The payment system through which SEPA transfers pass is closed from Friday March 29 until April 1 inclusive due to the Easter weekend. Consequence: your transfers will not go through during this time and the payment of your March salary by your employer could be delayed.
Target 2. The name is little known, yet it is thanks to this payment system managed by the European Central Bank (ECB) that we can send money, easily and free, to another European bank account, in the form SEPA transfers.
Target 2, however, does not operate all year round. It closes every weekend, which explains why a transfer made on a Friday often takes 72 hours to reach its recipient (i.e. the following Monday), compared to 24 hours during the week. It also closes on certain holidays. Particularly on Easter weekend, where it remains closed for 4 consecutive days. Explanations.
Banking: these days when it will be more prudent to avoid transfers in 2024
If, in France, the Good Friday, on March 29 this year, is only a holiday in Moselle, Bas-Rhin and Haut-Rhin, it is in many other countries, notably in Germany where the ECB is based. It is therefore considered a holiday by Target 2. This will also be the case for Easter Monday, April 1st. In between, a Saturday and a Sunday, where the system is never open. Result: Target 2 will only reopen its doors on Tuesday April 2.
The consequence is that, even if initiated next Thursday, your traditional SEPA transfer will not arrive on the beneficiary’s account until Tuesday evening, at best, or more likely Wednesday. To ensure that your SEPA transfer reaches its destination before next Friday, complete it as quickly as possible. If your employer does not transfer your March salary before next Wednesday, you will exceptionally receive it at the beginning of April.
Paylib with friends to the rescue
If your money sending is really urgent, you still have the instant transfer solutionwhich operates 365 days a year
If the amount sent is not too high (less than 300,500 euros, depending on your bank) and the money is intended for an individual, you can use Paylib with friends. The payment solution developed by French banks is free and now available almost everywhere.
If the amount is too high or the payment is to a company, you are left with the instant SEPA transfer. Except exceptions (1)it remains chargeable, unfortunately.
Prices for instant transfers
(1) La Banque Postale, Boursorama Banque, Crdit Mutuel de Bretagne, Fortuneo, certain Crédits Agricoles and Revolut offer free instant transfers by default.