Those who make a transfer to accounts between different Venezuelan banks will no longer have to wait between 24 or 48 hours to see the bolivars deposited and available. This is possible thanks to the new update to the instant transfer system that was consolidated this week.
The banks Mercantil, Banesco, Common Fund (BFC) and Venezuela they are among the first national financial entities to consolidate immediate transfers for sending bolivars between accounts in different banks.
This service allows any transfer for less than 3,100 bolivars be credited in a period of just minutes in the account of the other bank, as is now the case with a mobile payment.
The BFC informed its clients that this option allows them to “send the funds in a comfortable and secure way.” Although the entity explained that the option only works for those who transfer less than an amount of 3,100 bolivars, which is equivalent to 530 dollars calculated at the official rate of the Central Bank of Venezuela (BCV).
The Common Fund Bank explained the conditions of service on its website | Photo: Screenshot
While the Banco Mercantil did not offer any public statement on this consolidation of immediate transfers. However, the “deferred” option for interbank transfers disappeared from its website.
Now customers who make any transfer from the Mercantil to another national bank such as Bancamiga, the Banco Nacional de Crédito (BNC) or Abroad can only do so as an immediate transfer, which is a modality that began to work since August of last year in the country under a trial mechanism.
Commission of immediate transfers
Making an immediate transfer from Banesco to Mercantil, or vice versa, is an operation that has a commission of 0.30% of the amount transferred. For example, if a person transfers 150 bolivars, he has to have another 0.45 bolivars to cover the additional charge.
This 0.30% is the same commission that the national bank charges for the mobile payment service between natural persons, which is now the most used mechanism to move the bolivars in the country.
Interbank transfers that had a waiting period of 24 or 48 hours had a lower commission of 0.12% of the amount transferred.
Argentina is another of the countries in the region that also has immediate transfers for all banks, but there this service does not imply the payment of any commission. In Europe, on the other hand, these immediate transfers can be completed with the accounts of any of the 27 member countries, but with the payment of a higher commission for a routine operation.
What are high value transactions?
Natural persons or companies that make transfers between different banks for an amount of 3,101 bolívares or more will be classified in the high value operations mechanism.
This other mechanism will also allow the interbank transfer to be carried out immediately, but only during the hours included from Monday to Friday between 07:00 a.m. and 02:00 p.m. This means during the routine operations of the Banking Clearinghouse.
The Bank of Venezuela details this schedule to its clients | Photo: Screenshot
High-value operations carried out in the afternoon or at night will have to wait those 24 or 48 hours that were usual, before the immediate transfer system was installed in the country. The same will happen if the transfer of more than 3,101 bolívares is made during a weekend, a banking Monday or a national holiday.
Main photo: Mairet Chourio