by Niels Saelens
published on Monday, October 28, 2024 at 4:42 PM •
2 min read
Belfius customers will have to pay more for an instant transfer from January 1, 2025. Nothing will change for customers who have an account package that includes this service.
Explanation: What is an instant transfer?
- This is a transfer in which the money is transferred almost immediately (usually within a few seconds) from the sender’s account to the recipient’s account. This can take place at any time of the day, including at night, on weekends and on public holidays.
- At some financial institutions, such as KBC and BNP Paribas, such an instant transfer is free for private customers.
- Other banks then charge you for that service. This is the case with Belfius, among others. The state bank currently charges 1.25 euros per transfer. An instant payment is included in some Belfius account packages. This is, for example, the case for the Beats Star and Beats New accounts.
In the news: Belfius will raise the price tag of an instant transfer on January 1, 2025 up to 2 euros.
- From then on, people with a Beats-Pulse account can also use this service free of charge. That is the free online current account of the state bank.
Also this: Belfius increases the costs for refusing standing orders and direct debits if the balance on the account is insufficient.
- From January 1, 2025, customers will pay exactly 6.95 euros for this, compared to 6.5 euros today.
Do you want to stay informed of everything that is happening in the financial world? Niels Saelens, a journalist with a passion for finance, follows everything closely. Via this link you can subscribe to his daily newsletter.
Belfius Customers, Brace Yourselves – Here Comes the Price Hike Train!
(Cue dramatic music and a slow-motion montage of confused customers.)
So, it seems we have a new contestant in the popular game show “Let’s Charge You More for Nothing”! Belfius, the state bank that somehow manages to make instant transfers less instant (maybe they’re waiting for the slowest snail out there?), has announced they will increase their prices for instant transfers come January 1, 2025. That’s right, folks! Grab your wallets, because the price is going up from €1.25 to an eyebrow-raising €2.00! You might want to start introducing your cash flow to some therapy because it’s about to get a little more stressed.
What on Earth is an Instant Transfer Anyway?
For those living under a rock—or perhaps in an off-grid commune—an instant transfer is where your money jumps from your account to the recipient’s account faster than your mate can hit “skip” on a YouTube ad. This happens instantaneously, night or day, weekday or weekend, and for less fortunate souls, potentially while you’re wondering why you ever bothered to go for that overpriced coffee.
- And other banks like KBC and BNP Paribas are doing it for free! They’re practically giving away instant transfers like free samples at a supermarket. But not our friends at Belfius, who must’ve missed that memo.
- Some lucky customers with certain account packages skate by paying nothing. Apparently, you need a special financial password—maybe a special handshake—to avoid the fee.
What’s the Deal with Price Increases?
If the price hike wasn’t enough, Belfius is also cashing in on the miserable state of insufficient funds. From January 1, 2025, if you’re a little short on a standing order or direct debit, you’ll see a new fee of €6.95. That’s up from €6.50! Wow, I didn’t realize we were bidding on financial penalties! What’s next? An auction for “Most Creative Ways to Lose Money”?
But Wait, There’s More!
- Customers with a Beats-Pulse account (and who doesn’t want something that sounds like a trendy music streaming service?) can still access instant transfers for free. Maybe they just promised the bank a solid playlist in return? A solid exchange of cash for classic tunes!
So to all those loyal Belfius customers, prepare yourselves mentally (and financially) for this instant transfer rollercoaster that seems to zigzag more than a Lee Evans routine. But, as they say in the banking world, “money is just paper with dead presidents on it”—and apparently, a valid substitute for your sanity during this transition.
Want more hot takes on the financial world? Niels Saelens is your man! Follow his adventures and subscribe to his newsletter—just don’t expect instant transfers of wit and charm; it takes time to craft perfection.
Belfius customers will face an increase in fees for instant transfers starting January 1, 2025. However, those with an account package that includes this service will not see any changes in their fee structure.
Explanation: What is an instant transfer?
- This service allows money to be transferred almost instantly—often within seconds—from the sender’s bank account to the recipient’s account, available anytime, day or night, even on weekends or public holidays.
- While several financial institutions, like KBC and BNP Paribas, offer instant transfers free of charge to their private customers, others, including Belfius, impose a fee.
- Currently, Belfius charges 1.25 euros per instant transfer, although this service is covered in certain account packages, including the popular Beats Star and Beats New accounts.
In the news: Belfius will increase the fee for instant transfers on January 1, 2025, raising it to 2 euros.
- In a notable change, customers with a Beats-Pulse account—the bank’s free online current account—will gain access to this service without any charge.
Also this: Belfius is set to increase the fees for declined standing orders and direct debits when account balances prove inadequate.
- Effective January 1, 2025, customers will pay a fee of 6.95 euros for these transactions, up from the current 6.50 euros.
Do you want to stay informed of everything that is happening in the financial world? Niels Saelens, a journalist with a passion for finance, follows everything closely. Via this link you can subscribe to his daily newsletter.
**Interview with Niels Saelens on Belfius’s Upcoming Price Increase for Instant Transfers**
**Editor**: Today, we have financial journalist Niels Saelens with us to talk about a recent announcement from Belfius Bank regarding their price hike for instant transfers. Niels, thank you for joining us.
**Niels Saelens**: Thank you for having me!
**Editor**: So, Belfius customers will see a fee increase from €1.25 to €2.00 for instant transfers starting January 1, 2025. Can you explain what an instant transfer is for those who might not be familiar?
**Niels**: Absolutely. An instant transfer is essentially a service that allows customers to send money from one account to another in real-time, usually within seconds. It can be done at any time—day or night, even on weekends and holidays. It’s designed for convenience, and it represents a shift towards more immediate banking services.
**Editor**: It sounds convenient, but why the increase in fees?
**Niels**: That’s a great question. While some banks, like KBC and BNP Paribas, offer this service for free to their customers, Belfius seems to be taking a different approach. It appears to be a way to generate additional revenue, especially when they have to compete with other financial institutions.
**Editor**: You mentioned account packages. How do they play into this fee increase?
**Niels**: Customers with certain accounts, like the Beats Star and Beats New packages, currently enjoy instant transfers at no extra cost. Starting January 1, 2025, those with a Beats-Pulse account will also be able to use this service without fees. So, it seems there are some benefits for those who choose the right account package.
**Editor**: Apart from the instant transfer fee increase, what other changes can customers expect?
**Niels**: Belfius is also increasing fees for refusing standing orders and direct debits if the balance is insufficient, going from €6.50 to €6.95 starting January 1, 2025. This indicates a broader trend of fee adjustments that customers may need to be aware of when managing their finances.
**Editor**: As a financial journalist, how do you think customers are reacting to this news?
**Niels**: I’ve seen mixed reactions. Some customers are frustrated, especially those who are already dealing with tight budgets. Others appreciate the clarity of an account package that includes these services without extra charges. Ultimately, it’s a reminder for customers to review what their bank offers and whether they’re getting the best deal for their needs.
**Editor**: Thanks for the insights, Niels. Any final thoughts for our audience?
**Niels**: Just a reminder for consumers to stay informed about their banking fees and to explore their options. It’s always worth checking if switching accounts or negotiating with your current bank could save you money.
**Editor**: Great advice! Thank you for joining us today, Niels.
**Niels**: Thank you for having me. Always happy to share insights into the financial world!
**Editor**: Apart from the instant transfer fee increase, what other changes are on the horizon for Belfius customers in 2025?
**Niels**: In addition to the hike in fees for instant transfers, Belfius is also increasing the charges for declined standing orders and direct debits due to insufficient funds. Starting January 1, 2025, customers will pay €6.95 instead of the current €6.50 for these transactions. This may seem like a small amount, but it adds to the growing list of fees customers have to consider.
**Editor**: It sounds like Belfius is tightening its grip on fees. What do you think this means for customers and the bank’s overall relationship with them?
**Niels**: Ultimately, these changes might create some backlash from consumers, especially considering that many other banks offer instant transfers for free. Customers may start to reconsider their loyalty to Belfius if they feel they can get better services elsewhere. It could lead to a shift in account choices as they look for more competitive options. Trust in your bank is essential, and raising fees might undermine that trust.
**Editor**: That’s an interesting point. Is there anything else you’d like to add for our readers who may want to stay informed about this financial landscape?
**Niels**: Absolutely! Staying updated on changes in banking services and fees is crucial for managing your finances effectively. I recommend keeping an eye on the newsletters and updates from your bank, and of course, I offer my own insights through my daily newsletter, which covers financial news and trends—so feel free to subscribe for more information!
**Editor**: Thank you, Niels, for shedding light on this topic. It’s clear that these changes at Belfius warrant attention from all customers.
**Niels**: Thank you for having me!
