Instant Bank Transfer Testing Starts In Hungary

  • 4 Jan 2019 9:15 AM
  • Hungary Around the Clock
Instant Bank Transfer Testing Starts In Hungary
Banks began testing a new instant money transfer system on January 2, the central clearing house Giro announced yesterday.

With the launch of the GiroInstant transfer system, scheduled for July 1, 2019, bank transfers of up to Ft 10 million will be concluded within five seconds, seven days a week.

Work on the new payment system began in 2017.

Giro, a fully owned subsidiary of the central bank, will not charge any fee for the instant transfers.

Setting prices is at the discretion of commercial banks, but the MNB expects them to charge fees that facilitate the widespread use of instant money transfers.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Around the Clock

Since 1995 Hungary Around the Clock has proven to be one of the most comprehensive sources of daily English-language news about Hungary. It covers ongoing domestic politics and foreign relations, as well as business and economic matters. For a free trial of HATC visit www.hatc.hu and click on 'Free Trial Subscription’.

Explore More Reports

  • PayPal Most Popular Money Transfer App In Hungary

    PayPal Most Popular Money Transfer App In Hungary

    • 5 Apr 2019 8:21 AM

    According to findings by U.K. consumer research and personal finance site NimbleFins, PayPal Mobile Cash is the most popular money transfer app in Hungary based on Apple App Store downloads, just as in 21 other European countries.