The cost of the instant transfer depends on the bank, but there are some general guidelines that can be noted in advance, such as that all are governed by a cap of US$ 500 and that the first eight transfers of the month in salary accounts are free — instantaneous or not. Below is the detail of the implementation of instant transfers, bank by bank.
Itau
In the case of Itaú, instant transfers are made instantly for amounts of up to US$500 or $22,000 24 hours a day.
“The costs and conditions of transfers are maintained and instant transfers in Itaú have the same conditions as the standard ones. For Itaú clients, the transfers will use iToken and other fraud prevention measures defined by the bank to guarantee the client’s security”, they assured from this bank.
Instant transfers between banks have the same costs as traditional transfers. In the case of salary accounts associated with the Financial Inclusion Law, they have up to eight transfers of up to 2,000 UI at no cost (about $11,000). Transfers from salary accounts that exceed that amount, and transfers from other types of accounts have a cost of US$1.9 for transfers of up to US$10,000 or equivalent, and US$10 for amounts greater than US$10,000. .
BBVA
At BBVA, this operation began in 2021. Since then, immediate transfers had the same price as standard transfers in an effort to promote this payment tool for all its customers. The current cost of the transfer in this bank is 15 UI which, as of today, is equivalent to approximately $87.
As determined by the BCU, salary accounts have eight monthly transfers at no cost (for up to 2,000 UI equivalent to approximately $11,600 today) and, in the case of BBVA, These eight transfers include both immediate and standard transfers.
Regarding the limits, to be able to transfer immediately, the payment must be for up to $22,000 or US$ 500 and the daily amounts of transfers enabled through their digital channels will depend on the configuration defined by each user.
BROU
Besides, In the case of Banco República, these types of transfers are free if the amount is less than US$50 or $2,000. Once these amounts are exceeded, the cost is 0.85% of the total transaction with a maximum of 10 UI (about $60 or US$ 1.5). The limit to transfer for all banks is US$500 ($19,500).
Santander
Santander offers instant transfers between banks with the same costs as regular transfers. As indicated from Santander to El Observador since June 16, any transfer issued from a place of up to $1,000 or US$ 25 made by electronic banking Supernet or AppPlus, instantaneous or traditional, is free, regardless of the type of account you have in the bank.
From that amount and once the eight transfers of up to 2,000 UI ($11,600) included in the salary account, or from other accounts that are not for salary collection, have passed, the cost of the transfer is US$ 1.9 ($75) for transfers of up to US$10,000 or its equivalent in pesos or other currencies and US$10 ($400) for amounts greater than US$10,000.
Scotiabank
In the case of Scotiabank, instant transfers have the same cost as traditional ones (15 UI, to date $87). In the case of salary accounts, this amount is paid once the eight free transfers have been exhausted.. It is also possible that an agreement is reached with the different companies that request this type of account for their employees to increase the number of instant transfers available; this will depend on each agreement. Meanwhile, the maximum amount to be transferred is also at US$500 and $22,000 per transfer.
HSBC
Instant transfers are also included in the eight free ones for those who collect their salary through the bank. Meanwhile, for preferential banking customers these transfers are unlimited and free of charge. “By default, the transfer is instantaneous,” they indicated from the bank. For those who are not preferential and exceed eight free transfers, the cost today is US$1.8.
The cap follows market guidelines and is US$500 ($19,500) per transfer. “We hope that this tends to increase”, they highlighted from the bank and affirmed that 80% of the transfers that are made at the market level are below that line.
