What is the difference between an instant payment and an urgent payment?

The main differences between an urgent payment and an instant payment are:

  • Urgent payment can be initiated to any bank in Romania or abroad, while an instant payment can be initiated to banks that have joined TIPS (Target Instant Payment Settlement) - găsești lista completă aici.
  • The clearing time for an instant payment is 10 seconds, while for an urgent payment, it can be a few hours. ⌛
  • In case the beneficiary's bank has joined TIPS but has a downtime period through TIPS and does not accept instant payments, if the money transfer is urgent, the urgent payment option can be used.
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