Starting yesterday, the Bank of Cyprus offers the capability for instant euro money transfers in real-time across the 36 countries of the SEPA zone (European Economic Area countries). Funds will be available in the recipient's account within 10 seconds.

In a statement, the Bank of Cyprus noted that it is currently the only bank in Cyprus providing this service, available 365 days a year, 7 days a week, 24 hours a day. The bank also stated that instant money transfers incur no additional costs compared to other payments within the SEPA zone.

The maximum daily limit for outgoing instant money transfers is €50,000 for transfers within Cyprus and €25,000 for transfers outside Cyprus. Additionally, the maximum daily limit for incoming instant money transfers is set at €100,000.

The bank also mentioned that "it may set lower daily limits based on its risk acceptance policy and/or to prevent fraudulent transactions."

"For an instant payment to be executed, both the sender's and the recipient's banks must participate in the SEPA Credit Transfer Instant Scheme," the statement added.

According to the Bank of Cyprus, only 1bank subscribers can perform instant money transfers through the bank's digital channels (Mobile Banking & 1Bank).