📅 July 1, 2020
SEPA Instant transfer limit increases from EUR 15,000 to 100,000
The European Payments Council has decided to increase the instant transfer limit from EUR 15,000 to 100,000 for residents and businesses in the euro area, starting July 1. From now on, even more transfers will reach recipients immediately after the money is sent.
“Standard transfers in euro (SEPA) are received five times per day. Instant transfers are made via SEPA Instant – a separate system where transfers between its members are made 24/7. Thanks to the increased limit, more businesses and residents will benefit from instant payments,” says Vytenis Morkūnas, CEO of Paysera LT, the largest electronic money institution in Lithuania.
Instant payments can be made and received between all banks and financial institutions that are members of the instant payment system, SEPA Instant.
Morkūnas notes that when Paysera LT clients are making a transfer independently, they do not have to select the system for transferring the money – if the recipient’s bank is a member of SEPA Instant, the transfer will automatically be instant.
All transfers of up to EUR 100,000 are free for private clients of Paysera LT. Starting July, the transfer fee for businesses will be EUR 0.2, which is almost half the price charged by banks in Lithuania.
According to the data of the Bank of Lithuania, Paysera LT is the largest electronic money institution (EMI) in Lithuania. The company provides a payment gateway, transfers, currency conversion, event ticketing, and other payment solutions. About 90% of electronic stores in Lithuania use the company’s payment gateway solutions. EUR 6 billion worth of transactions are carried out through the Paysera payment system and mobile app annually, which is EUR 16 million in daily transactions. Money remittances are available in 23 currencies and to/from 180 countries worldwide. Paysera companies in Lithuania and Kosovo were the first to be issued EMI licences in their respective countries.