Bank transfer: how it works? | Orange Bank, instant and classic transfer: what differences?

Instant transfer: what does it change

What are the different types of bank accounts ?

Everything about bank transfers

The bank transfer is one of the privileged means of payment of the French. This is a more or less simple operation, but governed by extremely precise rules. How to make a transfer ? What are the steps in the procedure ? At what time do bank transfers pass ? All answers.

A man makes a transfer from the banking application of his smartphone

What is a bank transfer ?

A bank transfer corresponds to a transfer of money from one account to another directly, without the need for means of payment. Most wages are now paid by bank transfer, for example. This is a banking operation that is authorized, recorded and then notified, at the risk of being challenged or canceled. In other words, a transmitter whose account is debited is put in contact with a beneficiary, whose bank account is credited. The transfers can be made to external accounts from other people, but also to your own savings accounts, such as a booklet or life insurance in particular.

Three main types of transfers are distinguished today:

  • the punctual transfer, when the operation is not regular and it is a unique transaction;
  • permanent transfer, if the order is repeated regularly. In this case, the transfer may be automatic, for a fixed period or not (rent, internet invoice, etc.);
  • Instant transfer, which is a real -time money transfer, made in less than 20 seconds. It can be carried out by SMS or from the applications implemented by certain banks compatible with this system.

We also differentiate the SEPA transfer (single Euro Payments Area) established in euros, from an outside SEPA transfer, then considered as an international bank transfer. Exchange costs can be applied, and variable depending on the banks.

The transfer request is generally made online, but it is also possible to order from the bank window, or by mail, depending on your account agreement. Likewise, remember to check whether the amounts of the transfers are capped or if they generate fees.

What are the steps of a bank transfer ?

A bank transfer takes place in three main steps.

  1. Enter the information from the account to be credited, in particular the account number and its contact details (BIC and IBAN) – appearing on the RIB – as well as the amount to be transferred and the date of execution of the transfer.
  2. Give the transfer order to the banking establishment, after having verified that the funds of the debited account are sufficient.
  3. Make sure the operation appears on your account statement.

To note

A period of validation of a new beneficiary – 2 or 3 working days – may be necessary to make a bank transfer by Internet, according to banking establishments. In addition, your bank is not allowed to make a bank transfer without obtaining your prior agreement.

What are the deadlines for a bank transfer ?

When the transfer request is made at the end of the day, close to the end of the working day, it is considered to be received the following working day. It is the same if the transfer order is issued a public holiday or Sunday, for example. On average, it takes 24 hours for a bank transfer to France in France to be effective – about ten seconds in the event of an instant transfer – against 48 hours for a separate transfer in another European country. International transfers can take several days.

Did you know ?

The operation date corresponds to the date on which the debit (or credit) is registered by your banking establishment.

Bank transfer: what innovations in 2021 ?

The conditions for carrying out bank transfers linked to savings accounts were modified in 2021. From now on, any amount of money arriving or leaving a savings account must absolutely pass through a current account or a check account held by the same holder. Therefore, it is no longer possible to make monthly transfers, for example, from your booklet to the booklet of one of his loved ones.

Another consequence: in principle, a savings book must necessarily be associated with a support current account. However, do not hesitate to contact your bank, as some establishments can tolerate some operations in the same bank, for example.

At Orange Bank…

At Orange Bank, to make a bank transfer, it’s very simple ! Needless to enter the beneficiary’s RIB figures for the RIB, you can send her money only thanks to her mobile number. Go to the “Virement” tab of your app, and slide the cursor to the right to “send”. If the beneficiary is already in your contacts, just look for it in your directory. The recipient then receives an SMS inviting him to enter his RIB within 7 days, and it is done ! Transfer made. The icing on the cake: if the beneficiary also has an Orange Bank bank account, the transfer is immediate.

Instant transfer: what does this change ?

Instant bank transfer has been offered since the end of 2018 in France. How to make an instant transfer ? What are the differences in relation to a conventional bank transfer ? Deadlines, prices, conditions: focus on the instant transfer.

person making an instant transfer from their banking application

Instant transfer and classic transfer: what differences ?

An instant transfer is a payment transaction issued in euros, which is sent and credited instantly to the beneficiary’s account of the operation. Between a classic transfer and an instant transfer, the main difference is therefore on the speed of the operation. While a classic bank transfer requires 48 or even 72 hours to reach the recipient, an instant transfer is credited to the beneficiary’s account within 10 to 20 seconds, 24 hours a day, 7 days a week, 365 days per year. For the transmitter as for the beneficiary, the operation is therefore extremely fast. In addition, the transmitter is immediately informed of the success or possible refusal of his instant transfer, and his balance is updated immediately. No more deadlines for one, two, or even three days to send money, the funds are available in a few seconds for the transfer of the transfer.

The steps to make an instant transfer

How to make an instant transfer ? It’s very simple and it only takes a few seconds. Online or from your mobile, just choose the issuer account (the one from which you want to transfer money), then the beneficiary account, to which you want to send the funds. Then click on “Instant transfer” and enter the amount you want to send, as well as the reason for your transfer (restaurant reimbursement, cinema place, etc.)). Validate your instant transfer, it is made within 10 seconds. Once the transfer has been made, you receive a notification informing you of the success of your operation. You can consult the balance of your accounts, which will automatically update.

The disadvantages of the instant transfer

Most banks offer instant transfer. But from one bank to another, the instant transfer can cause costs for the transmitter. The cost of the operation generally varies from € 0.70 to € 1. On the other hand, the beneficiary of the instant transfer does not pay anything.

Another limit of the instantaneous transfer, the latter only applies to punctual transfer. It is not possible to establish a permanent transfer, such as the transfer of rent every month for example, in instantaneous. In addition, the ceilings of instant transfers remain limited for security reasons, but this ceiling varies from one bank to another. Finally, some banking establishments limit the number of instantaneous transfers issued to one day.

At Orange Bank.

Your Orange Bank application allows you to make all your conventional transfers by RIB: immediate transfers (simple transfers), delayed or permanent. Even simpler with Orange Bank: discover a new way of sending money to your loved ones with the transfer by SMS. No more RIB, only the recipient’s mobile number is enough. SMS transfer is not an instant transfer.

Orange Bank – SA with capital of 898 775 712 € – 67 rue Robespierre – 93107 Montreuil Cedex – 572 043 800 RCS Bobigny – Orias n ° 07 006 369 (www.orias.Fr).

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