What are the advantages of instant payments?

Above all, speed. SEPA payments usually take several hours to a full day to process, whereas SEPA Instant Payments are completed within seconds. Another advantage is that the service is available 24/7/365.

Some entrepreneurs postpone paying their taxes and contributions until the deadline, which can result in penalties.

Instant Payments are available 24/7/365, allowing entrepreneurs to make urgent payments—but only between banks participating in the SEPA Instant Payment scheme.

With the introduction of SEPA Instant Payments and recipient name verification, the appearance of payments in Internet Banking and the VÚB Mobil Banking app will also be updated.

What about payments between banks when only one of them participates in the scheme?

SEPA Instant Payments are available exclusively when both the remitting and receiving financial institutions participate in the SEPA Instant Payment scheme.

Will banks participating in the instant payment scheme continue to offer SEPA credit transfers?

This type of payment will remain available. Customers can choose between SEPA and SEPA Instant Payments, provided they meet the necessary conditions, such as bank participation and limit requirements.

Is there a daily limit for instant payments? Is it different for businesses and private individuals or citizens?

There is no maximum transaction limit. However, the applicable limits for initiating an instant payment or the total daily transaction amount may vary depending on the specific terms of each application, as these are typically set by the bank. The client can change this predefined limit to a daily limit or a limit for a single payment, but the limit defined for the client's security feature still takes priority over the limit (daily or one-time) set by the client for instant payments.

How can I determine whether a payment was made instantly?

If you choose instant payment, it will be processed within seconds.

Which banks are involved in instant payments?

All banks that are part of the Single Euro Payments Area (SEPA) and support the TIPS system (an interbank system for processing SEPA Instant Payments) are included. You can find a list of these banks on the European Central Bank’s website.

Is instant payment standard practice among participating banks, or does it need to be explicitly selected when initiating a payment?

Instant payment is not always mandatory; some financial institutions may require additional confirmation before completing the transaction.

What is the fee for an instant payment?

The fees for SEPA Instant Payments are the same as those for standard SEPA payments.

Instant payments | VÚB bank

How instant payments work

Log in to Internet Banking or open your Mobile App.
Enter a new payment.
Fill in all the necessary details and choose whether you want to send the money via instant or standard SEPA payment. If the default payment method is instant and you do not require immediate execution, do not check the box for SEPA Instant Payment.
Confirm and authorize the payment.
You're done. The money will arrive in the recipient's account within seconds.

Processing of Instant Payments During Weekends

You can enjoy instant payments between banks even on weekends. They operate continuously throughout the week, and the payment process remains the same. If you choose this option, your recipient will have the money in their account within a few seconds.

Processing of International Instant Payments

If the recipient’s bank is part of the European payment area and supports SEPA Instant Payments, follow the same steps as when sending money to local accounts. The funds will be transferred abroad within a few seconds.

Characteristics of SEPA Instant Payments:

The transfer currency is always EUR.
VÚB processes payments from current accounts held in euros or foreign currencies.
In the case of payments from an account held in a foreign currency, the payment will be processed at the exchange rate applicable at the time it was received by the bank, regardless of the amount.
Instant payments are available within the Single Euro Payments Area (SEPA). Both the payer's bank and the payee's bank must participate in the SEPA Instant scheme.
If the recipient’s bank is not a participant in TIPS (the interbank system for processing SEPA Instant Payments), the client will not have the option to make this payment.
A list of all banks participating in the TIPS system (both within Slovakia and abroad) is published on the European Central Bank’s website.
There is no maximum transaction amount, but individual applications may set instant payment or daily limits according to their terms.
Funds are credited to the recipient’s account within seconds of initiation.
For instant payments, repeated settlements are not conducted; if there are insufficient funds, the instant payment order will be rejected.
You can schedule an instant payment up to 100 days ahead, subject to app conditions. Payments are revocable until one day before the due date.
If you realise that an instant payment has been sent to an incorrect account or for an incorrect amount, you may submit a request for a refund.