Bank transfers are not possible this Easter weekend, here’s why

You don’t have to wait and wait for a possible notification from your bank telling you that your transfer has been made. She most likely won’t come. At least not this weekend.

From this Friday it will be impossible for you to make even the slightest transfer from one bank to another… The culprit lies in the temporary closure of the payment system that allows SEPA transfers throughout the Easter weekend.

No weekend transfers

This is not new, if you make a transfer on Friday or Saturday you generally have little chance (if any) of seeing your money transferred and credited to the recipient’s account before the following Monday. The Easter weekend is no exception.

This impossibility lies in the temporary shutdown of the Target 2 payment system, managed by the European Central Bank, through which SEPA transfers run every Saturday and Sunday.

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A four day break

In addition to weekends, the Target 2 system is also paused on certain holidays. In 2022 in France, according to the calendar communicated by the French Banking Organization and the Standardization Committee, only three days will be affected: Monday April 18 (Easter Monday), a public holiday in France, but also Friday April 15, a public holiday in certain French regions (Moselle, Haut-Rhin, Bas-Rhin) and in Germany, where the European Central Bank is based, and on Monday 26 December 2022.

From this Friday it will therefore be impossible to receive or make a SEPA transfer before Tuesday 19 April. If it was made this Thursday, April 14th, it is also likely that the transfer will not reach its recipient until Tuesday.

Exception for instant transfers

If the situation is really urgent, don’t panic. It is still possible to issue or receive transfers by so-called “Sofort” transfer. These go through an expansion of the Target 2 system, which opened in 2017. It allows transferring funds to a beneficiary in the SEPA zone in less than 10 seconds. A service available 24 hours a day, 7 days a week, but which remains regularly payable in France and is mainly limited by banks.

It is also possible to make transfers within the same bank. In fact, in times when Target 2 is suspended, only interbank transactions (from one bank to another) are affected by the impossibility of remittances.

Bank transfers are not possible this Easter weekend, here’s why

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