When we need to send a transfer to make a payment, it is possible that we need the money to arrive as soon as possible due to some emergency that may have arisen. But what is the best way to achieve it and what are all the available options?
The money transfers They allow us to exchange money between bank accounts in a very simple way. From our mobile phone, we can place the order in a few seconds and, depending on the banking entities we work with, it is possible that the money will arrive immediately or, failing that, it may take one or two days, depending of the issuing bank’s cut-off time.
However, many situations may require an urgent money transfer that we need to reach its destination in a matter of seconds. But, what is the best way for us to achieve it? What alternatives exist on the market?
Bizum, the fastest option
Bizum allows us the money exchange instantly. Furthermore, it has the advantage that we only need know the phone number of the recipient, so the entire process can be carried out in a matter of seconds, since it is not necessary to know the IBAN or the name of the receiving bank.
As a handicap, it is important to remember that Bizum has a series of limits that we have to respect in order to use the service. For example, the maximum amount for send or receive a Bizum In a single operation it is €1,000. Furthermore, the maximum amount of money we can send per day is €2,000, the figure rises to €5,000 if we count the entire month. However, it can be more than enough for most everyday situations or to resolve an emergency situation.
Normal or immediate transfers
At the moment, make a transfer from one bank to another it barely requires a day for the money to be reflected in the receiving account. However, it can be extended to two days in the event that we make the transfer after the bank’s cut-off time has passed. It is important to know that banks establish a time from which all procedures are carried out starting on the next business day. So if we wait until the last moment, which is usually between 4:00 p.m. and 6:00 p.m., this may cause a significant delay. Even more so if, in addition, there is a weekend in between.
Alternatively, there are the immediate transfers that arrive in a matter of seconds. The negative point of this option is that they usually have a cost that, although it is not usually very high, it is advisable to add to the amount we are transferring. Additionally, there are also quantity limits. It is recommended that you inform yourself with your own bank about the conditions that your entity requires of you to consider this route.
More alternatives
Beyond Bizum and the immediate transfers, There are other alternatives that can help us send money instantly to another bank account. One of them is PayPal, one of the reference platforms in the online field. If we have our account linked, we can send and receive money in a matter of seconds.
Although we must pay via Paypal to be able to spend it immediately. Otherwise, we will have to wait a few days until we can send the money from Paypal to our account or any other bank account.
N26, for its part, hasand MoneyBeam. Which is a system very similar to Bizum with which we can transfer money to other users through their mobile number or via email. However, it is only available to people who have a account in N26so it is not compatible with other banking entities.
