The arrival of immediate transfers has taken the spotlight off of Bizum, one of the banking services that many of us have used with great frequency in recent years.
He new European regulation, which came into effect on January 9, represented an important paradigm shift in the way many of us use our banking operations. From that day on, banking entities have the obligation to match the price of immediate transfers to ordinary transfers.
Although it was not mandatory for banks to offer this service for free, most entities have chosen to match the downward price of all their transfers. In this way, we can now send money to any bank account located within the SEPA territory and have said transfer reflected in a few seconds. And what happens with Bizum? There are reasons to think that its use will become increasingly residual as we get used to using immediate transfers as a regular form of payment.
Forget about Bizum limits
Bizum is one of the most interesting banking services that we have been able to enjoy in recent years. However, it had an important handicap for its users: the limits that the application required compliance to send money. Although Bizum’s daily limit may be more than enough for many of us, since it is €1,000 in a single operation, weekly and monthly limits, defined at €2,000 and €5,000, respectively, could become a problem if our activity required making large payments.
The banking entities They have complete freedom to establish their own limits when offering this service. At BBVA, for example, we have limits of €900 per transaction and €5,000 per day. In the case of Caixabank, the limit is €15,000.
Without providing your phone number
Bizum It is a service that requires knowing the phone number of the person in question to make the payment. Among friends or family, it is always much more convenient to use, but the same does not happen when we have to make a payment to a business or professional, since we do not always want to offer our telephone number to anyone who is not close to us.
The immediate transfers They only require the account number, an option that we have been using for many years and that can be more convenient in a large number of situations.
throughout Europe
Finally, we come to one of the most important advantages that the international transferss regarding Bizum: the possibility of using them with other countries in the European Union. Something we couldn’t do when we were traveling and wanted to make any payment to a foreign service through Bizum. In this way, many geographical barriers are eliminated and allow us to use this option also when we cross our borders.
The arrival of the free immediate transfers It has meant an important change in the way we use our day-to-day banking operations. This does not mean that we are going to stop using Bizum and, in fact, it is still a service that is very convenient to pay off debts and make small payments with our closest circle, but now we have a new alternative when making any payment of a certain amount throughout the European territory.
