Are you planning to send money soon? All banks will block bank transfers for a period of 4 days
Do not be too long ! If you have bank transfers to be made, it is better to do it as quickly as possible! In fact, in less than a week, all banks will block certain transfers for 4 full days. You will therefore no longer be able to receive or send bank transfers during this period.
So, for the month of March, some employees risk receiving their salary a few days late. What is the reason ?
Do you know how a bank processes wire transfers?
The system behind bank transfer technology is a hidden part of our daily lives. He is wearing the name of Target 2. The acronym for the Target system is “Trans-European Automated Real-time Gross settlement Express Transfer system”.
This is a banking infrastructure necessary for the proper functioning of the policy in the area of the single currency.
The Target2 system is an integral part of the infrastructure of the European Central Bank (BC E) for the resolution of monetary transactions, in particular bank transfers. He plays an essential role in facilitating cross-border payments fluid and efficient within the European Union (EU).
This European system for automated transfer of raw transactions in real time and has been developed to guarantee seamless transfer of funds between banks in different countries.
Through Target, the European Central Bank and national central banks in the Eurozone put their monetary policy into practice by adding or removing liquidity from the system.
But, it happens that the Target 2 system, in charge of bank transfers throughout Europe, “rests”.
A 4 day suspension
This suspension will take place in less than a week, at Easter time. It will therefore block the making of traditional transfers for four days.
This interruption of bank transfer services will therefore take place between Friday March 29 and Monday April 1, 2024. Thus, it affects all employees and banking customers in Europe.
Indeed, Target 2 ceases its activities on public holidaysand this year the concordance of Good Friday and Easter Monday will result in an extended interruption.
Transactions and other bank transfers that you make just before this period, i.e. from Thursday March 28 at 4:30 p.m., will then only be processed and finalized on Tuesday April 2.
For those in a hurry, the solution is to make your bank transfers before 4:30 p.m. This way, the money will then arrive in the recipient’s account.
Therefore, the suspension of interbank transfers during these four days means that any transfer operation from one bank to another cannot be carried out. An obvious direct impact on the receipt of salaries and other types of payments!
This important information is therefore to send if your employer sends your salary by bank transfer at the start of the month. This will, in fact, take into account all bank transfers that employers make from Thursday March 28 at 4:30 p.m.
Other possibilities for sending bank transfers?
No, all is not lost!
Indeed, for those of you who need to make bank transfers or other transactions during this period, there are still some exceptions.
In fact, this suspension will not affect transfers within the same bank. Bank transfers will then be made within the usual deadlines.
So, this means that you can always fund your Livret A. Or transfer money to another account at your bank without any problem.
Another solution : instant bank transfers. Indeed, the closure of Target 2 will not affect them. Available 24 hours a day, these transfers allow you to transfer money in just a few seconds. And this, including during public holidays, provided that both accounts are in the euro zone.