May 2024 is full of holidays and long weekends. Good news which could, however, lengthen transfer times, and therefore delay the payment of your salaries and pensions. We take stock.
This is undoubtedly good news! This year, the month of May is full of holidays, long weekends and long weekends. And it started on Wednesday with May 1st, which can turn into a very long weekend by taking two days off, Thursday and Friday.
On public holidays it’s good, except for transfers. Indeed, the European interbank system (its nickname is T2) through which money transfers pass from account to account is closed, not only on Saturdays and Sundays, but also some holidays. This further extends the time between the transfer order and the actual receipt of the money in the beneficiary’s account.
Payment of your 24-hour salary?
At the beginning of April, the Easter weekend led to the closure of the T2 system during the salary payment period. In companies that did not anticipate, employees did not receive their March pay until April 4.
This scenario will not happen again at the beginning of May. T2 will be closed on May 1st, but with Labor Day falling on a Wednesday, transfers will go through again on Thursday, May 2. Clearly, if you usually receive your salary on the 1st of the month, its payment will be delayed by only 24 hours. This also applies to the payment of the Agirc-Arrco pension, which will be postponed until May 2. Likewise, a transfer initiated on Tuesday April 30 during the day will take 48 hours, compared to 24 hours as a general rule, to arrive in the recipient’s account. A lesser evil.
No impact on your pensions
What about the payment of retirement pensions? He is expected on May 10, in the middle of Ascension weekend, marked this year by the sequence of two holidays, May 8 (Victory of 1945) and May 9 (Ascension Thursday). Rest assured: this sequence will have no impact. Neither May 8, nor Ascension Thursday, nor Pentecost Monday (May 20) are among the closing days of T2, because they are not holidays throughout Europe.
If you wish to transfer money to a third party, your transfers will also go through normally during this very long Ascension weekend.
Think Paylib with friends!
Reminder: if your transfer is intended for another individual and its amount does not exceed a few hundred euros, you also have the possibility of using the Paylib interbank service between friends, which has the advantage of being free, instant and available in most banks.
Failing that, if you are in a hurry, there is the alternative of instant SEPA transfer, which reduces the sending time to 10 seconds, including weekends and public holidays. Downside: it still very often costs money, around one euro on average.
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