Why certain bank transfers will not be possible for you this Easter weekend

the essential
The interbank transfer system is closed for the next four days. Bank-to-bank money transfers will not be available until Tuesday, April 19.

Four days of shortage: From this Friday April 15th until Tuesday April 19th you will not be able to make bank transfers from one bank to another. The cause ? The temporary closure of the payment system that allows SEPA transfers, ie in the Single Euro Payments Area

, the whole Easter weekend. This payment system, called Target 2, is managed by the European Central Bank. All transfers in the euro zone go through it.

You are probably aware of this temporary closure. If you make an interbank transfer on Friday or Saturday, the money is usually not transferred until the following Monday. This Easter Monday, the reopening of the system will be delayed. According to the schedule communicated by the French Banking Organization and the Standardization Committee, it is expected that the transfer system will also be shut down on Monday 26 December 2022, but also … this Friday 15 April, as it is a public holiday for several is French departments (Moselle, Haut-Rhin, Bas-Rhin) and for Germany. The European Central Bank is also located in our neighbourhood.

Internal transfers still possible

Consequences: If you are waiting for a transfer that was made this Thursday, April 14th, or have made a transfer yourself, it will probably not reach the recipient until Tuesday, April 19th.

However, in an emergency, you can make “instant” but limited transfers from an extension of the Target 2 system. Opened in 2017, this option allows, among other things, to transfer funds to a beneficiary (from the SEPA zone) in less than 10 seconds. This service is available 24 hours a day, seven days a week, but remains subject to a charge in France.

Note that you can always make internal transfers between two accounts of the same bank. This transfer system is not affected by the temporary closure of the Target 2 system.

The SEPA zone unites the 28 countries of the European Union as well as Norway, Iceland, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and the Vatican.

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