Instant payments? We’re almost there (but keep an eye on your bank account)

Since this summer, it has been possible to pay in a few seconds in Switzerland as well, 24 hours a day, 7 days a week. These are no longer just promises or upcoming projects: instant transfers are a reality, and they work even on weekends and at night.

Sounds great, you might say. And indeed it is. But as always, it is wise to know what is around the corner, especially when we are talking about money.

What is an instant payment?
Imagine being able to send a bank transfer to another person (or a company) and having it arrive immediately, within a few seconds. Even on a Sunday morning. This is the concept of instant payments. No more waiting 1–2 business days. No more "it will arrive on Monday" if you pay on Friday evening. Rendering transfers "instant" means money moves from one account to another in real-time, even between different banks.

How does it work in Switzerland?
Swiss Banking introduced this possibility as early as summer 2024, in line with what has been happening for some time in other European countries (such as Italy or the Netherlands). But beware: it is not (yet) active for everyone automatically. Some banks already offer it for certain types of accounts. In some cases, it must be activated manually or via the app. Not all accounts or transactions are supported (e.g., corporate accounts, standing orders, etc.).

What about the costs?
Here comes the sore point: it is not always free. Several banks apply an extra fee for sending instant payments, even if receiving them is free. On average, we are talking about CHF 0.25 – 1.50 per instant transaction. In some cases, usage is included in premium packages. It is advisable to check your bank's specific conditions. So yes: lighting fast, but not always cheap. It should be used intelligently: useful when there is urgency, avoidable if you can wait 24 hours.

When is it worth using?
• Rent or deposits that must be paid at the last minute
• Purchases between private individuals, to avoid waiting or using cash
• Urgent invoices with immediate deadlines
• Sending money to family/friends for emergencies
• Bookings that require immediate payment confirmation

Be careful, though: speed does not mean less risk. Online scammers now know that the payment arrives immediately and is irreversible. So watch out for fake ads, non-transparent marketplaces, and always verify the recipient before clicking "Send."

The future?
By 2026, according to Swiss Banking, all Swiss institutions will be technically ready for instant payments. In the meantime, fintechs like Revolut and Wise have already been offering this functionality for some time, often at lower costs.

In summary:
• Instant payments are already active in Switzerland
• They work 24/7, even on weekends
• Not all banks offer them for free
• Extremely useful for urgent payments, but to be used with judgment
• Before using them: check your app and your institution's conditions

As always, the technology is there. It is up to us to learn how to use it well.
If you have doubts about your bank, take a look at the app: in a few seconds, you will understand if you can already use them... and how much it will cost you.