays

As with other places, weekends and holidays in Europe can cause delays in processing, especially for bank transfers. Choose a payment service provider that offers 24/7 processing if you need a truly fast transfer regardless of the day.

Some banks and service providers in Europe have cut-off times for same-day processing. Ensure your transfer is initiated before the cut-off to avoid delays.

Double-check everything

Before confirming the transfer, review all recipient details, the transfer amount, and any associated fees. Typos or errors can delay the transfer or lead to incorrect delivery.

DNBC: online payment provider for international money transfer

DNBC is an online payment service known for its transparent fees, ensuring you’re always aware of what you’re paying. No hidden costs mean you can manage your money confidently without surprises. This transparency fosters trust, making DNBC a top choice for reliable financial transactions.

Moreover, DNBC provides personalized customer service with one-on-one support. Their dedicated advisors assist with international money transfers, offering tailored assistance worldwide, including the UK. With this support, you can make informed decisions and achieve your financial goals with ease.

DNBC Financial Group is your trusted provider in international money transfer

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Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.