Why are express transfers so expensive?

You must send someone a transfer and the money should be on the recipient’s account as soon as possible? In this case, we will have to pay extra for an express transfer. What exactly are express transfers? How do you do them? How much will we have to pay for this transfer of money?

Standard transfers are posted according to the hours of the Elixir session, which is a special interbank clearing system that has been used in Poland for years. Elixir has three incoming and outgoing sessions each working day – from Monday to Friday. This means that most often a transfer from one bank to another goes “one business day”. When we make the transfer early in the morning, there is a chance that it will be booked in the evening at the recipient.

Therefore, such a transfer does not solve the situation when we want to transfer money to the recipient immediately. Of course, when we and the recipient have an account in the same bank, then the booking takes place immediately, but such a situation is not always possible. Then you should think about using express transfers.

What are express transfers?

Dlaczego przelewy ekspresowe są takie drogie?

By express transfers, we define such interbank transfers, which are carried out instantly – usually, the recipient’s money can be in a few minutes, also over weekends.

How do you make express transfers?

Express transfers generally work in a similar way. The service consists of the fact that the payment operator establishes accounts in all banks served as part of its service. He has money in every account.

When the client wants to send an interbank transfer, the money is posted to his bank account, the transfer information then passes to the other bank where the account is held by the recipient, and there the funds are transferred from the account in that other bank. Theoretically, therefore, two intra-bank transfers take place.

The express transfer is basically the same as a regular bank transfer – we fill out a transfer form, but we note that we want to use the express option. Remember, however, that there may be limitations. For example, the transfer amount may be limited to PLN 3,000. There may also be a daily limit on the amount of the transfer, for example, PLN 6,000.

How much will we pay for an express transfer?

Most banks do not charge any fees for performing a standard interbank transfer. However, there may already be charges for express transfers.

Usually, we will have to pay from 1 to 10 zlotys for one express transfer. This is not a low price, but it results from the nature of this type of service, which is different from standard transfers.

It is also worth pointing out that some banks offer their clients accounts allowing to make free express transfers in a given limit for a month. These are mainly corporate accounts for entrepreneurs.