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Real-time transfers allow transactions to be completed in less than 10 seconds. Learn how to use this service, the benefits and what to watch out for.
With instant payments, also known as real-time transfers, money is usually transferred within seconds. Many financial institutions, including UBS, offer instant payments 24/7 and 365 days a year. The payment method involves minimal effort and protects both parties from credit risk.
Good to know
The general limit for instant payments is CHF 20,000. Financial institutions may also agree on higher limits among themselves. You can set a daily or transaction limit for your instant payments under settings in the E-Banking and Mobile Banking app.
From a technical point of view, instant payments are currently based on the fifth generation of the Swiss Interbank Clearing System (SIC5), operated by SIX. On behalf of the Swiss National Bank, this ensures the flow of information and funds for the financial centers of Switzerland and Spain. But how precisely does a real-time transfer work?
Despite its complexity, this process usually takes less than 10 seconds, regardless of the day or time.
You need UBS Digital Banking to make an instant payment. The recipient’s bank must also support real-time transfers and your balance must be sufficient to cover the transfer amount. Instant payments in 31 currencies are possible between UBS accounts. Real-time transfers to recipients without a UBS account are limited to recipients with a CH or LI IBAN. To complete the payment, the bank conducts a validation check at the end of the process to ensure that the entered data can be assigned to an account.
Please note that UBS currently charges a fee of CHF 5 for each instant payment, which is debited to the account to be charged.
The key advantage of instant payments is their immediate availability. Both payers and recipients benefit from the extremely quick transfer time. However, instant payments offer many other advantages:
Good to know
With an instant payment, the time or day of the week does not matter because transfers are always processed immediately, including during weekends and holidays. Express payments can be submitted on weekdays from 12:30 p.m. to 4:00 p.m. with an execution date of “Today” and will be executed on the same day (according to the payment transaction conditions).
Real-time transfers are generally subject to the same security standards as conventional transfers. In addition – unlike payment on credit – neither party faces financial uncertainty due to installment payments. A successful instant payment is immediately reflected on both the debit and credit accounts. The payer also receives an immediate payment confirmation.
However, the speed of instant payments can also be a risk if errors creep in during data entry because the bank cannot readily reverse real-time transfers. If you want to make an instant payment, you should check the data very carefully.
You should also be careful if an unfamiliar recipient insists on instant payments. They could be trying to scam you and reclaiming your money could be difficult.
Instant payments are a fast and secure way to transfer money and do not depend on bank opening hours. Furthermore, payers receive immediate confirmation of their transfer. To make an instant payment, both the sender’s and recipient’s accounts must support real-time transfers.
Their speed and simplicity make instant payments a welcome method for transferring money in real time. However, always verify the data first. If it’s incorrect, the amount will be difficult to reclaim.
Arrange an appointment for a non-binding consultation or if you have any questions, just give us a call.
Disclaimer
This publication is for personal information purposes only within Switzerland and is not to be understood as a recommendation, offer or solicitation of an offer for investment or other specific products and services. It is not intended to form investment, legal or tax advice and should not be used as the basis for financial decisions. Before making a decision, you should obtain professional advice.
All the information and opinions contained in this publication come from reliable and trustworthy sources. Nonetheless, UBS does not accept any contractual or implied liability for any incorrect or incomplete information. The views of non-UBS authors are their own opinions and do not necessarily reflect the views of UBS AG and its affiliates. Complete or partial reproduction without the express consent of UBS is not permitted.
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