ING Bank has announced the launch of instant EUR incoming payments, without fees, for individuals, companies, and businesses.
Following this announcement, ING Bank customers will be given the possibility to receive instant EUR transfers, free of charge, from all European countries that have adopted the EUR currency.
In addition, they will also be able to receive instant incoming payments from SEPA countries that do not use the EUR, from banks and financial institutions that have joined the instant EUR payment scheme, including those from Romania. The instant EUR incoming payment service is expected to be free of charge for both individuals and companies.
Bringing significant benefits to both individuals and companies through instant payments
According to the announcement, the launch will enable ING customers and users to receive funds within seconds, securely, at any time, on weekdays and weekends alike. At the same time, an important aspect is that incoming payments will be allowed to be received into any account. The payer will send the transfer in EUR, and the beneficiary is set to receive it in the specified account, regardless of whether that account is in EUR, RON, or another currency.
The SEPA scheme, which was initiated and developed by the European banking sector, was developed in order to enable EUR payments between accounts held at banks in any country within this area, simple, fast, and secure. At the moment, instant incoming and outgoing payments within SEPA are mandatory only for countries in the EUR area. Furthermore, the SEPA area includes the 27 member states of the European Union, as well as the region of Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino, Andorra, and Vatican City.
Moreover, officials of ING Bank mentioned that, according to the European Union’s instant payments regulations, by January 9, 2027, all banks and payment service providers in the region of Romania must offer their customers the capability to receive EUR transfers, and by July 9, 2027, the ability to send instant EUR payments. With this in mind, ING Bank announced the launch of the instant EUR incoming payment service one year ahead of the deadline set by the European Commission. In addition, the strategy will allow the financial institution to take another important step toward providing faster, fully digital transfers that comply with all strict security standards, while also offering improved predictability during a busy time of the year.
For individual customers, having funds credited instantly is set to provide immediate access to money for urgent expenses, unexpected situations, or holiday-related payments. As many Romanian individuals work in other European countries, the ability for money sent home to arrive in a faster and safer way offers families greater comfort and security. At the same time, for businesses and companies, instant incoming payments will have the possibility to improve cash-flow management, cover urgent expenses, and help maintain business operations without unexpected interruptions, while also supporting a more dynamic European economy.
In the following months, ING Bank Romania is preparing to also launch instant EUR payments for the SEPA area.
