BoC first to implement real-time direct money transfers

Bank of Cyprus (BoC) now lets you make direct transfers in euros to the 36 countries of the SEPA zone (European Economic Area) in real time, with the funds immediately available in the beneficiary’s account within 10 seconds. BoC is the only bank in Cyprus at the moment to offer this facility 24/7, 365 days a year.

The maximum daily limit for outgoing direct transfers is €50,000, for transfers within Cyprus, and up to €25,000 for transfers outside Cyprus.

The maximum daily limit for incoming direct money transfers is €100,000.

The Bank may set lower daily limits based on its risk acceptance policy and/or to prevent fraudulent transactions.

In order to implement an instant payment, it is essential that the sender’s and beneficiary’s bank participates in the SEPA Instant Credit Transfer scheme.

Only 1bank subscribers are entitled to make instant transfers via the Bank’s digital channels (Mobile Banking and 1Bank).

Direct money transfers have no additional costs, compared to other payments in the SEPA zone.