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What is the difference between an instant payment and an urgent payment?

The main differences between an urgent payment and an instant payment are:

  • An urgent payment can be initiated to any bank in Romania or abroad, while an instant payment can be initiated to banks that have joined TIPS (Target Instant Paymant Settlemant) - find the full list here.
  • The settlement time for an instant payment is 10 seconds, and for an urgent payment it can be several hours. ⌛
  • If the beneficiary's bank has joined TIPS but has a TIPS downtime and does not accept instant payments, if the money transfer is urgent, the urgent payment option can be used.
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    • Tags
    PaymentsTransferEuroinstant euro payments