ING Bank has introduced instant EUR incoming payments without any fees for both individuals and companies.

Clients of ING Bank will soon have the opportunity to receive immediate EUR transfers, free of charge, from all European countries that use the EUR currency.

In addition, they can also expect instantaneous incoming payments from SEPA countries that do not adopt the EUR, provided that those banks and financial institutions are part of the instant EUR payment network, including Romanian banks. This service is anticipated to be cost-free for both individuals and companies.

Bringing significant benefits to customers through seamless transactions

The bank’s announcement indicates that ING Bank customers will enjoy receiving funds within seconds, securely, regardless of whether the transfer takes place on weekdays or weekends. Importantly, incoming payments can be directed into any account; therefore, even if the recipient’s account is denominated in a different currency like RON (Romanian Leu), the payment will still be received as EUR.

The SEPA scheme was established to simplify and expedite EUR payments between bank accounts across countries within the region. Currently, only countries in the EUR zone are required to offer instant incoming and outgoing SEPA transactions. The SEPA area encompasses 27 EU member states along with Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino, Andorra, and Vatican City.

ING Bank has announced that they will begin offering this service a year ahead of the European Commission’s deadline, aligning their strategy with higher security standards and supporting faster, fully digital transfers. This initiative is expected to enhance cash-flow management for businesses and provide immediate access to funds for individuals during urgent or unexpected situations.

As Romanian employees often send money home from other EU countries, this improved method of transferring EUR payments is intended to offer greater comfort and security to families. Additionally, instant incoming payments will support dynamic business operations by helping companies manage urgent expenses without interruptions, thereby fostering a more robust European economy.

In the coming months, ING Bank Romania plans to expand its offering to include instant EUR payments for the SEPA area as well.