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13th February, 2020

Instant bank transfers start on March 2

Instant bank transfers will go into effect on March 2, MNB director Lajos Bartha announced on Wednesday.

Transfer time on bank transfers will be cut to a maximum of five seconds while actual tests have shown that most transactions are completed in 2-3 seconds, Bartha added.

The present system provides same day transfers if they are launched on working days between 7 a.m. and 5 p.m. Instant bank transfers will work around the clock, on weekends and on holidays.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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