Greece’s Interbanking System (DIAS) is set to double the daily limit for free transfers from 500 euros to 1,000 euros through the instant payment IRIS system. The goal is to enhance consumer convenience and further promote the adoption of the IRIS system for remittances and payments.
The IRIS platform enables mobile banking subscribers of all Greek credit institutions to transfer money to individuals or self-employed professionals using the recipient’s mobile phone number or tax ID number. Previously, the cumulative daily transfer limit stood at 500 euros.
However, with the payment system now mandatory for sole proprietorships and its rising popularity among consumers, this cap was deemed inadequate.
Under the revised framework, new limits are being implemented immediately. Each consumer will now be able to send up to 500 euros per day to individuals and an additional 500 euros per day to professionals for the purchase of goods or services.
In all cases, the sender and recipient of the money are not charged for the transaction when it involves private individuals.
Payments to sole proprietorships incur a small fee, which ranges from 0.3% to 0.5% of the transaction amount. This fee is significantly lower than the charges professionals incur when accepting payments via POS card transactions.
It should be noted that these changes follow Greece’s Minister of National Economy and Finance, Kostis Hatzidakis stating that there is a need for the country’s banking system to reduce the commissions they impose on transactions.
