More information

• What are instant money transfers?

  Instant money transfers are credit transfers in Euros which make funds available in the beneficiary customer’s account within 10 seconds.

• How much money can I transfer?

  You can transfer up to €25,000 per transaction outside Cyprus with a maximum daily limit of €50,000 per customer. For transfers within Cyprus the maximum daily limit is €50.000, for one or more transactions for each customer. In addition to the daily limit, a specific limit may apply to each transaction in accordance with our risk management policy and to prevent fraudulent transactions and/or fraud.

• In which countries and banks do instant money transfers apply?

  Instant credit transfers are applicable in 36 countries in the SEPA Zone  (Link)  (i.e. the 27 EU Member States + Switzerland, United Kingdom, San Marino, Vatican City, Andorra, Monaco, Iceland, Norway and Liechtenstein. Banks that have a presence in the countries within the Single Euro Payments Area also participate in the instant money transfer service.

• How can I be informed as to whether the other bank participates in the instant money transfer process?

  By entering the beneficiary customer's IBAN number and the beneficiary bank's Swift/BIC, automatic verification checks are performed, i.e. whether the bank participates in the instant money transfer process. It should be noted that from January 2025 all banks in the SEPA zone (Link) will be receiving instant money transfers.

  You can find the updated list of participating banks in the link below.

  Link with the participating banks

• What are the charges of an instant money transfer?

  Instant money transfers have no additional charges compared to payments in the SEPA zone (Link). You can find the applicable commissions and charges in the Bank's commissions and charges table.

  See the applicable commissions and charges of the Bank

• What information do I need to complete?

  - Beneficiary customer details

  - Iban number of beneficiary customer

  - Selection of Euro currency

  - Transaction amount

  - Payment Details

• Is it possible to perform an instant money transfer with an indication of OUR or BEN charges?

  No that is not possible. OUR (all charges for the payer) and BEN (all charges for the payee) charges will exclude the payment from being routed as instant. The charges of instant money transfers must always be SHA (cost sharing between payer and payee) as  applies for SEPA payments.

• How will I know that the payment has or has not been completed as instant?

  After the final submission of the instant money transfer order, you will receive an indication on the screen of your device or computer that the payment has been completed as instant  and that the amount is available in the account of the beneficiary customer.

  In the event that the bank of the beneficiary did not accept the instant money transfer, you will receive an indication on the screen of your device or computer that the payment was not accepted by the bank of the beneficiary.

  You can resubmit the credit transfer order by selecting the process duration ‘Up to 1 business day’ through the following route:

  ‘More Options’ and then ‘Process Duration’.

  In this case credit transfer will be executed as SEPA (Link).

• How can I protect myself from fraud scams targeting instant money transfers?
  1. Never disclose your 1bank login credentials or other Codes (OTPs /VCs) through any links contained in Email/SMS messages or telephone conversations. Ignore such messages and forward them to: abuse@bankofcyprus.com
  2. Thoroughly review the full content of One-Time Passwords (OTP), Verification Codes (VC) and other SMS messages / Alerts you receive from the Bank, as well as confirm the beneficiary’s authenticity before proceeding with any transaction approval.
  3. Be particularly careful when receiving any change requests of the beneficiary of a payment, via email or other means. Confirm such requests, using the beneficiary's contact details from your previous valid correspondence with him/her.
• What should I do if I suspect fraud?

  If you have noticed a suspicious activity in your subscription or a suspicious transaction in your account, please contact the Bank's Customer Call Centre on 800 00 800 or +357 22128000 if you are calling from abroad, during working hours 07.45 – 18.00 Monday to Friday and 09.00 – 17.00 Saturday – Sunday. You can also contact your servicing branch.

   Additionally, you can proceed with the following actions via 1bank Internet Banking, at any time:

  • Untrust unwanted Trusted devices, through the option: Profile / My subscription / Manage trusted devices.
  • Change Password, through the option: Profile / My subscription / Change my passcode
  • Temporarily deactivate your subscription through the option: Profile / My subscription / Deactivate subscription.
• Can I recall an instant money transfer and how do I submit the recall request?

  Unlike other payment types, instant money transfers are credited to the beneficiary's account within seconds. Therefore, instant money transfers cannot be recalled before the final credit to the beneficiary's account. The recall request can be made after the instant money transfer is completed and the beneficiary's consent/approval is required for the return of any amount.

  If you wish to submit a recall request you can do so through the Customer Call Centre on 800 00 800 or +357 22128000 if you are calling from abroad, during working hours Monday to Friday 07.45 – 18.00 and Saturday – Sunday 09.00 – 17.00 or contact your servicing branch.

  Important Note: To reduce the risk of a transfer to a wrong beneficiary or a transfer as a result of fraud, please ensure that you thoroughly check the correctness and validity of the beneficiary’s details before submitting an instant money transfer order.