The Dutch urgent payment service has become redundant due to the increased speed of regular payments. As a result, the specific interbank agreements have been terminated and the urgent payment product has been discontinued.
Twenty years ago, transferring money between different banks took several days. Due to the need to transfer money on the same day and to notify the beneficiary, such as a solicitor, Dutch banks made agreements about urgent payments. Banks also charged customers extra “urgent fees” for this service.
Same-day transfers have been the norm in the Netherlands for years. The money reaches the beneficiary within 1 to 2 hours; with instant payments, it now even takes seconds, 365 days a year. Internet applications and mobile apps also give customers immediate insight into all transactions on their account. In addition, banks offer various options for setting up alerts.
Urgent payments will be discontinued, but in specific cases it will still be possible to make transfers via the Target2 interbank circuit. This remains necessary, particularly for certain treasury-related payments. Some examples are:
To do this, tick “Target2” where you previously indicated “urgent”. You will continue to pay the additional costs in this case.
It is still possible to submit these items in batch form. In this case, the items will be processed as separate Target2 payments.
If you have any further questions, please contact our customer service department (klantenservice@bngbank.nl or 070 3750 555).