Frequently Asked Questions for Instant Payments

What are instant payments?

Instant payments are credit transfers that make funds available in a payee’s account within ten seconds of a payment order being made and round the clock (24/7/365 availability). The acceptance of instant payments by the Bank of Greece refers to the transfer of funds from a payer’s account (payer’s IBAN) to the Bank of Greece’s account (payee’s IBAN).

What is the role of the Bank of Greece in instant payments?

The full uptake of instant payments in the Greek market is a priority for the Bank of Greece. In February 2023, the Bank of Greece became the first central bank of the Eurosystem to adopt instant payments, enabling the public to make both domestic and cross-border instant payments to the Government.

In October 2024, the Bank of Greece is also a pioneer in the transaction banking landscape by introducing instant payments in transactions with its customers. For the first time in Greece, instant payments of up to € 100,000 per transaction are now being accepted at the point of interaction.

Which transactions are covered using instant payments?

Instant payments can be made either at the counters of the Bank of Greece’s branches* or remotely. They can be used for the sale of gold sovereigns, collector coins and commemorative coins to the public, as well as for the exchange of euro coins.

*At all Bank of Greece points of sale/supply at the Head Office (sale of gold sovereigns and commemorative/collector coins, as well as supply of euro coins), at the Athens Cash Processing and Distribution Centre (supply of euro coins) and at the Bank’s Branches (sale of gold sovereigns and commemorative/collector coins, as well as supply of euro coins) in Heraklion, Thessaloniki, Ioannina, Kavala, Kalamata, Komotini, Larissa, Mytilini, Patras, Rhodes, Samos, Serres and Chania.

How is an instant payment initiated at the counters of the Bank of Greece?

Initiating an instant credit transfer by the payer is a very simple process, which is carried out through the e-banking applications available by Payment Service Providers (PSPs).

Where can we find the IBANs of the Bank of Greece and/or the QR codes?

IBANs and the corresponding QR codes will be prominently displayed at the counters of the Bank of Greece.

What are the steps to execute an instant payment using a domestic PSP application?

In order to execute an instant payment through a domestic PSP at the point of interaction, at present, the following 4 steps should be followed:

Step 1: After being authenticated in the app in the prescribed way (facial recognition, fingerprint or 4-digit PIN), you enter the list of services of the app and select transfer within Greece.

Step 2: You select the account (IBAN) you wish to be debited and then enter the Bank of Greece account (IBAN) to be credited. The Bank of Greece account can be registered in two ways: a) by typing the IBAN in the corresponding field, or b) by scanning the corresponding static QR code and transferring it to the corresponding field by copying and pasting it.

Step 3: You fill in the payment amount and select for charges to be shared (SHA) and for the transaction to be executed instantly.

Step 4: In the Details/information for beneficiary field you should enter two items: a) your full name (as it appears on the identity card or passport, and b) your identity card/passport number (e.g. Alexis Zorbas XXX123456).

Is there a simpler procedure?

Today, based on PSPs’ available apps, this is the simplest procedure. From October 2025 onwards, a dynamic QR code, which will be generated by the POS terminals located at the Bank’s counters, will be used instead*. This new practice should further simplify the procedure, as you will only be required to enter your name according to Step 4.

*This functionality must first be integrated into the apps of domestic PSPs.

Why has the Bank of Greece adopted instant payments?

Instant payments are an environmentally friendly, economical, transparent, secure and easy payment solution. The Bank of Greece is using a state-of-the-art digital solution, while contributing to digital literacy.

Instant payments provide an additional solution to those already available at the Bank’s counters: namely, cash, with a transaction limit of €500 under Greek law; payment cards, subject to PSPs’ restrictions and limits; and cheques, which are a costly and time-consuming means of payment.

What changes in customer identification?

As regards the customer identification process, the provisions of the legislative framework on the prevention of money laundering and terrorist financing continue to apply.

What happens in the event of a wrongly initiated simple (rather than instant) payment?

The customer should immediately recall the order. The transaction is considered invalid, and the customer should proceed to a new instant credit transfer. If immediate recall is not possible, the amount of the initial payment will be refunded by the Bank of Greece to the customer’s account. As of 2025, instant payment will be the default option in PSPs’ apps to prevent any such errors.

What happens if the wrong amount is sent?

1. If the amount is lower than the correct amount:
The transaction is considered valid, and the customer must pay the remaining amount with a new instant payment (using the same Details/information for beneficiar

2. If the amount is higher than the correct amount:
The transaction is considered invalid, and the customer proceeds to a new instant payment of the correct amount in full (then the above procedure of question 10 is followed).

Does the Bank of Greece intend to make instant payments for its customer transactions?

The Bank of Greece, implementing Regulation (EU) 886/2024, will be able to send instant credit transfers for its customer transactions within the third quarter of 2025.