Hungarian banks have introduced faster payments following the introduction of a new law. The National Bank of Hungary amended its Decree on Payment Services Activity (18/2009 (VIII 6)) in order to expedite the clearing of domestic payment transfers as of July 2012.
The aim of the amendment is to ensure that payment transfers can be credited to the account of the payee''s financial services provider within either four or six hours – from the previous one day service.
The four-hour execution time limit will apply to all financial institutions with a direct connection to the national clearing system, whereas the six-hour time limit will apply if a payer''s institution is connected to the domestic clearing system indirectly, as in the case of mutual savings banks. The reduced execution time will apply to electronic payment transfers denominated in forints, but not to paper-based transfers or payment orders in a foreign currency, as direct payment processing is unavailable in such cases.
The details of the amended decree have been developed in line with the standards set for the Single European Payment Area (SEPA), although Hungary remains outside the eurozone.
What it means for GlobalWebPay clients – same day transfers.
If customers fund their transfers to Hungary using a UK debit card by 14:00*, GlobalWebPay will then be able to deliver value to the recipient accounts later that same day.
A recent client was so delighted that they wrote to us to report:
“Dear Globalwebpay Team,
I would like to share my experience with you: today morning I transferred GBP (from my Lloyds account) to Hungary and because of the new rules and laws in Hungary (from July) in connection with the fast bank transfer (within 4 hours!) I received the sent amount on my Hungarian account. All this on the SAME DAY within hours!
I just would like to thank you for your fast payments and I think every Hungarian can be happy to transfer from the UK to Hungary via the GlobalWebPay system.
Money to Hungary within hours with GlobalWebPay!
Regards, JL”
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