iBanFirst offers a comprehensive range of payment speeds and fees, to allow companies to choose what best fits their needs.
Payment speeds and fees can be selected when creating a payment. Available payment speeds and fees depend on the beneficiary account, bank, and country.
Payment speeds range from instant to standard:
Instant – payments between iBanFirst accounts are instantaneous (and free of charge!)
RTGS – payments with RTGS (for Real-time Gross Settlement) speed option are received by the beneficiary's bank in as little as one hour during business hours. Please note that payments may then take a little bit longer to be actually credited to the beneficiary's bank account
Express – payments with Express speed option are usually credited to the beneficiary's bank account within 24 hours
Standard – payments with Standard speed option are usually credited to the beneficiary's bank account within 2 to 3 business days
Please note that payment speeds are not guaranteed and that actual payment speeds might vary depending on factors such as regulatory and compliance checks, payment cut-off times, as well as beneficiary banks involved in the process.
Applicable payment fees include:
Free – for payments between iBanFirst accounts
SEPA – €0.5 fees for SEPA payments
OUR – the payment initiator is bearing all the fees, with €10 charged to the initiator and debited from their iBanFirst account upon payment execution
BEN – the payment beneficiary is bearing all the fees; no fees are charged o the payment initiator
SHARE – fees are split between the payment initiator and beneficiary, with €5 charged to the initiator and debited from their iBanFirst account upon payment execution