On weekends and public holidays, the system responsible for bank transfers does not work. From Thursday March 28 to Monday April 2 inclusive, it will be impossible to receive your salary (and other payments).
As noted by our colleagues from Journal du Geek, the dates of the Easter weekend could have an impact on French salaries.
From March 28 (from 4:30 p.m.) to Monday April 2 inclusive, the TARGET2 software, which supervises SEPA transfers in Europe, will be inoperative. All transfers initiated between these dates will arrive, at the earliest, Tuesday April 3.
An obsolete system?
To be paid in March, your employer will need to trigger payment of your salary before March 28.
The Easter weekend will inevitably have repercussions on many French people, even if not everyone will be affected. Please note that this interruption of the transfer system is nothing new: this is why transfers do not usually work on weekends and public holidays.
On February 26, the Council of the European Union announced its intention to make instant transfers free in Europe, while many banks have the bad habit of charging for them. This technology works 24/7, which does not subject it to this Easter break. Ultimately, we can hope that it will serve as a basis for modernizing old-fashioned SEPA transfers, even if this is not on the agenda.
Launched in November 2007, TARGET2 is used for real-time settlement of euro payments. It is a system designed for high-value transactions, including market operations, interbank payments and transfers linked to the monetary policy of the European Union. Since TARGET2 is tied to financial markets and cannot fail, it cannot operate when no one is working.
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