Reminder of payments during the festive season: instant payments will be available during the holidays
The Bank of Lithuania notes that customers will be able to make instant payments during the festive season. Most residents using payment services will be able to make instant payments to an account with another bank or electronic money institution (EMI) in a few seconds. Customers making regular payments should pay attention to the fact that they will not be executed on 24-26 December.
Instant payments to beneficiaries in other financial institutions will be made 24/7 as per usual. They will only be available to banks and EMIs that are ready to provide this service.
During the festive season, transfers between bank or EMI accounts, card payments at physical points of sale and online, payments for e-commerce transactions will be made as usual. Residents will also be able to withdraw money at ATMs, use online banking and smart apps.
When initiating an instant payment during the festive season, it is necessary to pay attention to the information provided by the bank or the EMI when filling in the details of the transfer and, if necessary, to select that it should be carried out as an instant payment. If there is no possibility to make an instant payment, customers will be offered to make a regular SEPA payment, which will reach the beneficiary in another bank only after the holidays.
At the end of 2017, the Bank of Lithuania provided an opportunity to provide instant payments in its payment system CENTROlink, which allows to transfer money within a few seconds on weekends, public holidays, 24/7. This system is available to all payment service providers.
In July 2020, the maximum amount of instant payments allowed was increased to €100,000, however, financial institutions may apply a lower amount to manage risks, so inquiries regarding specific restrictions should be addressed to financial institutions.