20-Second Transfers? The Future of Czech Banking Is Almost Here

More and more Czech banks are offering same-day processing of transfers—instant payments may begin as early as 2018

In January 2017, the Czech National Bank lowered fees paid by individual banks for the processing of domestic money transfers. 

A number of banks are now sending new payments faster, enabling customers to process payments to other banks within a few hours.

According to Aktualne.cz, more than half of the banks on the Czech market have already sped up payments placed via Internet banking or at a branch, completing transfers on the same day.

Conditions do apply: the transaction must take place by a certain time, typically in the morning or by early afternoon at the latest, depending on the bank; weekend transfers between banks are still not possible.

The publication has prepared an overview of how specific banks are progressing, including fees and weekend transfer availability.

[See this table for an overview of banks]

In 2018, a revolution in bank-payments processing speed is expected; a spokesman for Komerční banka confirmed that banks are preparing a new system of so-called instant payments that would allow transfers to be processed in real time, 24 hours a day, 7 days a week, 365 days a year, at a speed of up to 20 seconds.

Also read:  Czech Cabinet approves delays in paying mortgages, loans, and rent for those affected by coronavirus

“With regard to the launch date of immediate payments, the assumption is the second half of 2018,” said Denisa Všetíčková from the CNB Communications Department.

For more information on Czech banks, see our most recent Czech Banks Comparison.

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