Noand the next few days the European banking system takes a break and, just as we prepare to do the shopping for Easter lunch or organize the Easter Monday trip, the system that moves our money will apply the handbrake. From 2 to 6 April, the world of ordinary bank transfers will enter a long hibernationcreating a potential funnel effect for those waiting for important credits such as salary or pension and leaving millions of citizens in the uncertainty of a balance that does not update. Understanding what is happening is essential to avoid compulsively checking your bank statement or worrying unnecessarily about a payment that doesn’t arrive.
Stop bank transfers for four days: the heart of the system stops
To understand the reason for this disruption, we need to look behind the scenes of the banks. It’s all about Target2the Trans-European Automated Real-time Gross settlement Express Transfer system. Behind this technical name the digital highway on which money travels between the various banks of Europe is hidden. It is a platform managed by the main central banks, including Italian, French and German, which allows you to move sums in euros safely. Like any large infrastructureHowever, this also needs maintenance. The days were not chosen at random: statistically, in fact, the volume of business decreases during the holidays and, according to experts, turning off the engines during this period allows you to make the necessary technical updates while minimizing disruption to the global market.
Which payments will be delayed
The suspension does not affect the entire banking world, but it specifically affects ordinary bank transfersi.e. those that usually take one or two working days to complete. Specifically, if someone orders a transfer on April 2nd, that money will not move until the morning of Tuesday April 7th. However, this chain block involves much more the reception of bank transfersespecially those that concern salaries which fall precisely on those days, rent or mortgage payments to banks other than your own e invoice payments between companies. Importantly, no payments will be lost. The operations will simply be placed in a “virtual queue” and processed as soon as the system restarts at full capacity.
From wages that are late in arriving to rent due dates, your balance may not update until Tuesday, April 7. (Getty Images)
What continues to work regularly
Not all money stays put, of course. There are some important exceptions that can prove lifesaving in an emergency. The transfersfor example, or money transfers between two current accounts of the same bank, will continue to be immediate given that the bank does not need the European highway Target2 to move money “at home”. They also remain active instant transfersmanaged by another infrastructure called Tips, Target Instant Payment Settlement, platform born to never sleep: it is active 24 hours a day, 365 days a year. Thanks to a recent European regulation, from January 2025 banks are obliged to offer instant transfers at the same price as ordinary ones.
The paradox of instant bank transfers: why they are not enough to avoid the stop
A question arises spontaneously at this point: if it is true that instant bank transfers now cost the same as ordinary ones, why then fear the April block? Although it seems like the obvious answer, unfortunately this is not the case. The problem, in fact, is that instant dispatch is not yet universal automation, not all banks have activated it yet. Many companies, then, manage salaries with pre-set mass mailings only on the lines of ordinary bank transfers. Furthermore, many banks set spending limitsoften between 5,000 and 15,000 euros, beyond which the instant cannot be used.
Stop ordinary bank transfers: practical advice to avoid inconveniences
To best manage this closing window, the key word is programming. If possible, it is best to advance any major payments today. This way you can be sure that the transaction is concluded before system maintenance. If you are waiting for your salary to be credited insteadit is good to consider that it may appear on the account a few days later than usual. There is no reason to be alarmed: from April 7th the situation will return to normal and the system will quickly dispose of all the work accumulated during the Easter break.
