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by bkor
3033 days ago
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SEPA instant will settle transactions 10 seconds. Drawbacks: banks can opt to participate, initially limited to 15k EUR, plus not obvious what the cost is. Banks are charged 1 EUR per transaction, so it'll be at least 1 EUR charged to customers. The price of a transaction is as important as the speed, IMO. |
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Private transfers: instant transactions between individuals, no transaction fees. (Though I suspect internally they do the usual reconciliation between banks at the end of the day).
Business: instant transactions to your account from your customers. Yearly fee: 500 SEK ($61), price per transaction: 2 SEK ($0.24), price per reimbursed transaction: 2 SEK ($0.24)
There are also limits on how much money you can send in one go, but it's usually more than enough for individual transactions and for small businesses.
[1] https://www.getswish.se, https://medium.com/@etiennebr/swish-the-secret-swedish-finte...