Filenews 8 August 2024 - by Eleftheria Paizanou
From April 2025, euro transfers to consumers and businesses holding a bank account in the European Union and the countries of the Single Economic Area will be made quickly and without delay.
This will come after the adoption by the Republic of Cyprus of the European Regulation on direct credit transfers in euro.
The Ministry of Finance prepared a package of bills which it put to public consultation, after the affected bodies have submitted their comments.
The draft laws will establish uniform rules for cross-border direct credit transfers in euro at EU level.
The European regulation enables instant payments in euro for consumers and businesses holding a bank account in the EU and countries of the Single Economic Area.
In particular, it will allow citizens to transfer money within ten seconds at any time of the day, even outside working hours, not only within the same country but also in another EU Member State.
Payment service providers, such as banks, carrying out standard credit transfers in euro will be obliged to offer services of sending and receiving instant payments in euro.
