Express bank transfers, i.e. Express Elixir

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There are situations in life when you need to transfer money to the recipient's account as quickly as possible. This is one of the reasons why the express transfer function was invented, also called instant or Express Elixir. I will therefore use synonyms interchangeably in the text below. In most banks operating in Poland, only internal transfers (to a recipient with an account in the same bank) are posted practically immediately. External ones depend on the hours of posting transactions on accounts, called Elixir sessions. Therefore, it is worth knowing how to cheaply speed up the transfer of money between accounts. Especially when the current situation requires it.

Elixir System Limitations
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Regular interbank transfers have two significant limitations. First, they only work on business days. Second, they are usually posted to accounts only 3 times a day. For example, in Pekao SA bank, outgoing Elixir ecuador whatsapp database are posted at 8:30, 12:30, 15:00. And incoming ones at 11:00, 15:00 and 17:30. However, if you do not send the transfer sufficiently earlier (e.g. before 14:25 for an outgoing Elixir session at 15:00), it will not be ordered until the next business day, during the session at 8:30. It will usually reach the recipient's account only around noon or in the evening (depending on the session at the recipient's bank).

Express transfers in banks
An express transfer to another bank usually takes a dozen or so minutes, rarely longer. Express Elixir allows you to skip interbank settlement sessions. We have become accustomed to the fact that when we order transfers ourselves, we have this service available for free. After all, we carry out transactions ourselves, without the need to engage a bank employee for this purpose. However, in the case of express transfers, practically all banks demand a commission on this back. Fortunately, the fee is not particularly high and usually amounts to a few zlotys. For example, in ING Bank Śląski, the fee for an express transfer for individual customers is PLN 5, and for entrepreneurs PLN 10. The same rate for both groups is, for example, in NEST Bank, where the opinions of Nest account are described in quite detail on my blog.

Conditions for making an instant transfer
Instant transfers are made 7 days a week, 24 hours a day. In order for an Express Elixir transfer to be successful, certain conditions must be met. First of all, both the sender's and recipient's banks must support this function. Fortunately, most banks in Poland allow express transfers. This means that they have joined the Express Elixir settlement system within the National Clearing House. If the above conditions are met, you can count on its very fast execution.

Express Elixir Transfer Limitations
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Instant transfers have certain limitations that are worth knowing about. Usually, these are limits on amounts or quantities imposed by the banks themselves. Like limitations imposed by banking regulations. The limit for a single transfer is PLN 100,000. And the bank's limitation may be a smaller amount. For example, in mBank, it is a maximum of PLN 5,000 for a single transfer. Of course, the recipient's bank cannot have technical breaks or a transaction system failure during this time.