What is instant bank transfers?

Instant bank transfers are the instant payment system created by the central bank in 2020. They allow you to transfer money in up to 10 seconds, 24 hours a day, 7 days a week — including holidays. It’s free for individuals.

How does it work?

  1. You register an “instant transfer key” (tax ID number, email, phone number or random key)
  2. To receive, just provide your key
  3. To pay, use the recipient’s key or QR Code
  4. The money is transferred immediately

Advantages

  • Free for individuals
  • Instant (10 seconds)
  • Works 24/7
  • Replaces traditional bank transfers and paper slips
  • Can pay in physical and online stores

Security

  • Nighttime limit (8 pm‑6 am): $200 (default, can be changed)
  • Special Refund Mechanism (MED) for fraud
  • Password/biometric authentication in the bank’s app
  • Can block suspicious keys

Security Tips

  1. Never share passwords or verification codes
  2. Be wary of instant transfer requests via WhatsApp (common scam)
  3. Set a low nighttime limit
  4. Use a random key for unknown recipients (not tax ID number)
  5. Activate transaction notifications

Instant bank transfers and financial control

Instant bank transfers make it easier to track expenses because all transactions are recorded in the statement. Apps like FinMoovi automatically categorize your instant bank transfer transactions so you know exactly where your money is going.